Norwood July 2019

Page 20 Norwood Local Town Pages www.localtownpages.com July 2019
Register O’Donnell Reports Uptick in Norfolk County Real Estate Activity
While the weather in May was
starting to get slightly warmer,
so too was the Norfolk County
real estate market, according to
Register of Deeds William P.
O’Donnell.
The Register noted that a noticeable
uptick in both real estate
sales and lending transactions
happened last month.
“Specifically, during the month
of May, Norfolk County real estate
sales, both residential and commercial,
totaled 1,742, a healthy
7% increase year over year.”
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While real estate transactions
increased, the average real estate
price, again both residential and
commercial, was $702,071, a 16%
decrease compared to May, 2018.
Also, total dollar real estate sales
volume decreased 13%, to $786.3
million. However, these figures
can be attributed to two big commercial
sales last year of $61 million
and $70 million that skewed
the numbers.
Lending activity in Norfolk
County also rose during the
month of May.
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“The number of mortgages
recorded against County properties
increased 6% year over year,”
Register O’Donnell noted. “The
increases in real estate sales and
mortgage transactions clearly tells
us that the market is definitely loosening
up, due in part to increased
real estate inventory. Sustaining
the available inventory numbers
will be a key component in ensuring
that the Norfolk County real
estate market continues its push in
a positive direction.”
The month of May also saw
Norfolk County homeowners
continuing to take advantage of
the Homestead Act. During May,
a total of 1,160 Homesteads were
recorded, a 5% increase compared
to May, 2018. Register O’Donnell
spoke about the importance of recording
a Homestead Act against
your primary property.
“A Homestead is an important
consumer tool that provides limited
protection against the forced
sale of an individual’s primary residence
to satisfy unsecured debt up
to $500,000,” Register O’Donnell
stated.
Another good sign for the
market has been the reduction
in foreclosure activity during the
past several months. The number
of foreclosure deeds recorded
in the county during May was 4,
a significant 75% decrease compared
to May, 2018. In addition,
the number of Notice to Foreclose
Mortgage recordings, the first step
in the foreclosure process, was 41,
a 38% decrease year over year.
Register O’Donnell noted
that the Norfolk County Registry
of Deeds continues to partner
with non-profit agencies Quincy
Community Action Programs,
617-479-8181 x376 and NeighborWorks
Housing Solutions, a
new entity recently created by the
merger of NeighborWorks Southern
Massachusetts and Housing
Solutions for Southeastern Massachusetts.
For assistance, you can
call NeighborWorks Housing Solutions
at 508-587-0950.
Both NeighborWorks Housing
Solutions and Quincy Community
Action Programs are staffed
with professionals that can help
someone who has received a Notice
to Foreclose Mortgage document.
Another option is to contact
the Massachusetts Attorney General’s
Consumer Advocacy and
Response Division (CARD) at
617-727-8400.
“The increase in May’s sales
and lending activity, coupled with
a larger pool of available housing,
gives me guarded optimism to believe
that the Norfolk County real
estate market is heading for a good
summer run,” Register O’Donnell
concluded. “Another factor that
should help is the continued stabilizing
of interest rates by the Fed
which we’ve seen during the last
quarter.”
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