Lowell Deeds

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

October 14, 2008

Credit Crunch?

by @ 3:50 pm. Filed under Current Events

The news is full of stories about the freeze in lending that we’re supposedly in the midst of. Since most mortgages take a minimum of several weeks to be ready to close, we really won’t see the effects of the credit freeze of the past 14 days for several more weeks. But comparing the number of mortgages recorded during various periods of 2008 with 2007 numbers shows that a credit crunch was already underway. For example, in the 3rd quarter (July, August, Sept) of 2007, there were 3752 mortgages recorded at this registry; for the same period this year, there were only 2486, a decline of 34%. The year-to-date (Jan 1 to Oct 14) decline is almost as steep. Up to today in 2007, there were 12858 mortgage recorded; in 2008, that number had dropped by 28% to 9307. Finally, here are the number of mortgages recorded in the first two weeks of October in every year since 2003:

    2008 - 319
    2007 - 487
    2006 - 667
    2005 - 927
    2004 - 917
    2003 - 1271

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