With the arrival of July, we're half done calendar year 2011 so we have statistics for the month of June and for the first half of the year:
For the month of June 2011, deeds were down 17% from June 2010 (597 to 494); mortgages were down 20% (1105 to 883); foreclosure deeds were down 30% (60 to 42); and orders of notice were up 7% (60 to 64). While the decline in deeds and mortgages is unfortunate, it is consistent with the percentage decrease we've seen in April and May and may be more a consequence of a mini-boom in real estate last spring created by the Federal first-time home buyer tax credit than any current weakness. The rise in orders of notice is disappointing, but the first few weeks of this June saw a much higher rate of increase, so a difference of +4 is not too bad.
For the first half of 2011, deeds were down 11% (2698 in 2010 vs 2399 in 2011); mortgages were down 3% (5374 v 5210); foreclosure deeds were down 41% (345 vs 202) and orders of notice were down 40% (655 vs 393). The slight declines in deeds and mortgages is a function of the robust market in the early months of 2011 which were tempered by declines in the spring, with the same being true for orders of notice and foreclosure deeds.