Lowell Deeds

The number of foreclosure deeds recorded in May 2009 was down drastically when compared to May 2008, but the number of orders of notice – the documents that signal the start of the foreclosure process – rose significantly during that same period. First the good news: During May 2008, a total of 75 foreclosure deeds were recorded for the entire Middlesex North District, while in May 2009, there were only 22, a decrease of 70%. For the city of Lowell there was an even bigger drop (77%) from 48 down to 11. But the number of orders of notice recorded have started to rise, signaling a new wave of foreclosures, perhaps. For the entire district in May 2008, there were 49 orders of notice recorded; during May 2009 that number rose to 11, an increase of 22%. In Lowell, the May 2008 total of 25 jumped to 33 this May, a rise of 32%. Unfortunately, the increase in the number of orders of notices recorded suggests that the real estate crisis is far from over. (Note: the May 2009 figures are as of noontime on May 29, the last business day of the month, so the final statistics could rise slightly).