PLYMOUTH COUNTY REAL ESTATE ACTIVITY FOR FEBRUARY 2010
SALES, FORECLOSURE NOTICES RISE; REFINANCES FALL IN FEBRUARY
While the number of sales recorded in Plymouth County has grown in comparison to this time last year, refinance activity has declined and foreclosure activity remains a significant concern, reported Register of Deeds John R. Buckley, Jr.
Plymouth County recorded 475 deeds in February, up 27% from the 375 recorded in February of 2009. Over the first two months of 2010, 950 deeds have been recorded, representing 15% growth over the same period last year. The 2010 average sale price of $293,906, while down slightly from January, remains 14% higher than the $257,554 average at this point in 2009.
At the same time, Buckley reported, refinance activity has fallen dramatically. Plymouth County recorded 1,357 mortgages in February, down 42% from the 2,342 mortgages recorded in February of 2009. Through the first two months of last year, Plymouth County had recorded 4,089 mortgages. That volume has fallen 29%, with 2,921 recordings this year. The average mortgage amount has also declined, from $255,240 through February of 2009 to $243,175 presently.
Foreclosure activity remains Buckley’s focus in terms of trends in Plymouth County real estate activity. “We recorded 300 notices initiating new foreclosures in February,” Buckley explained. “In 2009, we had one month where the number of notices hit 300. We’ve started this year off with two consecutive months where that has happened.” In fact, Plymouth County has seen 644 foreclosure notices recorded through the first two months of the year, representing a 377% increase over the 135 notices that were recorded during the same period in 2009. “We were well into June last year by the time we saw 644 notices,” Buckley said. “That is a significant concern.”
Buckley also reported a rise in the number of foreclosure deeds, though that increase has been much less dramatic than the spike in notices. Plymouth County recorded 92 foreclosure deeds in February, bringing the 2010 total to 206. “A large number of cases in which a foreclosure notice is recorded are resolved short of a foreclosure sale,” Buckley explained. “But with a much larger number of notices being recorded, it is reasonable to expect that we will be seeing more foreclosure deeds down the road. So far, We’ve seen a 10% increase in the number of deeds.”
If you would like to receive a copy of our monthly report by e-mail, please contact Assistant Register of Deeds Michael P. Holden at holden@plymouthdeeds.org.
REAL ESTATE ACTIVITY THROUGH FEBRUARY 2010
AS COMPARED TO THE SAME PERIOD IN 2009
All figures are based on sales or mortgages between $25,000.00 and $3,000,000.
2010 sales volume: 950
2009 sales volume: 827
(15% increase)
2010 total sales value: $279,211,186
2009 total sales value: $212,997,191
(31% increase)
2010 average sales price: $293,906
2009 average sales price: $257,554
(14% increase)
2010 mortgage volume: 2,921
2009 mortgage volume: 4,089
(29% decrease)
2010 average mortgage amount: $243,175
2009 average mortgage amount: $255,240
(5% decrease)
2010 foreclosure deeds: 206
2009 foreclosure deeds: 188
(10% increase)
2010 foreclosure notices: 644
2009 foreclosure notices: 135
(377% increase)
Registers Monthly Reports - 2007 - 2009
