February recording statistics

At the end of each month I've started to compare the number of documents recorded with in the previous month and in the same month last year.

Comparing February 2010 to January 2010, we find that the number of deeds record is somewhat stable, with deeds in Lowell up 4% and those in the towns down 3%. Mortgages were also down overall, with Lowell mortgages dipping by just 3% but with the town mortgages slipping by 20%. The good news is that foreclosure activity is also down. Foreclosure deed recordings fell by 26% in Lowell and by 20% in the towns. Orders of notice dropped similarly; by 24% in Lowell and by 8% in the towns.

Comparing February 2010 to February 2009 presents a slightly different story. Deeds recorded in Lowell dropped 7% while deeds in the towns rose by 16% during that 12 month period. The number of mortgage recorded dropped precipitously during that same period, with mortgages in Lowell falling by 23% and mortgages in the towns by 43%. Foreclosure deeds in Lowell were even, with 25 in each of the two February's. But town foreclosure deeds rose by 54%, from 13 to 20. Orders of notice saw a very sharp increase, as well, with those recorded for Lowell up 280% and those in the towns by 573% (they rose from 11 to 74).

February has always been our slowest month, so in a way, the statistics for this year aren't as bad as they may seem. Still, the steady decline in the number of mortgages and deeds being recorded suggests that a real estate recovery has not yet commenced.