Showing posts with label Real estate. Show all posts
Showing posts with label Real estate. Show all posts

Monday, January 23, 2023

Register O'Donnell Reports on 2022 Annual Real Estate Activity in Norfolk County

Norfolk County Register of Deeds William P. O'Donnell reported that Norfolk County recordings for 2022 indicate a shifting real estate market, where the year started off strong and ended with significant drops in mortgage activity and average property sale price as compared to 2021.

 

In 2022, there were 130,051 documents recorded at the Norfolk County Registry of Deeds, a 33% decrease from 2021.

 

"The real estate market is feeling the effects of inflation and steadily rising interest rates, which is limiting how much money customers can save," said Register O'Donnell. "The total number of documents is much lower in 2022 than it was in 2021, but the change from month to month is less pronounced. The number of recorded deeds, which is one measure of document volume, shows a drop in real estate sales from the previous year."

 

Average Annual Sale Price Commercial-Residential
Average Annual Sale Price Commercial-Residential

The number of deeds for 2022, which reflect real estate sales and transfers, both commercial and residential, was 17,398—a decrease of 17% from 2021.

 

Sale prices for 2022 appear to have increased slightly compared to 2021. The average sale price for all of Norfolk County, both commercial and residential, this year was $1,173,256, a 10% increase from 2021. However, the total dollar volume of commercial and residential sales is down, decreasing 10% from one year ago.

 

"With the average sales price showing increases for the year as a whole and the total volume of sales decreasing, indicates that in 2022 there were fewer homes being sold, but at a higher price," said Register O'Donnell.

 

Total Number of Deeds Recorded in 2022 for Norfolk County
Total Number of Deeds Recorded in 2022 for Norfolk County

According to numbers from the Consumer Financial Protection Bureau, the median interest rate of a 30-year fixed-rate conventional loan started at 4.14% in January 2022 and grew to 6.61% by December 2022, a more than 63% increase.

 

"The increasing cost of living and rising interest rates that the country is currently experiencing have an effect on the local real estate market," noted O'Donnell. "With interest rates more than double what there were at the start of 2022, consumers appear to be less inclined to borrow, and the decline in average sales prices suggests sellers are lowering pricing to compensate,"

 

Overall lending activity showed a continued downward trend. A total of 23,265 mortgages were recorded at the Registry in 2022, 50% fewer than a year earlier.

 

"This year, month to month, the registry figures show significant increases in the number of pending foreclosures, with as many as 40 in one month," said O'Donnell.

 

Total Numbers of Foreclosure Deeds & Notices to Foreclose
Total Numbers of Foreclosure Deeds & Notices to Foreclose

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In 2022, there were 68 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in 2021 there were 52 recorded. However, in 2022, there were 308 notices to foreclose, the first step in the foreclosure process, significantly more than the 141 recorded in December of 2021.

 

"The substantial increase in the number of notices to foreclose is troubling. This suggests that more of our neighbors may have financial difficulties in the future," said O'Donnell. "We have seen this number more than double this year and will continue to monitor these figures in 2023."

 

For the past several years, the Norfolk County Registry of Deeds has partnered with Quincy Community Action Programs (617-479-8181 x376) and NeighborWorks Housing Solutions (508-587-0950) to help anyone facing challenges paying their mortgage. Another option for homeowners is to contact the Massachusetts Attorney General's Consumer Advocacy and Response Division (CARD) at 617-727-8400.

 

"If you are having difficulty paying your monthly mortgage, please consider contacting one of these non-profit agencies for help and guidance," said Register O'Donnell.

 

Register O'Donnell concluded, "Inflation in the US has been increasing since mid-2021, and it hit a 40-year high exceeding 8% in September 2022. The Federal Reserve raised interest rates many times in 2022 in an effort to slow the rise in inflation. As a result, borrowing money now costs more. This year, mortgage rates have doubled, which has led some buyers to pause their home searches, and, on average, fewer offers are being made to sellers."

To learn more about these and other Registry of Deeds events and initiatives, "like" us on Facebook at facebook.com/norfolkdeeds. Follow us on Twitter and Instagram at @norfolkdeeds.

The Norfolk County Registry of Deeds, located at 649 High St., 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, and accessible land record information. All land record research information can be found on the Registry's website, www.norfolkdeeds.org. Residents in need of assistance can contact the Registry of Deeds Customer Service Center at (781) 461-6101 or email us at registerodonnell@norfolkdeeds.org.

