September Recordings Show Increase In Refinancing, Drop In Foreclosure Activity

Our report for recording information from the month of September is now available. Over the course of September, we saw a slight drop in sales, as evidenced by the number of deeds recorded, which is typical for this time of year.  More people took advantage of historically low interests rates and refinanced, although not at the pace that these low rates should generate. There are obviously many others who, due to the fact that the current value of their home is lower than their current mortgage balance, are not qualified to refinance. There are proposals in the early stages pending before Congress and federal agencies that would allow more people who are “underwater” to refinance.

Our foreclosure crisis continues, although at a significantly lower pace at this time. September’s huge drop in foreclosure notices, the first notice we record at the registry when the foreclosure process has begun on a property, was contrary to all predictions. Beyond anything else this data is clear evidence of the unpredictability of our current housing market. Our September report lists foreclosure notices and foreclosure deeds on a community by community basis.