Lowell Deeds

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

July 29, 2009

Where is Real Estate Heading?

by @ 10:57 am. Filed under Real Estate

A front-page story in today’s Globe says the Massachusetts economy seems to be rebounding, led by strong home sales in June. This would indeed be good news, but we haven’t seen any indication of it here in the Middlesex North District. In a Lowell Sun story that appeared on Monday, I said that while the significant decline in local foreclosures is a positive indicator, there is little else to suggest optimism. Overall activity at the registry is just stagnant. The number of tax liens being recorded is up. The number of executions being recorded is up. Many of the deeds being recorded have a foreclosure in their recent past suggesting that their present sale is at a discount. Although I don’t have the exact figures yet, the percentage of home sales involving previously foreclosed properties is disproportionately large. This means that other homes aren’t selling as well which is probably because sellers feel obliged to keep the asking price high in order to realize enough on the sale to pay off the existing mortgage. Buyers, on the other hand, see previously foreclosed homes going at discounts and are unwilling to pay higher amounts. And even if they are, lenders are hesitant to finance it.

All we can do is continue to monitor this. Late Friday afternoon we should be able to post some comparative stats for July, so please check back then.

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