 

Tuesday, January 10, 2023

Can we talk? Understanding Real Estate at the Senior Center Jan 12, 2023 at 11 AM

Via Ted Cormier-Leger:

"As a real estate agent, I get asked a lot about the state of the housing market. Buyers are worried about mortgage rates. Sellers want top dollar for their home but wonder where they will move to. People 55 and older are thinking about downsizing but sometimes do not know where to begin.
So please join me and Bob Melone on Thursday, 11am at the Franklin Senior Center. We will keep it light, fun and informal. And it’s FREE. Thanks! "
Ted Cormier-Leger, Realtor
617.686.1265
Shared from Facebook -> 

A staggering real estate statics drove my recent conversation with Ted Cormier-Leger   https://www.franklinmatters.org/2023/01/real-estate-inventory-statistic-centers.html


Can we talk? Understanding Real Estate at the Senior Center Jan 12, 2023 at 11 AM
Can we talk? Understanding Real Estate at the Senior Center Jan 12, 2023 at 11 AM

Monday, January 9, 2023

Register O’Donnell Reports on December 2022 Real Estate Activity in Norfolk County

Norfolk County Register of Deeds William P. O’Donnell reported that Norfolk County recordings for the month of December 2022 indicate a continued decrease in overall real estate activity, with significant drops in mortgage activity and the average property sale price as compared to the December 2021 numbers.

 

In December, there were 9,429 documents recorded at the Norfolk County Registry of Deeds, a 37% decrease from December 2021 and a slight increase of 5% from November 2022.

 

"The real estate market is feeling the effects of inflation and steadily rising interest rates, which is limiting how much money customers can save," said O’Donnell. "The total number of documents is much lower in December 2022 than it was in December 2021, but the change from last month is less pronounced. The number of recorded deeds, which is one measure of document volume, shows a drop in real estate sales from the previous year."

 

The number of deeds for December 2022, which reflect real estate sales and transfers, both commercial and residential was 1,273, a decrease of 31% from December 2021 and an increase of 5% from the previous month of November 2022.

 

Sale prices for December appear to have dropped significantly compared to December 2021. The average sale price in December was 936,804, a 38% decrease from December 2021 and a 4% decrease from November 2022. The total dollar volume of commercial and residential sales is down, decreasing 59% from one year ago and decreasing 2% from last month.

 

"With interest rates approaching and exceeding 7%, consumers appear to be less inclined to borrow, and the decline in average sales prices suggests sellers are lowering pricing to compensate," noted O’Donnell. "According to the data we have at the Registry, we are recording significantly fewer mortgages than in December 2021."

 

Overall lending activity showed a continued downward trend for the month of December. A total of 1,383 mortgages were recorded this month, 53% less than a year ago at the same time, but up 2% from last month.


December 2022 Real Estate Activity in Norfolk County
December 2022 Real Estate Activity in Norfolk County - Foreclosures & Notice to Foreclose

 

"The increasing cost of living and rising interest rates that the country is currently experiencing have an effect on the local real estate market," noted O’Donnell. "The number of pending foreclosures in Norfolk County is a continuing source of concern."

 

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In December 2022, there were 4 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in December of 2021 there were 7 recorded. However, in December of 2022, there were 40 notices to foreclose, the first step in the foreclosure process, significantly more than the 19 recorded in December of 2021.

 

"The substantial increase in the number of these notices is troubling. It suggests that more of our neighbors may have financial difficulties in the future," said O'Donnell. "We will continue to monitor these figures."

 

For the past several years, the Norfolk County Registry of Deeds has partnered with Quincy Community Action Programs (617-479-8181 x376) and NeighborWorks Housing Solutions (508-587-0950) to help anyone facing challenges paying their mortgage. Another option for homeowners is to contact the Massachusetts Attorney General’s Consumer Advocacy and Response Division (CARD) at 617-727-8400.

 

"If you are having difficulty paying your monthly mortgage, please consider contacting one of these non-profit agencies for help and guidance," said Register O’Donnell.

 

Register O’Donnell concluded, "Property sales prices appear to be declining as a result of consumers' unwillingness to purchase property with mortgage rates above 7%. This is also discouraging homeowners from refinancing their mortgage."

 

To learn more about these and other Registry of Deeds events and initiatives, "like" us on Facebook at facebook.com/norfolkdeeds. Follow us on Twitter and Instagram at @norfolkdeeds.

 

The Norfolk County Registry of Deeds, located at 649 High St., 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, and accessible land record information. All land record research information can be found on the Registry's website, www.norfolkdeeds.org. Residents in need of assistance can contact the Registry of Deeds Customer Service Center at (781) 461-6101 or email us at registerodonnell@norfolkdeeds.org.

