Tuesday, November 02, 2010

October recording statistics

The big news in October was a substantial decline in foreclosure activity compared to the same month last year. In Lowell during October 2010, there were 44 Orders of Notice and 22 Foreclosure Deeds compared to 55 Orders of Notice and 29 Foreclosure Deeds in October 2009, a 20% drop in Orders of Notice and a 24% drop in Foreclosure Deeds. In the nine towns in the Middlesex North District, the drop was even more pronounced with Orders of Notice falling 26%, from 62 in October 2009 to 46 in October 2010 and Foreclosure Deeds dripping 35%, from 20 in October 2009 to 13 in October 2010.

Unfortunately, because of higher numbers of foreclosures earlier this year, the 2010 figures to date still show a marked increase in foreclosures compared to the first ten months of 2009. For example, from January through October in the towns, Orders of Notice recorded rose 81% from 305 in 2009 to 553 in 2010 and Foreclosure Deeds rose even more, climbing 99% from 123 in 2009 to 245 in 2010. The rate of increase in Lowell was less dramatic: Orders of Notice increased 51%, rising from 335 in 2009 to 510 in 2010 and foreclosure deeds were up 49%, from 207 in 2009 to 308 in 2010.

Despite this year-to-date increase, we should remember that foreclosures don't run on a calendar basis; they happen when they happen. The fact that this October shows a marked decline from last October is a positive sign, especially since the document recordings measured here would not reflect the temporary freeze in foreclosure activity that had been instituted (and now un-instituted) by some major lenders.

No comments: