Tuesday, June 14, 2011

Mid-Month stats for June

Well almost mid-month. Comparing documents recorded from June 1 through June 13, 2011 with documents recorded during the same period in 2010, we gain further evidence that "malaise" is an appropriate word to use to describe the local housing market. The number of deeds recorded during that thirteen day period dropped 14% from 194 in 2010 to 166 in 2011. Mortgages were down about the same - 16% - sliding from 353 to 296. There was good news with foreclosure deeds because they were also down from 28 to 13, a decline of 54%. Orders on notice were up substantially, however, rising from 17 to 29, a jump of 70%. If this document type continues to be up through the balance of the month, it would be the clearest signal yet that we are facing a new wave of foreclosures with their auctions hitting late in the summer or early in the fall.

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