Plymouth County Registry of Deeds

PLYMOUTH COUNTY REGISTRY OF DEEDS 50 OBERY STREET, PLYMOUTH, MA 02360 (508) 830-9200 FAX (508) 830-9221 www.plymouthdeeds.org JOHN R. BUCKLEY, JR., Esquire REGISTER MICHAEL P. HOLDEN, Esquire ASSISTANT REGISTER MARILYN L. MARVILL CHIEF EXECUTIVE ASSISTANT JOHN ZIGOURAS II DIRECTOR OF OPERATIONS For more information, please contact Lorna Green at Register Buckley’s office (508) 830-9298 JOHN R. BUCKLEY, JR., REGISTER OF DEEDS PLYMOUTH COUNTY REAL ESTATE ACTIVITY FOR SEPTEMBER 2008 SALES, MORTGAGES SLUMP IN SEPTEMBER Real estate activity in Plymouth County, as throughout the Commonwealth, continued at a less than encouraging pace during the month of September, reported Plymouth County Register of Deeds John R. Buckley, Jr. Plymouth County recorded 611 deeds in September, down from 699 in August and 752 in July. Through the first three quarters of 2008, Plymouth County recorded 5,664 deeds, down 12% from the 6,431 deeds recorded at this point last year. While sale prices have declined over the past year, Plymouth County has not been hit nearly as hard as other areas of the country. Nationally, average sale prices have fallen 16%. In Plymouth County, the decline has been a less dramatic 9%, from $377,278 through September 2007 to $344,772 through September 2008. The total value of Plymouth County sales during the first three quarters of 2008 totaled $1.95 billion. While certainly not an insignificant number, it represents a 20% decline when compared to the $2.42 billion in sales during same period in 2007. Buckley reported that refinance activity also remains subdued, with 1,465 mortgages recorded in September. By way of comparison, 1,905 mortgages were recorded in September of last year, representing a decline of 23%. Through the first three quarters of 2008, Plymouth County recorded 17,430 mortgages, down 29% from the 24,522 recorded through the same point last year. Given the falling volume, it is understandable that the total value of mortgages is also down, from $5.34 billion through the first three quarters of 2007 to $4.14 billion thus far in 2008 – a difference of 23%, or 1.2 billion dollars. Buckley does not anticipate a dramatic upswing in the market in the coming months. “Sales activity typically begins to slow down heading into and through the holidays and given present market conditions, it is difficult to predict what we will see in the next few months in terms of the number of mortgages being recorded,” he explained. Even foreclosure activity slowed in Plymouth County in September. The number of foreclosure deeds recorded dipped to 73, down from 97 in August and 111 in July. In fact, September was the sixth consecutive month during which the volume of foreclosure deeds fell. Notices initiating new foreclosure also fell, from 140 in August to 114 in September. Nevertheless, Buckley cautions observers as to the significance of the reduction. “Of course, any news of a decline in foreclosure activity is encouraging,” said Buckley. “But it is difficult to determine whether the decline in activity means there are fewer homeowners having difficulty making their payments or, perhaps more likely, that we are seeing the effects of recent legislation requiring delays in the foreclosure process.” 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 SEPTEMBER 2008 AS COMPARED TO THE SAME PERIOD IN 2007 All figures are based on sales or mortgages between $25,000.00 and $3,000,000. 2008 sales volume: 5,664 2007 sales volume: 6,431 (12% decrease) 2008 total sales value: $1,952,790,920 2007 total sales value: $2,426,275,993 (20% decrease) 2008 average sales price: $344,772 2007 average sales price: $377,278 (9% decrease) 2008 mortgage volume: 17,430 2007 mortgage volume: 24,522 (29% decrease) 2008 average mortgage amount: $237,435 2007 average mortgage amount: $217,966 (9% increase) 2008 foreclosure deeds: 1004 2007 foreclosure deeds: 657 (53% increase) 2008 foreclosure notices: 1,537 2007 foreclosure notices: 1,666 (8% decrease)