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Norfolk County Registry of Deeds October 2014 Real Estate Activity Report
Taking a monthly snapshot of October 2014 in comparison to October 2013, Norfolk County Register of Deeds William P. O'Donnell reported today that real estate activity in Norfolk County has remained relatively stable.
The Register cited the average sales price for both commercial and residential real estate has decreased by only a little more that 1% from $642,120 to $632,815 in year to year numbers. Additionally, Register O'Donnell noted that total sales comparing October 2014 to the previous October rose to $567 million from $560 million, an increase of just over 1%. Another solid indicator noted O'Donnell was that during the same period of time, deed recordings increased by 4% to 1,502 from 1,438.
Mortgage activity in October from year to year decreased by just 2%. Total mortgage lending, however, rose by a whopping 39% increase, mainly due to a small number of high dollar mortgages recorded against property in the towns of Norwood and Westwood, noted the Register.
Homestead recording activity in October 2014 decreased by 3% year to year. A total of 935 Homesteads were recorded in October 2014 compared to 964 in October 2013. Information regarding the Homestead Act, which provides homeowners with limited protection on their primary home against unsecured creditors, can be found on the Registry's website, www.norfolkdeeds.org.
Register O'Donnell noted, "If there is one note of caution in this steady real estate market, it is the 36% increase in foreclosures in comparing the two previous Octobers. This foreclosure number is a sobering reminder that some of our neighbors continue to face economic hardship. The Registry of Deeds is committed to working closely with our partners, South Shore Home Consortium and Neighbor Works Southern Mass, to help identify services and counseling for those Norfolk County homeowners who have recently received a Notice of Foreclosure from a lender."
Register O'Donnell concluded, "Looking at these overall real estate numbers, Norfolk County is a very desirable and attractive place to live, work and raise a family."
The Norfolk County Registry of Deeds, located at 649 High Street, Dedham, is the principal office for real property in Norfolk County. The Registry is a resource for homeowners, title examiners, mortgage lenders, municipalities and others with a need for secure, accurate, accessible land record information. Residents in need of assistance can contact the Registry of Deeds Customer Service Department via telephone at (781) 461-6101, or on the web at www.norfolkdeeds.org. In addition, residents are encouraged to like us at Facebook.com/Norfolk Deeds or follow us on twitter.com/NorfolkDeeds.
Register William P. O'Donnell
Norfolk County Registry of Deeds
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