January foreclosures on record pace

Monday, January 10, 2011

While there are signs that the economy may be emerging from the recession, the number of foreclosure deeds reported by the New Hampshire Housing Finance Authority remains on a record pace.

According to the NHHFA the national Mortgage Bankers Association reported that 352 foreclosures were recorded in January in New Hampshire, setting a foreclosure record second only to October 2009.

“This level of foreclosure activity may reflect the possible deferral by lenders of foreclosure proceedings during the holiday period, and it certainly offers evidence of the continued economic distress of many New Hampshire home owners,” according to the agency.

The agency said 753 foreclosure auction notices were posted in January, up 7 percent from the same month a year earlier. However, they were 4 percent lower than December 2009.

According to the NHHFA, New Hampshire’s mortgage delinquency rate for the fourth quarter was 9.03 percent higher than the fourth quarter of 2008. New Hampshire’s rate was 1.4 percent below the national average of 10.44 percent and second-lowest in New England, behind Vermont.

New Hampshire’s foreclosure initiation rate for the fourth quarter of 2009 was 0.94 percent, 0.26 percent below the national average and on par with the other New England states. – CINDY KIBBE/NEW HAMPSHIRE BUSINESS REVIEW

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