Mid-Month Statistics

With May half over we can look at the recording statistics for the first two weeks of the month and compare them to the same period last year.  The trends are optimistic:

The number of deeds recorded was up 33%, from 163 in the first two weeks of May 2011 to 216 in the first two weeks of May 2012.

The number of mortgages recorded was up 71%, from 327 in the first two weeks of May 2011 to 559 in the first two weeks of May 2012.

There was no percentage change in the number of foreclosure deeds - 16 for both time periods - or orders of notice - 28 in 2011 and 27 in 2012.

The big jump in mortgages is very good news.  That suggests more people are refinancing and since it's unlikely that they are doing that to extract equity from their homes, it's more likely that they are going to better rates and reduced monthly payments which is good news for the economy since any money saved by the household on mortgage payments will undoubtedly be spent on something else.