Friday, January 6, 2023

Real Estate Inventory Statistic centers my conversation on Housing with Ted Cormier-Leger (audio)

FM #912 = This is the Franklin Matters radio show, number 912 in the series. 


This session of the radio show shares the audio recording of my conversation with Ted Cormier-Leger. We met in the Franklin TV Studio on Wednesday, Dec 21, 2022.


Ted is a realtor here in Franklin as well as a Town Councilor. Our discussion uses a key real estate statistic he shared with me as a starting point for our conversation on housing in Franklin. 

 

The recording of our conversation on housing runs about 40 minutes. Let’s listen to my conversation with Ted. Audio file -> https://franklin-ma-matters.captivate.fm/episode/fm-912-real-estate-inventory-statistic-shock-12-21-23



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Ted’s realtor page on Facebook -> https://www.facebook.com/TCLRealtyMass/


Ted’s LinkedIn profile page -> https://www.linkedin.com/in/ted-cormier-leger-211aa351/ 



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We are now producing this in collaboration with Franklin.TV and Franklin Public Radio (wfpr.fm) or 102.9 on the Franklin area radio dial.  


This podcast is my public service effort for Franklin but we can't do it alone. We can always use your help.


How can you help?

  • If you can use the information that you find here, please tell your friends and neighbors

  • If you don't like something here, please let me know


Through this feedback loop we can continue to make improvements. I thank you for listening.


For additional information, please visit Franklinmatters.org/ or www.franklin.news/


If you have questions or comments you can reach me directly at shersteve @ gmail dot com


The music for the intro and exit was provided by Michael Clark and the group "East of Shirley". The piece is titled "Ernesto, manana"  c. Michael Clark & Tintype Tunes, 2008 and used with their permission.


I hope you enjoy!

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You can also subscribe and listen to Franklin Matters audio on iTunes or your favorite podcast app; search in "podcasts" for "Franklin Matters"


Real Estate Inventory Statistic centers my conversation on Housing with Ted Cormier-Leger (audio)
Real Estate Inventory Statistic centers my conversation on Housing with Ted Cormier-Leger (audio)

Thursday, December 29, 2022

Notice from the Treasurer/ Collector: FY 23 Real Estate and Personal Property Tax Bills - Third Quarter

Notice from the Office of the Treasurer/ Collector:

Treasurer Collector Kerri A. Bertone has mailed the Fiscal Year 2023 third quarter real estate and personal property tax bills. Payment is due by February 1st, 2023. Payments received after the due date are charged 14% interest.

Shared from -> https://www.franklinma.gov/home/news/notice-treasurer-collector-fy-23-real-estate-and-personal-property-tax-bills-third-quarter

Notice from the Treasurer/ Collector: FY 23 Real Estate and Personal Property Tax Bills - Third Quarter
Notice from the Treasurer/ Collector: FY 23 Real Estate and Personal Property Tax Bills - Third Quarter

Monday, December 12, 2022

Register O'Donnell Reports on November 2022 Real Estate Activity in Norfolk County

Norfolk County Register of Deeds, William P. O'Donnell, reported that Norfolk County recordings for the month of November 2022 indicate a significant decrease in overall real estate activity, particularly mortgage activity and the average sales price for residential and commercial property, as compared to the November 2021 numbers.

In November, there were 9,015 documents recorded at the Norfolk County Registry of Deeds, a 37% decrease from November 2021 and virtually no change from October 2022.

"The real estate market is showing the strains of continuingly rising interest rates and inflation, which is putting a damper on the amount of money consumers can save," said O'Donnell. "Total document volume is down significantly compared to November 2021, but shows a lesser decrease when compared to last month's statistics in October 2022. One of the components of document volume, the number of deeds recorded, indicates a decrease in property sales from last year."

The number of deeds for November 2022, which reflect real estate sales and transfers, both commercial and residential, show a decrease of 27% from November 2021 and a decrease of 7% from the previous month of October 2022.

number of deeds for November 2022
number of deeds for November 2022

Sale prices for November appear to have dropped significantly compared to November 2021. The average sale price in November was $ 973,133, a 17% decrease from November 2021 and a 9% decrease from October 2022. The total dollar volume of commercial and residential sales is down, decreasing 42% from one year ago and decreasing 18% from last month.
Sale prices for November 2022
Sale prices for November 2022

"Consumers seem to be less willing to borrow with interest rates approaching and exceeding 7%, and the drop in average sales prices indicates sellers are adjusting prices to compensate," noted O'Donnell. "According to the numbers we are seeing at the Registry, we are recording well under half the number of mortgages compared to November 2021."

