Plymouth County Register of Deeds John R. Buckley Jr. reports that the monthly volume of deeds recorded in Plymouth County has remained fairly flat for each month in the first quarter of 2023.
The number of recordings continues to come in at about 26 percent fewer recordings than at this time in 2022. The month of April actually saw fewer recordings than March. In April there were 534 deeds recorded compared to 540 recorded in March. Year-to-date Plymouth County has recorded 1,974 deeds compared to 2,658 deeds recorded at this time last year.
Like deeds, there were fewer mortgages recorded in April than in March. In April there were 1,002 mortgages recorded compared to the 1,100 mortgages recorded in March. Year-to-date there has been a 51 percent decline in mortgage recordings. In the first quarter of 2022, there were 7,716 mortgages recorded. This year there have only been 3,763 mortgages recorded through April. The actions of the Federal Reserve, which has raised its rates for the 10th straight time, have all but eliminated refinances.
“Given the Fed’s latest quarter point increase in mortgage rates, it does not bode well for the balance of the spring market,” noted Buckley. “If there is sliver of hope in the most recent announcement, it comes from the Fed’s omission of the language that additional increases are likely.”
Foreclosures continue at a relatively modest pace, albeit 26 percent higher than at this time in 2022. In April there were nine foreclosure deeds recorded in Plymouth County. Going back a full year, in six of the last twelve months there have been 9 foreclosures recorded. Year-to-date there have been 39 foreclosure deeds recorded compared to the 31 foreclosure deeds recorded at this time last year.
“The good news here in Plymouth County is that the number of foreclosure notices declined to its lowest number in ten months,” Buckley said.
In April there were only 36 notices to foreclose recorded. In March, 60 notices were recorded, in February there were 42, and in January 2023, there were 57 notices to foreclose recorded in Plymouth County.
“Given the number of notices being recorded to initiate new foreclosures,” explained Buckley, “the volume of foreclosure sales does not appear likely to increase dramatically any time soon.”