Lowell Deeds

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

July 22, 2009

Is a spike in foreclosures coming?

by @ 1:48 pm. Filed under Real Estate

Boston.com is reporting a June spike in “foreclosure petitions” which I believe refer to complaints file in the Land Court under the Servicemembers Civil Relief Act. That legal proceeding yields an Order of Notice that is eventually recorded at the registry of deeds, so filings in the Land Court would be an early indicator of the numbers of Orders of Notice we might see here in the coming months. Thus far, there has been no uptick in the number of Orders of Notices recorded. In June 2009, there were 61 and in June 2008, there were 72. May 2009 saw the exact number as June - 61. And the numbers for the first three weeks of July - 46 - are on a pace to reach 60 by month’s end and are nearly identical to the 47 filed last July.

Even though our recording statistics do not show any increase in the rate of foreclosures, such an upturn would not come as a surprise. Unemployment is still high and the economy remains in tough shape. We’ll keep a close watch on this situation and will promptly report any changes.

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