The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell
As we reach the half way point of this month, it’s time to look at the number and type of documents being recorded to help us spot any trends. Today, I’ve compiled stats from Lowell as one group and then stats for the other nine towns in the district as a second group. This differs from our previous practice in which we looked at Lowell in isolation but also looked at the entire district including Lowell. Because current trends in the towns differ significantly from those seen in the city, separating the two groups will provide a more accurate picture.
When recordings for the first two weeks of August 2009 are compared to the same two weeks from August 2008 for the nine towns, we find that the number of deeds recorded is up 13% and the number of mortgages recorded is up 27%. Foreclosure deeds declined by 38%. The picture in Lowell is different. While foreclosure deeds are down an impressive 63%, the number of deeds and mortgage recorded are also down (2% for deeds and 14% for mortgages).
The second major comparison we’ll make is for year-to-date recordings for the same groups. When the number of documents recorded from January 1 to August 14, 2009 is compared to the number of documents recorded from January 1 to August 14, 2008, we find that in the towns, the number of deeds recorded is down 4%, mortgages are up 34%, and foreclosure deeds are down 44%. In Lowell, deeds are down 12%, mortgages are down 4%, and foreclosure deeds are down 40%.
Besides the continuing trend of fewer foreclosures, the most important observation we can make is that homes in the towns seem to be holding their values pretty well. This conclusion is based on the significant increase in the number of suburban mortgages being recorded. In Lowell, on the other hand, the number of mortgages being recorded is down slightly, but it’s down nonetheless which suggests that any rebound in home prices has not yet reached the city of Lowell.
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