Overall lending activity showed a continued downward trend for the month of November. A total of 1,357 mortgages were recorded this month, 58% less than a year ago at the same time and down 8% from last month.

"The rising cost of living and increasing interest rates that the country is facing now are having an impact on the local real estate market," noted O'Donnell. "A continuing cause for concern in Norfolk County is the number of pending foreclosures."

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In November, there were 4 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, equal to the number in November 2021. However, in November, there were 30 notices to foreclose, the first step in the foreclosure process, significantly more than the 13 recorded in November 2021.

"While the number of notices to foreclose have come down slightly from last month, they are still significantly higher than in November 2021," said O'Donnell. "This indicates that more of our neighbors are facing financial challenges going forward. O'Donnell continued, "We will continue to track these numbers."

For the past several years, the Norfolk County Registry of Deeds has partnered with Quincy Community Action Programs (617-479-8181 x376) and NeighborWorks Housing Solutions (508-587-0950) to help anyone facing challenges paying their mortgage. Another option for homeowners is to contact the Massachusetts Attorney General's Consumer Advocacy and Response Division (CARD) at 617-727-8400.

"If you are having difficulty paying your monthly mortgage, please consider contacting one of these non-profit agencies for help and guidance," said Register O'Donnell.

Register O'Donnell concluded, "Property sales prices appear to be dropping as a result of consumers not willing to purchase property with mortgage rates above 7%."

To learn more about these and other Registry of Deeds events and initiatives, "like" us on Facebook at facebook.com/norfolkdeeds. Follow us on Twitter and Instagram at @norfolkdeeds.

The Norfolk County Registry of Deeds, located at 649 High St., 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, and accessible land record information. All land record research information can be found on the Registry's website, www.norfolkdeeds.org. Residents in need of assistance can contact the Registry of Deeds Customer Service Center at (781) 461-6101 or email us at registerodonnell@norfolkdeeds.org.

Monday, November 14, 2022

Register O'Donnell Reports on October Real Estate Activity in Norfolk County

Norfolk County Register of Deeds, William P. O'Donnell, reported that Norfolk County recordings for the month of October 2022 indicate a significant decrease in overall real estate activity, particularly mortgage activity, as compared to the October 2021 numbers.

There were 9,052 documents recorded at the Norfolk County Registry of Deeds in October, a 37% decrease from October 2021 and a decrease of 9% from September 2022.

"The rise in interest rates has had an impact on many aspects of the real estate market," said O'Donnell. "Total document volume is down significantly compared to October 2022. One of the components of document volume, the number of deeds recorded, indicates a decrease in property sales."

The number of deeds for October 2022, which reflect real estate sales and transfers, both commercial and residential, show a decrease of 17% from October 2021 and a decrease of 7% from the previous month of September 2022. Sale prices for October appear to have leveled off when compared to October 2021. The average sale price in October was $1,064,073, an increase of 5% compared to October 2021 and down 2% from September 2022. The total dollar volume of commercial and residential sales is down, decreasing 17% from one year ago and decreasing 12% from last month.

"Consumers seem to be less willing to borrow with interest rates above 7%," noted O'Donnell. "According to the numbers we are seeing at the Registry, mortgages are down more than 50% compared to October 2021." O'Donnell continued, "The rising mortgage interest rates also have an impact on buyers looking to purchase real estate."

Overall lending activity showed a continued downward trend for the month of October. A total of 1,482 mortgages were recorded this month, 55% less than a year ago at the same time and down 12% from last month.

"The rising cost of living and increasing interest rates that the country is facing now are having an impact on the local real estate market," noted O'Donnell. "A continuing cause for concern in Norfolk County is the number of pending foreclosures."

The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In October, there were 4 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, one less than in October 2021. However, in October, there were 25 notices to foreclose, the first step in the foreclosure process, down slightly from the 37 recorded in October 2021.

"While the number of notices to foreclose have come down slightly from last month, they are still significantly higher than in October 2021," said O'Donnell. "This indicates that more of our neighbors are facing financial challenges going forward. O'Donnell continued, "We will continue to track these numbers."

For the past several years, the Norfolk County Registry of Deeds has partnered with Quincy Community Action Programs (617-479-8181 x376) and NeighborWorks Housing Solutions (508-587-0950) to help anyone facing challenges paying their mortgage. Another option for homeowners is to contact the Massachusetts Attorney General's Consumer Advocacy and Response Division (CARD) at 617-727-8400.

