Northeast
The number of foreclosures in Massachusetts during the month of November fell below 2,000 for the first time since January, according to a new report by the Warren Group, publisher of Banker & Tradesman. Still, petitions to foreclose, which mark the start of the foreclosure process, remained at a relatively high level and were 45 percent higher than the previous November. “While the November data provide some positive news, foreclosures continue to be a problem in the real estate market,” said Timothy M. Warren Jr., CEO of the Warren Group. “Due to unemployment and other economic factors, homeowners continue to have high rates of delinquency on their mortgages, which eventually leads to the initiation of foreclosure proceedings.” The number of foreclosure deeds, which represent completed foreclosures, fell 23.1 percent to 701 in November from 912 in October, and were also 21.1 percent lower than the 888 foreclosure deeds recorded in November 2008. A total of 8,409 foreclosure deeds were recorded from January through November, down 26.8 percent from 11,494 during the same period last year. November auction notices tumbled 22.5 percent to 2,015 from 2,601 in October, but jumped 77.7 percent from 1,134 in November 2008. Year-to-date auction notices slipped 4.3 percent, to 17,297 from 18,064.
The Warren Group also released a report on Connecticut homes sales: Single-family homes and condominiums in Connecticut jumped by double-digit percentages in October from a year earlier. According to the Warren Group, October was also the third month in 2009 that single-family home sales have risen year-over-year. Despite the increase in sales volume, median prices for both single-family homes and condominiums statewide continued to drop from year-ago levels. Single-family home sales shot up 11.5 percent to 2,371 in October from 2,126 in October 2008. Sales in September were down 1.4 percent from the previous year, while sales volume increased in July and August. October’s 11.5 percent increase was the biggest percentage increase in monthly sales year-over-year since June 2004.
Meanwhile, in New York, statewide sales of existing single-family homes jumped 34 percent in November 2009 compared to November 2008, according to preliminary data accumulated by the New York State Association of Realtors. The statewide median sales price rose by 3 percent compared to November 2008. “While the jump in sales compared to last November is obviously a positive sign for the state housing market, the 5.5-percent increase compared to 2007 indicates a return to a typical November sales level,” said Duncan R. MacKenzie, NYSAR chief executive officer. “This is a strong indicator of the continued recovery of the statewide housing market.” New York Realtors sold 7,424 existing single-family homes in New York State in November 2009, a 34 percent increase compared to the November 2008 total of 5,542.

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