Plymouth County Monthly Report from the Plymouth County Registry of Deeds reports that home sales and mortgage applications continue to be on the rise for the month of October, 2015.
Nationally, the pace of both markets tends to slow as we begin the holiday season. However, the numbers in home sales and mortgages in October 2015 matched those of September 2015. The fact that activity did not slow for the month of October could be a positive sign in the overall market conditions and a sign of long-term market strength.
A comparison between the first ten months of year 2015 to 2014 show that real estate sales are up by about 6% so far this year. Plymouth County Registry of Deeds Register, John R. Buckley, Jr. stated, “A six percent increase in sales volume attests to the continued stability of the market.”
Mortgage activity is also showing more robust growth for the year 2015. At the Plymouth County Registry of Deeds there are 28% more mortgages recorded than at the same time last year. “We recorded 17,866 mortgages this year compared to 13,923 mortgages recorded by this time last year. This is a dramatic turnaround from the October, 2014 report when 2014 mortgages were down 34% from the number of mortgages recorded in 2013,” Buckley noted.
Along with the increased activity for mortgages and home sales in Plymouth County, home foreclosures are also on the rise. This time last year there were 318 foreclosures recorded, compared to 450 in the year 2015, a 42% increase overall. The number of homeowners put on notice of foreclosure has also increased significantly. There are suggestions that national lenders are responsible for the increases. Lenders now have the time and resources to resolve mortgages in long overdue status.