"If you are having difficulty paying your monthly mortgage, please consider contacting one of these non-profit agencies for help and guidance," said Register O'Donnell.

Register O'Donnell concluded, "The rise in interest rates, at levels not seen in decades, has decreased the number of people willing to purchase property, which may be leading to an increasing drop in the average property sales price."

To learn more about these and other Registry of Deeds events and initiatives, "like" us on facebook.com/norfolkdeeds follow us on Twitter, and Instagram @norfolkdeeds.

The Norfolk County Registry of Deeds, located at 649 High St., 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, and accessible land record information. All land record research information can be found on the Registry's website, www.norfolkdeeds.org. Residents in need of assistance can contact the Registry of Deeds Customer Service Center at (781) 461-6101 or email us at registerodonnell@norfolkdeeds.org.

Register O'Donnell Reports on October Real Estate Activity in Norfolk County
Register O'Donnell Reports on October Real Estate Activity in Norfolk County

Monday, October 24, 2022

Register O’Donnell Delivers 2022 Third Quarter Real Estate Activity Report

Norfolk County Register of Deeds William P. O’Donnell reported that 3rd quarter (July-September 2022) Norfolk County recording statistics indicate residential and commercial sale prices continued to level off, while the number of notices to foreclose rose sharply.

 

During the recently concluded 3rd quarter of the 2022 calendar year, the average Norfolk County real estate sales price for both residential and commercial properties increased 11% to $1,107,041. Total residential and commercial real estate volume was $3.26 billion, a 13% decrease over the same period in 2021.

 

“The rise in interest rates has had an impact on so many levels, in regards to the statistics at the Norfolk Registry of Deeds,” said O’Donnell. “Total document volume for the last three months, July, August, and September (2022), is down significantly. One of the components of document volume, the number of deeds recorded, indicates a decrease in property sales.”

 

For the 3rd quarter of 2022, the number of land documents recorded, such as (deeds, mortgages, homesteads, mortgage discharges, etc.), was 32,496, a 33% decline from the 3rd quarter of 2021. The number of deeds, both commercial and residential, recorded was 4,642, a 21% decrease over the same time span last year.

 

“With the increase in interest rates, consumers seem to be less inclined to borrow,” noted O’Donnell. “Norfolk Registry of Deeds statistics indicate nearly half the total number of mortgages were recorded compared to 3rd quarter numbers in 2021.”

 

There were 5,570 mortgages recorded at the Registry during the 3rd quarter of the calendar year 2022 compared to 10,869 in the 3rd quarter of 2021, a 49% decrease. Total mortgage borrowing was $3.67 billion in this quarter, compared to $8.9 billion during the same period in 2021.

 

“The economic concerns and problems that the country is facing now are spilling over and impacting the local real estate market.” O’Donnell added, “A continuing cause for concern in Norfolk County is the number of pending foreclosures. The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market.”

 

In the 3rd quarter, there were 20 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, two more than in the 3rd quarter of 2021. Alarmingly, there were 91 Notices to Foreclose, the first step in the foreclosure process, recorded in the 3rd quarter of 2022, up significantly from 30 in the 3rd quarter of 2021.

 

“The dramatic increase in the number of these notices is concerning. It indicates that more of our neighbors are facing financial challenges going forward,” said O’Donnell. “We will continue to track these numbers.”

 

O’Donnell stated, “While the eastern Massachusetts economy remains on solid footing, there are still those in Norfolk County experiencing economic hardship, in many cases through no fault of their own. The Registry continues to work with Quincy Community Action Programs, (617-479-8181 x376), and NeighborWorks Housing Solutions, (508-587-0950) to help homeowners who may have received a Notice to Foreclose document. A third option is to contact the Massachusetts Attorney General’s Consumer Advocacy and Response Division (CARD) at 617-727-8400.”

 

Register O’Donnell concluded, “The economy, particularly the employment numbers in eastern Massachusetts, appears to be strong. However, going forward, inflation, rising interest rates, as well as global and national economic factors, will likely result in a continued slowdown of the Norfolk County real estate market.”

 

To learn more about the Registry of Deed’s events and initiatives, like us on Facebook® at facebook.com/NorfolkDeeds or follow us on Twitter® at twitter.com/NorfolkDeeds and Instagram® at Instagram.com/NorfolkDeeds.

