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| December 28, 2010 |
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Foreclosure Update
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For the second month in a row, foreclosure deed and auction notice numbers are down. Despite that positive note, total foreclosures for the year have already exceeded last year's as well as the record high number of foreclosures, in this recent cycle, of 3,563 set in 2008.
New Hampshire Housing will keep you updated as we receive information about this important issue. In the meantime, we hope the data presented here will be of interest and use to you.
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Foreclosure Deeds
There were 227 foreclosure deeds recorded in November 2010, a decrease of 11% from the prior month, and a decrease of 9% from foreclosure deeds recorded in November 2009. This is the second month this year with a decrease when compared to the same month in the prior year. However, when analyzed cumulatively there are already more foreclosure deeds recorded this year than last year in total. The decline over the past two months appears to be the result of the moratoria on foreclosure proceedings announced by several large mortgage lenders at the end of September. In addition, foreclosure activity has traditionally declined in November and December for the holiday season.
Foreclosure Auction Notices
Foreclosure auction notices provide an up to date indication of the number of households who have fallen seriously behind in their mortgage payments. Foreclosure auction notices declined again in November by 8% to 689 from 750 in the prior month. This is the lowest number of notices recorded in any month in this year. The reason for this decline is most likely the moratoria on foreclosure proceedings announced by several large mortgage lenders at the end of September. It is the same reason given above for the decline in foreclosure deeds.
Resources for Home Owners
 Home owners who find themselves facing difficulty paying their mortgage or who may have already received a notice of foreclosure may still have resources available to them to assist in saving their home. One of those resources is HomeHelpNH.org, a website created by the state of New Hampshire that is designed to help troubled home owners find answers to their questions. The site offers a large amount of information in an easy to understand format, along with links to websites offering programs that may help them and contact information for free housing counselors to assist them in their efforts to save their home. New to the site is a schedule of free seminars being offered on alternatives to foreclosure. |
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| Foreclosure Update |
is a publication of the Policy, Planning and Communications Group of New Hampshire Housing Finance Authority
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New Hampshire Housing Finance Authority is a self supporting public benefit corporation. The Authority operates a broad range of programs designed to assist low- and moderate-income persons and families to obtain decent, safe and affordable housing.
Sincerely,
Jane Law
Director, Communications
New Hampshire Housing Finance Authority
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