Electronic Recording Statistics

In June, 43% of the documents we recorded were sent to us electronically.  In real numbers, 2886 documents were recorded electronically out of a total of 6707.  That translates into a daily average of 131 out of 305 documents coming to us via electronic recording.

The percentage recorded by electronic recording for the first half of 2015 was 44% or 12252 documents out of 27906.  The six month daily average would therefore be 103 electronic recordings out of a daily total of 235. 

A consistent 20% of our recordings come through the mail which would be an average of 47 documents per day.  That would leave 85 documents, or 36% recorded by walk-in customers.

Closer look at 2015 foreclosures

Earlier this week I wrote posts comparing recording statistics from the first half of 2015 to the first half of 2014 and another comparing recordings in June 2015 to June 2014.  The number of foreclosures was up significantly in both periods which warranted a closer look.  Here's what I found when I scrutinized foreclosure deeds recorded in June 2015 which I reported had risen from 5 to 16, a jump of 220%.

The first thing I found was that there were really only 14 foreclosure deeds during this period.  One property straddled the boundary between Tewksbury and Lowell so it showed up in the index query three different times: as Lowell, Tewksbury and "multiple" towns.  Still, the 14 foreclosure deeds still constitute a 180% increase which is also a worrisome number.

On to a closer look at the individual mortgages involved in these foreclosures:

Four of the mortgages that were foreclosed were obtained at the same time the property was purchased.  One was from 2003, two from 2005, and one from 2006, with down payments of 5%, 11%, 25% and 25%).  Two other mortgages were on properties that had been received by the borrowers as gifts.  One was a $283,000 mortgage from 2004 on a property that was obtained in 1989 for $1; the other was a $287,000 mortgage from 2014 on a property that was obtained in 2009 for $1.

The eight remaining mortgages all involved refinancings in which the borrower had purchased the property earlier with another mortgage, but then obtained a new, post-purchase mortgage which is the one that was foreclosed.  The following list shows the dates and amounts of the mortgages, followed by the dates and amounts of the purchase deeds:

• ·         2003 mortgage of $215,000; 1998 deed of $158,000
• ·        2004 mortgage of $252,000; 2003 deed of $265,000
• ·        2005 mortgage of $185,000; 1999 deed of $97,000
• ·        2005 mortgage of $280,000; 2001 deed of $305,000
• ·        2005 mortgage of $222,000; 2004 deed of $278,000
• ·        2007 mortgage of $389,000; 2005 deed of $360,000
• ·        2007 mortgage of $339,000; 1996 deed of $153,500
• ·        2009 mortgage of $348,000; 2004 deed of $175,000

Mid Year Recording Statistics

Here are some recording statistics for certain types of documents for the first half of 2015 when compared to the same period in 2014:

Deeds were down 1%, dropping from 3045 in 2014 to 3018 in 2015;

Mortgages were up 38%, rising from 3948 in 2014 to 5434 in 2015;

Foreclosure deeds were up 26%, rising from 68 to 86;

Orders of notice were up 21%, rising from 153 to 185;

Total documents were up 13%, rising from 24973 in the first half of 2014 to 28249 in the first half of 2015.

June recording statistics

There were some positive signs for the housing market in our June recording statistics.  When compared to the recording numbers from June 2014:

Deed were up 20% (640 in June 2014 to 769 in June 2015);

Mortgages were up 35% (910 in June 2014 to 1212 in June 2015);

Foreclosure deeds were up 220% (5 to 16);

Orders of notice were up 54% (29 to 31);

Total documents were up 32% (5095 in June 2014 to 6708 in June 2015).

While the increases in foreclosure deeds and orders of notice would be troubling if just the percentage increases were considered, the overall number is still low so it is less troublesome.  At some point I'll take a closer look in a future blog post at these June 2015 foreclosures and determine when the mortgages being foreclosed originated.