 

The Norfolk County Registry of Deeds is located at 649 High Street in Dedham. The Registry is a resource for homeowners, title examiners, mortgage lenders, municipalities and others with a need for secure, accurate, accessible land record information. All land record research information can be found on the Registry’s website, www.norfolkdeeds.org. Residents in need of assistance can contact the Registry of Deeds Customer Service Center via telephone at (781) 461-6101 or email us at registerodonnell@norfolkdeeds.org.


Register O’Donnell Delivers 2022 Third Quarter Real Estate Activity Report
Register O’Donnell Delivers 2022 Third Quarter Real Estate Activity Report


Monday, October 10, 2022

Register O’Donnell Reports on September 2022 Real Estate Activity in Norfolk County

Norfolk County Register of Deeds William P. O’Donnell reported that the September 2022 numbers relative to Norfolk County recordings indicate a continuing decrease in overall real estate activity, particularly mortgage activity, as compared to the September 2021 numbers

“Our data indicates that the Norfolk County real estate numbers in September demonstrate a continued slowdown in the market compared to 2021 and for the first time it appears that the average sales price is leveling off,” noted Register O’Donnell. “There were 9,972 documents recorded at the Norfolk County Registry of Deeds in September, a 35% decrease from September 2021 and a decrease of 14% from August, 2022”.

“The number of deeds for September 2022, which reflect real estate sales and transfers, both commercial and residential, show a decrease of 23% from September, 2021 and a decrease of 16% from the previous month of August, 2022. Sale prices for September appear to have leveled off when compared to September 2021. The average sale price in September was $1,082,714, a decrease of 1% compared to September 2021. Total dollar volume of commercial and residential sales is down, decreasing 24% from one year ago and decreasing 16% from last month,” noted the Register.

Overall lending activity show a continued trend downward for the month of September. A total of 1,693 mortgages were recorded during the month, a significant decrease of 55% compared to a year ago and down 15% from August, 2022. “It appears that the sharp increase in the mortgage interest rates has significantly impacted mortgage activity,” noted O’Donnell.

A continuing cause for concern in Norfolk County is the number of pending foreclosures. The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In September, there were 6 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, one less than in September, 2021.  However, there were 37 Notices to Foreclose, the first step in the foreclosure process, recorded in September, up significantly from the 10 recorded in September 2021. “The dramatic increase in the number of these notices is alarming. It indicates that more of our neighbors are facing financial challenges going forward”, said O’Donnell.  “We will continue to track these numbers.”

For the past several years, the Norfolk County Registry of Deeds has partnered with Quincy Community Action Programs, 617-479-8181 x376, and NeighborWorks Housing Solutions, 508-587-0950 to help anyone facing challenges paying their mortgage. Another option for homeowners is to contact the Massachusetts Attorney General’s Consumer Advocacy and Response Division (CARD) at 617-727-8400. Register O’Donnell stated, “If you are having difficulty paying your monthly mortgage, please consider contacting one of these non-profit agencies for help and guidance.”

Homestead recordings by owners of homes and condominiums decreased again this month at the Norfolk Registry of Deeds. There was a 21% decrease in homestead recordings in September 2022 compared to September 2021. “The reduction in recorded Declarations of Homestead is not too surprising where the sales of homes continue to level off, but all homeowners, not just new purchasers, should keep in mind that a recorded Declaration of Homestead provides limited protection against the forced sale of an individual’s primary residence to satisfy unsecured debt up to $500,000,” noted O’Donnell. “We want to see folks protecting the biggest asset most of us have, our homes. I would urge anyone who has not availed themselves of this important consumer protection tool to consider doing so. The recording fee is only $36. Feel free to visit the Registry website at www.norfolkdeeds.org  to get more information on homesteads and to make sure you have taken advantage of this protection.”

Register O’Donnell concluded, “September real estate activity in Norfolk County continues to show a decline from last year. In comparing the numbers with last year, it appears the market may be starting to cool off.”

To learn more about Registry of Deed’s events and initiatives, like us on Facebook® at facebook.com/NorfolkDeeds or follow us on Twitter® at twitter.com/NorfolkDeeds and Instagram® at Instagram.com/NorfolkDeeds.

The Norfolk County Registry of Deeds is located at 649 High Street in Dedham. The Registry is a resource for homeowners, title examiners, mortgage lenders, municipalities and others with a need for secure, accurate, accessible land record information. All land record research information can be found on the Registry’s website www.norfolkdeeds.org. Residents in need of assistance can contact the Registry of Deeds Customer Service Center via telephone at (781) 461-6101, or email us at registerodonnell@norfolkdeeds.org.

