The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell
A comparison of recording statistics for October 2008 compared to October 2007 shows no sign of a rebound in housing. In fact, some of the numbers suggest the situation is deteriorating. The number of deeds recorded during this and last October were roughly the same. For the entire district, there was a 9% decline, sliding from 541 in 2007 to 493 in 2008; but in the city of Lowell the 2007 total of 167 fell by only 1 this year. Mortgages tell a different story. Both the district and the city of Lowell both showed a 25% decline in the number of mortgages recorded, undoubtedly reflecting the tightening of the credit market this year. The number of foreclosure deeds are up slightly. The district rose from 37 to 41, an increase of 11% from 2007 to 2008; the city of Lowell climbed only 9%, from 22 to 24. The number of orders of notice (the document marking the start of the foreclosure process) rose substantially, however. District-wide, the 48 of 2007 rose 48% to 71 in 2008. Lowell’s increase was a bit larger, growing 52% from 31 in 2007 to 47 in 2008.
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