Norwood July 2017

Page 20 Norwood Local Town Pages www.localtownpages.com July 2017
Norfolk County Exceeded Expectations in May
Despite a monthly trend of limited
inventory, total real estate sales in May,
2017, both residential and commercial,
showed a solid 10% increase year over
year.
“Surprisingly, Norfolk County real
estate sales for May totaled 1,706, compared
to 1,554 in May 2016," Register
of Deeds William P. O'Donnell said.
"What was unsurprising is the low
number of properties on the market,
which has given rise to competition,
particularly for first-time homeowners
bidding against each other, resulting in
healthy increases in both the average
sale price and total sales.
“The average sales price for May,
again for both residential and commercial,
was $766,499, a 14% increase
compared to the previous year. Total
real estate sales volume increased a
whopping 25% for the month coming
in at $850 million. In light of the continuing
low levels of real estate inventory,
it will be interesting to see if this
growth can be sustained.”
Lending activity for the month
was a different story. A total of 2,426
mortgages were recorded during May,
a 14% decrease from the previous
year. Total mortgage financing for the
month was $1.1 billion, a 3% reduction
year over year.
“An uptick in mortgage rates triggered
these downward numbers,
O'Donnell said. "With the Federal Reserve
projected to increase rates during
the second half of 2017, I see the
mortgage lending activity trend lines
continuing for the foreseeable future.”
A bright spot for the month of May,
2017 was Norfolk County homeowners
continuing to take advantage of
the Homestead Act. A total of 1,153
Homesteads were filed during May,
2017, a 4% increase compared to the
previous May.
“The Homestead Act is an important
consumer tool," O'Donnell said.
"A Homestead provides limited protection
against the forced sale of a homeowner’s
primary residence to satisfy
unsecured debt up to $500,000.”
An additional piece of good news
was seen in the area of foreclosure activity.
The total number of Notice to
Foreclose Mortgage recordings, the
first step in the foreclosure process was
60, a 28% reduction from the previous
year. Foreclosure deed recordings, the
final step in the foreclosure process,
were flat. A total of 22 foreclosure
deeds were processed in May, the same
number recorded in May, 2016.
“As I have said many times, one
foreclosure filing is one too many,"
O'Donnell said. "With that said, I am
heartened by the reduced foreclosure
activity seen in Norfolk County. The
Registry continues to partner with
Quincy Community Action Programs.
(617) 479-8181, x-376 and Neighbor
Works Southern Mass, (508) 598-0950.
These two non-profits are there to help
anyone who has received a Notice to
Foreclose Mortgage from a lender. Another
option is to call the Massachusetts
Attorney General’s HomeCorps
program, (617) 573-5333.”
“Considering where we are in Norfolk
County with low real estate inventory,
I was pleasantly surprised by the
upsurge of May’s real estate sales numbers,"
O'Donnell said. "However, an
important factor we need not overlook
is the continued desire of individuals
and families to live and work in Norfolk
County. The strong quality of life and
sound economy in eastern Massachusetts
should be able to sustain the local
real estate market through the rest of
2017.”
To learn more about these and
other Registry of Deeds events and
initiatives like them at facebook.com/
NorfolkDeeds or follow on twitter.
com/NorfolkDeeds and instagram.
com/NorfolkDeeds.
The Norfolk County Registry of
Deeds is located at 649 High St., in
Dedham. The Registry is a resource
for homeowners, title examiners, mortgage
lenders, municipalities and others
with a need for secure, accurate, accessible
land record information. All land
record research information can be
found on the Registry’s website www.
norfolkdeeds.org. Residents in need
of assistance can contact the Registry
of Deeds Customer Service Center at
(781) 461-6101, or email registerodonnell@norfolkdeeds.org.
Low Inventory +
Low Interest Rates
=
A Great Time to List Your House!
Call me and we will do it together!
I also offer FREE buyer consultations and market analyses
Michele DeFazio Taranto
Realtor
781-799-7068
mtaranto@kw.com
THE MARKET IS HOT!
Let me assist you with Selling or Buying a home.
Put my 30+ years experience to work for you!
“Paul is an exceptional realtor and we
couldn’t have done it without him! His
knowledge of the community, the market,
and the process are only matched by his
ability to manage a client who is a nervous
wreck. We couldn’t possibly be happier with
our home purchase (and sale) and his guidance throughout
the entire process. Paul is an outstanding realtor
with a wealth of experience. ” Kimberly Kelley
Paul G. Keady
RE/MAX Real Estate Center
781-762-1945 Office • 781-799-5099 Cell
paulkeady@verizon.net • www.paulkeady.com