Register O’Donnell Reports on September 2022 Real Estate Activity in Norfolk County
Register O’Donnell Reports on September 2022 Real Estate Activity in Norfolk County

Monday, September 5, 2022

Register O’Donnell Reports on August 2022 Real Estate Activity in Norfolk County

Norfolk County Register of Deeds William P. O’Donnell reported that the August 2022 numbers relative to Norfolk County recordings indicate a notable decrease in overall real estate activity, particularly with mortgage activity, as compared to the August 2021 numbers, but continue to show an increase in average sale prices from a year ago.

“Our data indicates that the Norfolk County real estate numbers in August demonstrate a continued slowdown in the market compared to 2021 but a slight increase from the month of July,” noted Register O’Donnell. “There were 11,640 documents recorded at the Norfolk County Registry of Deeds in August, a 29% decrease from August 2021 but up 7% from July, 2022”.

“The number of deeds for August 2022, which reflect real estate sales and transfers, both commercial and residential, show a decrease of 16% from August, 2021 but an increase of 5% from the previous month of July, 2022. Sale prices climbed again when compared to 2021. The average sale price in August was $1,107,598, a 13% increase compared to August 2021, but surprisingly show a 17% decrease from July. Total dollar volume of commercial and residential sales is down, decreasing 5% from one year ago and decreasing 13% from last month,” noted the Register.

Overall lending activity show a continued pronounced trend downward for the month of August. A total of 1,991 mortgages were recorded during the month, a significant decrease of 46% compared to a year ago but slightly up 6% from July, 2022. “It appears that the increase in the mortgage interest rates and the fact that many consumers have already refinanced continue to impact mortgage activity,” noted O’Donnell.

A continuing cause for concern in Norfolk County is the number of pending foreclosures. The Norfolk County Registry of Deeds has been closely monitoring the foreclosure market. In August, there were 7 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, one more than in August, 2021 and two fewer than in July.  However, there were 33 Notices to Foreclose, the first step in the foreclosure process, recorded in August, up significantly from the 15 recorded in August 2021. “The dramatic increase in the number of these notices is alarming. It indicates that more of our neighbors are facing financial challenges going forward”, said O’Donnell.  “We will continue to track these numbers.”

 

For the past several years, the Norfolk County Registry of Deeds has partnered with Quincy Community Action Programs, 617-479-8181 x376, and NeighborWorks Housing Solutions, 508-587-0950 to help anyone facing challenges paying their mortgage. Another option for homeowners is to contact the Massachusetts Attorney General’s Consumer Advocacy and Response Division (CARD) at 617-727-8400. Register O’Donnell stated, “If you are having difficulty paying your monthly mortgage, please consider contacting one of these non-profit agencies for help and guidance.”

 

Homestead recordings by owners of homes and condominiums decreased again this month at the Norfolk Registry of Deeds.   There was a 13% decrease in homestead recordings in August 2022 compared to August 2021. “The reduction in recorded Declarations of Homestead is not too surprising where the sales of homes continue to level off, but all homeowners, not just new purchasers, should keep in mind that a recorded Declaration of Homestead provides limited protection against the forced sale of an individual’s primary residence to satisfy unsecured debt up to $500,000,” noted O’Donnell. “We want to see folks protecting the biggest asset most of us have, our homes.  I would urge anyone who has not availed themselves of this important consumer protection tool to consider doing so.  The recording fee is only $36. Feel free to visit the Registry website at www.norfolkdeeds.org  to get more information on homesteads and to make sure you have taken advantage of this protection.”

 

Register O’Donnell concluded, “August real estate activity in Norfolk County continues to show a decline from last year. We still see the increase in sale prices from last year as indicating a continuing lack of available real estate inventory but in comparing the numbers with last month’s, it appears the market may be starting to cool off.”

To learn more about Registry of Deed’s events and initiatives, like us at facebook.com/NorfolkDeeds or follow us on twitter.com/NorfolkDeeds and Instagram.com/NorfolkDeeds.

 

The Norfolk County Registry of Deeds is located at 649 High Street in Dedham.  The Registry is a resource for homeowners, title examiners, mortgage lenders, municipalities and others with a need for secure, accurate, accessible land record information.  All land record research information can be found on the Registry’s website www.norfolkdeeds.org.  Residents in need of assistance can contact the Registry of Deeds Customer Service Center via telephone at (781) 461-6101, or email us at registerodonnell@norfolkdeeds.org.


