N.H. foreclosures rise, but slightly

There were slightly more foreclosures recorded in New Hampshire this past October than there were in October 2010, but so far this year there have been significantly fewer foreclosures than there were in 2010.That’s according to the New Hampshire Housing Financing Authority, which found that there were 262 foreclosure deeds recorded in New Hampshire in October.That is a slight increase from October 2010, when there were 255 recorded, but a 13 percent decrease from the 301 recorded in September of this year.Year to date, there have been 8.5 percent fewer foreclosures this year than last.Despite the improvements over last year, there continue to be a significant number of households in the state that are delinquent on their mortgages, the authority said.That’s because lenders have been extending the period of delinquency prior to foreclosure, which they’re doing for two reasons. The first is because of delays in document processing. The second is that they’re hoping that the market will improve and mitigate their losses.Those conditions “set the stage for a protracted period where significant numbers of foreclosed and distressed properties will negatively influence the housing market, slowing its overall recovery,” it said.Foreclosure auction notices — which indicate the number of households that are seriously in danger of defaulting on their mortgages — increased 2 percent over the previous month, from 636 in September to 647 in October. Still, that is nearly 14 percent lower than last October. It’s also the lowest October monthly activity since 2007.The authority said the continued decline “is suggestive of future declines in the number of foreclosure deeds.” — KATHLEEN CALLAHAN/NEW HAMPSHIRE BUSINESS REVIEW

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