The October recording statistics show a definite slow down in real estate overall. The number of deeds recorded is stable, but the number of mortgages recorded is down significantly both from October of last year and from prior months this year. Here are the numbers:
The number of deeds recorded in October 2013 (503) is up 3% from the number recorded in October 2012 (489).
The number of mortgage in October 2013 (809) is down 47% from the October 2012 number (1529).
The number of foreclosure deeds in October 2013 (17) is up 55% from October 2012 (11)
The number of orders of notice in October 2013 (17) is down 58% from October 2012 (40)
The total number of documents recorded in October 2013 (4947) is down 25% from October 2012 (6585).
While the percentage increase in foreclosure deeds is big (55%) the number involved are not particularly worrisome, especially with the drop in orders of notice.
More problematic is the drop in mortgages. The 809 in this October is also part of a continuous downward trend during the past few months. In September 2013 there were 964 mortgages; in August there were 1085; in July there were 1279. The July number is about average for the preceding months of 2013. My experience through the years is that mortgage volume tends to be a leading indicator of deeds activity, so this does not bode well for the real estate market in the coming months.