Real Estate Activity in Norfolk County - August 2022
Real Estate Activity in Norfolk County - August 2022

Tuesday, August 16, 2022

Register O’Donnell Reports on July Real Estate Activity in Norfolk County

Norfolk County Register of Deeds William P. O’Donnell reported that the July 2022 numbers relative to Norfolk County recordings indicate a continuing decrease in overall real estate activity compared to the July 2021 numbers but show a marked increase in average sale prices.

“Our data indicates that the Norfolk County real estate numbers in July demonstrate a continued slowdown in the market compared to 2021 and a slight decrease from the month of June,” noted Register O’Donnell. “There were 10,884 documents recorded at the Norfolk County Registry of Deeds in July, a 35% decrease from July, 2021 and a decrease of 16% from June, 2022”.

“The number of deeds for July 2022, which reflect real estate sales and transfers, both commercial and residential, show a decrease of 26% from July, 2021 and a decrease of 21% from the previous month. However, sale prices continue to rise. The average sale price in July was $1,220,594, a 20% increase compared to July 2021 and a slight 3% increase from June. Total dollar volume of commercial and residential sales is down, decreasing 11% from one year ago and decreasing 19% from last month,” noted the Register.

Overall lending activity show a pronounced trend downward for the month of July. A total of 1,886 mortgages were recorded during the month, a significant decrease of 45% compared to a year ago and a decrease of 19% from June. “It appears that the increase in the mortgage interest rates and the fact that many consumers have already refinanced continue to impact mortgage activity,” noted O’Donnell.

A continuing cause for concern in Norfolk County is the number of pending foreclosures. The Norfolk County Registry of Deeds has been closely watching the foreclosure market. In July, there were 9 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, four more than in July, 2021 and two more than in June.  However, there were 21 Notices to Foreclose, the first step in the foreclosure process, recorded in July, up significantly from only 5 recorded in July 2021. “The dramatic increase in the number of these notices is alarming. It indicates that more of our neighbors are facing financial challenges going forward”, said O’Donnell.  “We will continue to monitor these numbers.”

For the past several years, the Norfolk County Registry of Deeds has partnered with Quincy Community Action Programs, 617-479-8181 x376, and NeighborWorks Housing Solutions, 508-587-0950 to help anyone facing challenges paying their mortgage. Another option for homeowners is to contact the Massachusetts Attorney General’s Consumer Advocacy and Response Division (CARD) at 617-727-8400. Register O’Donnell stated, “If you are having difficulty paying your monthly mortgage, please consider contacting one of these non-profit agencies for help and guidance.”
 
Homestead recordings by owners of homes and condominiums decreased again this month at the Norfolk Registry of Deeds.   There was a 23% decrease in homestead recordings in July 2022 compared to July 2021. “The reduction in recorded Declarations of Homestead from July, 2021 is not too surprising where the sales of homes continue to level off, but all homeowners, not just new purchasers, should keep in mind that a recorded Declaration of Homestead provides limited protection against the forced sale of an individual’s primary residence to satisfy unsecured debt up to $500,000,” noted O’Donnell. “We want to see folks protecting the biggest asset most of us have, our homes.  I would urge anyone who has not availed themselves of this important consumer protection tool to consider doing so.  The recording fee is only $36. Feel free to visit the Registry website at www.norfolkdeeds.org  to get more information on homesteads and to make sure you have taken advantage of this protection.”

Register O’Donnell concluded, “July real estate activity in Norfolk County continues to show a decline from last year. We still see the increase in sale prices from last year as indicating a continuing lack of available real estate inventory but looking at the numbers from last month, it appears the market may be starting to cool down a bit.”

The Registry of Deeds is open to the public. Registry personnel are processing in-person recordings as well as electronically filed recordings. The volume of documents recorded electronically for many of our institutional users continues to increase. We are also receiving documents in person, via regular mail, Federal Express, UPS and from the outside drop-off box at 649 High Street, Dedham, MA.”   

To learn more about these and other Registry of Deeds events and initiatives, like us at facebook.com/NorfolkDeeds or follow us on twitter.com/NorfolkDeeds and Instagram.com/NorfolkDeeds.

The Norfolk County Registry of Deeds is located at 649 High Street in Dedham.  The Registry is a resource for homeowners, title examiners, mortgage lenders, municipalities and others with a need for secure, accurate, accessible land record information.  All land record research information can be found on the Registry’s website www.norfolkdeeds.org.  Residents in need of assistance can contact the Registry of Deeds Customer Service Center via telephone at (781) 461-6101, or email us at registerodonnell@norfolkdeeds.org.

Register O’Donnell Reports on July Real Estate Activity in Norfolk County
Register O’Donnell Reports on July Real Estate Activity in Norfolk County