Thursday, April 11, 2013

Foreclosures linger on

Despite some signs that the real estate market is improving, foreclosures continue to appear in our records. This January had some disturbing numbers of orders of notice (the document that signals the start of the foreclosure process) with the number district-wide up 61% and the number in Lowell up 112%, both when compared to the number recorded in the same month last year. The figures for February and March were much better, with orders of notice for the district down 59% in February and 49% in March (Lowell was down 61% and 67%). Unfortunately, the first ten days of April saw that downward trend reverse. Orders of notice for the district rose from 11 to 10 and for Lowell from 3 to 5. These numbers bear constant watching because they are an early indicator of trends in the business and right now, none of the trends are very encouraging.

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