N.H. foreclosures fall in May, but slow recovery is seen

The number of foreclosure deeds recorded in New Hampshire in May declined from the previous month, but increased from May of 2011.There were 351 foreclosure deeds recorded in the state in May, a 9 percent decline from the 384 deeds recorded in April, but a 3 percent increase from the 340 foreclosure deeds recorded in May 2011, according to the New Hampshire Housing Finance Authority.Year to date, 1,698 foreclosure deeds have been recorded in the state through the end of May. That’s about 3 percent less than the 1,757 deeds recorded at the same time last year, and 6 percent less than the 1,811 deeds during the same period of 2010.The authority said the figures give reason to believe the number of new foreclosures in New Hampshire will decline, assuming some large variables — that there continues to be a slow improvement in overall economic conditions, improvement in the regional and statewide housing markets, and no significant international economic reversals.”Even with the above assumptions, the likely pace of improvement in foreclosure activity will be slow and the negative influence of foreclosed and distressed property on the housing market will continue through the year,” according to the agency.While the number of foreclosure deeds fell in May from the previous month, the number of foreclosure auction notices — which indicate the number of households that have fallen seriously behind on mortgage payments — increased significantly. There were 663 foreclosure auction notices in New Hampshire in May, a 35 percent increase from the 490 recorded in April and a 3 percent increase from May 2011.But year to date, there have been about 6 percent fewer foreclosure auction notices filed through May 2012 than there were through the same period last year.”In fact, the January through May 2012 cumulative foreclosure auction notices are lower than the last four years’ cumulative notices for the same period,” according to the agency. — KATHLEEN CALLAHAN/NEW HAMPSHIRE BUSINESS REVIEW