Drop In Real Estate Activity in Norfolk County Towns

DEDHAM - Register of Deeds William P. O’Donnell reported an across-the-board decline in real estate activity for Norfolk County in October. Declines were seen in both real estate sales and in mortgage lending.

“Without question October was a disappointing month for real estate activity in Norfolk County," O'Donnell said. "Available real estate inventory continues to be a constant source of concern in Norfolk County."

He noted that there were 14,433 documents recorded at the Norfolk County Registry of Deeds this October, which is a 20% decrease over last year’s October document volume.

During the past month, a total of 1,590 residential and commercial real estate sales were recorded countywide, resulting in a 15% drop from the previous year's October numbers. Additionally, the total dollar volume of these residential and commercial sales decreased by 22% to $973.1 million year over year, as well as declined in the average sale price by 1% to $1,009,538.

Although there were fewer mortgages recorded, the total amount of money borrowed for mortgages county-wide was over $2.5 billon, a 13% increase compared to October 2020.

“While some of the mortgages are due to purchases and sales of real estate, other mortgages are due to refinancing existing mortgages," O'Donnell said. "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.”

One continuing cause for concern in Norfolk County was foreclosures. A moratorium on foreclosures in place during the pandemic in 2020 was lifted on October 17.

“During October of 2021 there were only 1 foreclosure deed recorded as a result of foreclosure processes taking place in Norfolk County," according to O'Donnell. "However, there were 15 Notices to Foreclosure Mortgages, the first step in the foreclosure process, recorded here in Norfolk County in October of 2021. A foreclosure recording is very impactful on those being foreclosed on.

“These numbers remind us that some of our neighbors continue to face financial challenges," said O’Donnell. “We will continue to monitor these numbers.”

For the past several years, the Norfolk County Registry of Deeds has partnered with Quincy Community Action Programs, 617-479-8181 x376, and NeighborWorks Housing Solutions, 508-587-0950 to help anyone facing challenges paying their mortgage. Another option for homeowners is to contact the Massachusetts Attorney General’s Consumer Advocacy and Response Division (CARD) at 617-727-8400.

Homestead recordings by owners of homes and condominiums decreased by 22% this year as well.

“A homestead,” noted O’Donnell, “provides limited protection against the forced sale of an individual’s primary residence to satisfy unsecured debt up to $500,000. It is great to see folks protecting the biggest asset most of us have, our homes. I would urge anyone who has not availed themselves of this important consumer protection tool to consider doing so. Please visit the Registry website at www.norfolkdeeds.org to get more information on homestead protection.”

O'Donnell stressed that the Registry of Deeds has beenoperational every work day during the pandemic. The drop-off box located at the main entrance of the Registry Building for the time being will continue to be available for use by those members of the public who may not be comfortable in entering the building. Land documents are being recorded electronically for many of our institutional users.

To learn more about these and other Registry of Deeds events and initiatives, go to facebook.com/NorfolkDeeds or follow us on twitter.com/NorfolkDeeds.

The Norfolk County Registry of Deeds is located at 649 High Street in Dedham. The Registry is a resource for homeowners, title examiners, mortgage lenders, municipalities and others with a need for secure, accurate, accessible land record information. All land record research information can be found on the Registry’s website www.norfolkdeeds.org. Residents in need of assistance can contact the Registry of Deeds Customer Service Center via telephone at (781) 461-6101, or email us at [email protected].