Lowell Deeds

The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell

June 15, 2007

Interest Rates Up

by @ 7:20 am. Filed under Statistics, Real Estate

Today’s Globe reports that mortgage interest rates are nearing a five year high which is about the worst news the region’s housing market could receive. While the pace of foreclosures in the Middlesex North District has slowed somewhat during the first half of this month, the number of people losing their homes around the country continues to rise (according to another Globe story). Our own mid-month figures are as follows: From June 1 to June 15, we recorded 22 foreclosure deeds, 35 orders of notice and 244 deeds. For the same period last year, the numbers were 10 foreclosure deeds, 17 orders of notice and 338 deeds. I’ve previously written that the average number of orders of notice recorded per month for January through May of this year was 96, and that any monthly total less than that was good news. We’re now halfway through June and have seen only 35 which would project to 70 for the month, a number significantly below the average. While this would certainly be very good news, the rising interest rates might create a new wave of defaults and trigger a whole new crop of foreclosures. The delicate housing market of today might now be able to stand too many more shocks of that nature.

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