The 239 foreclosure deeds recorded in October of this year is an increase of 18% from the prior month, but a decrease of 10% from foreclosures recorded in October of 2012. The cumulative total for the first ten months of 2013 is 25% below the total for the same period in 2012, and lower than the first ten month total in any year since 2007. At the current pace, 2013 will end the year with fewer foreclosures than any of the prior five years. We estimate this number to be fewer than 2,800 foreclosure deeds, a decline of approximately 24% from year end 2012. These improvements are in part due to slow but steady improvements in the housing market and the overall economy. They may be attributable as well to the easing of lender attitudes toward short sales, allowing underwater borrowers to exit ownership prior to foreclosure.
Foreclosure Auction Notices
Foreclosure auction notices provide an indication of the number of households that have fallen seriously behind in their mortgage payments. Foreclosure auction notices increased in October by 24% to 376 from the 303 experienced in September. However, this is a decrease of 35% when compared with October of last year, and comparing the cumulative foreclosure auction notices for the first ten months of 2013 with the same period in 2012 shows a 32% decline in activity. Over the long term, the foreclosure auction notice activity has declined from an average of 809 notices per month at its peak in 2010 to 411 notices per month in the first ten months of 2013, a decline of 49%.
New Hampshire Housing has been offering these foreclosure status updates every month since mid 2008. The past four months of updates are available on our website (http://www.nhhfa.org/housing-data-foreclosure-subprime-lending.cfm).
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National Delinquency Survey
Single family home sales vs. condominium sales