Slowdown in Norfolk County Real Estate Numbers
There appears to be a slowing down in the real estate indicators tracked at Norfolk County Registry of Deeds in September 2021.
In Norfolk County there were 15,436 documents recorded at the Registry of Deeds, which is a 10% decrease over last year’s September document volume. The numbers of mortgages recorded dropped from 4,639 to 3,761 representing a 19% decrease county-wide from last year’s September numbers.
Although there were less mortgages recorded, the total amount of money borrowed for mortgages county-wide was well over 3 billon, a 75% increase compared to September 2020.
“While some of the mortgages are due to purchases and sales of real estate, other mortgages are due to refinancing existing mortgages. Individuals have different motivations to refinance. Some refinance to reduce their monthly payments, others to take some years off their debt while still others are using the money to pay for home improvements and other capital expenditures” said Register William O’Donnell.
Register O’Donnell noted that there has been a strong demand for housing, single family housing in particular, coupled with a limited supply of available housing stock and historically low interest rates which could be motivating buyers to do what is necessary to secure housing.
One continuing cause for concern, however in Norfolk County, was foreclosures. A moratorium on foreclosures in place during the pandemic in 2020 was lifted on October 17, 2020. This moratorium was in place due to the COVID-19 pandemic. During September of 2021 there were 7 foreclosure deeds recorded as a result of foreclosure processes taking place in Norfolk County. Additionally, there were 10 Notices to Foreclosure Mortgages, the first step in the foreclosure process.
Homestead recordings by owners of homes and condominiums decreased this year at the Norfolk County Registry of Deeds in September. There was a 4% decrease in homestead recordings in September 2021 compared to September 2020. A Homestead provides limited protection against the forced sale of an individual’s primary residence to satisfy unsecured debt up to $500,000.