Lowell Deeds

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

January 11, 2008

More foreclosure stats

by @ 12:59 pm. Filed under Statistics

Although it was difficult to concentrate during today’s January thunderstorm, I spent the day investigating the circumstances surrounding foreclosures in Lowell during 2007. We’re only half way through our analysis but several things jump out. The majority of the foreclosures or of purchase mortgages, meaning the mortgage used to buy the property. In almost all cases, the buyer financed 100% of the purchase price, so they had no equity in the property and were essentially renters. Some percentage of foreclosed properties did belong to what I’ve come to call serial refinancers - people who owned the homes for a number of years, who purchased the property at what would be considered an amazingly low price, but then extracted equity from the home as its value went up. Of 59 such cases, I found that the average homeowner in this category had 4 mortgages during their ownership of the home and that the mortgage that was foreclosed was on average worth $60000 more than the purchase price of the home. These are only preliminary figures and will probably change when all the cases have been entered, but they do give us a glimpse into what’s been happening with housing in Lowell.

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