August foreclosures drop from 2010

About a third more foreclosures and foreclosure auction notices were recorded in August than a month earlier, but the total was still less than the number recorded at the same time last year, according to the New Hampshire Housing Finance Authority.Some 321 foreclosure deeds were recorded in New Hampshire in August 2011 — a 35 percent increase from the 238 that were recorded in July, but a 20 percent decrease from August 2010.Also on the rise over the previous month were foreclosure auction notices, which indicate the number of households that have fallen seriously behind on their mortgages. They rose 30 percent, from 531 in July to 689 in August. Still, that is 21 percent less than were recorded in August 2010.Year to date, nearly 10 percent fewer foreclosures have been recorded in 2011 than there were through August of last year.”Nonetheless, there continues to be significant numbers of New Hampshire households that are delinquent on their mortgage,” said the authority, which also warned that the overall recovery of the housing market could be slowed since lenders have allowed the period of delinquency prior to foreclosure to extend — in part from delays in processing documents and in part in hopes that the market will improve.”These conditions set the stage for a protracted period where significant numbers of foreclosed and distressed properties will negatively influence the housing market,” it said. — KATHLEEN CALLAHAN/NEW HAMPSHIRE BUSINESS REVIEW

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