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Recent real estate trends are cause for concern in Norfolk County


Real estate numbers for November looked grim in Norfolk County ... "A third option is to contact the Massachusetts Attorney General’s Consumer Advocacy and Response Division (CARD) at 617-727- 8400.” Reach Bradford Randall at brandall@wickedlocal.com.


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Bradford Randall brandall@wickedlocal.com Real estate numbers for November looked grim in Norfolk County, according to Register of Deeds William PO’Donnell, who expressed concern some new alarming trends."Frankly, the Notice to Foreclose Mortgage numbers were disappointing,” O’Donnell said“We must continue to bear in mind that foreclosure activity has a human face, even during these seemingly decent economic times."In November of this year, O'Donnell said there were 125 notices to foreclose, which is the first step in the foreclosure processThat's more than double the amount of notices to foreclose filed in November of 2016, when there were 52 notices to foreclose filed in Norfolk County.“There is no question that both real estate and lending activity in Norfolk County took a hit in November," O'Donnell said"Therefore, it is unlikely we will see any momentum in the housing market until there are increased levels of inventory, particularly when it comes to starter homes."According to O'Donnell, November real estate sales, for both residential and commercial activity, were off by three percent in Norfolk County from the previous year.O'Donnell said the average sale price of residential and commercial property suffered a 12 percent reduction from the previous year, and the total sales volume logged fell by nine percent during the same period of time."Clearly, the limited amount of available real estate inventory is having a drag on the real estate market in Norfolk County," O'Donnell said.O'Donnell said those numbers get even more sobering when lending market numbers from November in the county are considered.The register of deeds said the number of mortgages recording during November has fallen by 28 percent, a number that he considers significant, and the volume of mortgage financing for residential and commercial properties fell by 35 percent from last year."There is no question consumers are being cautious when considering big ticket expenses," O'Donnell said"Furthermore, interest rates have crept up slightly, which have proven disconcerting to many homeowners interested in purchasing a home.”O'Donnell said the only positive part of November's numbers was in foreclosure deeds, and there were 13 foreclosure deeds filed in November in comparison to 19 filings in November of 2016."My office remains highly committed to partnering with the Quincy Community Action Programs, 617-479- 8181 x376, and NeighborWorks Southern Mass, 508-587-0950 to help homeowners who have received a Notice to Foreclose Mortgage document," O'Donnell said"A third option is to contact the Massachusetts Attorney General’s Consumer Advocacy and Response Division (CARD) at 617-727- 8400.”Reach Bradford Randall at brandall@wickedlocal.com. About Us Sign up for daily e-mail Subscribe Site ServicesMy ProfileWork for UsSubscribeAdsPhoto reprintsSubmit your newsPay Your Ad BillCommunity InfoTown of WeymouthWeymouth PoliceWeymouth SchoolsWeymouth LibrariesWeymouth RecreationCommunitiesThe Patriot LedgerWicked Local AbingtonWicked Local BraintreeWicked Local CohassetWicked Local DuxburyWicked Local HanoverWicked Local Hingham var verticalContent = verticals_data['p'+552+']; for(var key in verticalContent) { if(verticalContent.hasOwnProperty(key)) { var vc_title = verticalContent[key].title; var vc_url = verticalContent[key].url; var vc_html = '+vc_title+'; var vc_job = 'Jobs'; if(vc_title != ' && vc_title != 'NA' && vc_url != ' && vc_url != 'NA') { if(vc_title == 'Classifieds' || vc_title == 'Cars') { $('#footer-main-verticals ul').append(vc_html); } } if(vc_title == 'Jobs' && vc_url == 'NA') { $('#footer-main-verticals ul').append(vc_job); } } }

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