Foreclosure drop in Coos County, but not for long


October 20, 2011
LANCASTER- Foreclosures in Coos County have dropped 17 percent from the previous year. From Jan. 1 to Oct. 13, there were 78 property foreclosures and during that same period in 2010, there were 94.

The Coos County Register of Deeds also reported that her revenue from filing of deeds and other property related documents is $30,000 above her 2011 budget projections. "We've done very well as far as revenue," she said.

All this should point to an improving real estate market and economy, but Steve Grome, the region's top foreclosure real estate broker, said he's heard there will be a boom of foreclosures. Many foreclosures have been stalled because banks have been required to give borrowers more time and there has been a moratorium on foreclosures. All this is coming to an end.

"More (foreclosures) are coming," he said, "more than ever before."

Every town in Coos County has seen a decrease in foreclosure activity, except Carroll (Twin Mountain) which had an increase from 1 in 2010 to 6 this year. Berlin led the county with the most foreclosures around 39 percent, while Lancaster and Whitefield shared second place. In the town of Errol not a single property was foreclosed on in 2010 or so far in 2011.

The state seems to be in better shape than the rest of country and Coos County appears to have less foreclosure activity than other counties. Hillsborough and Strafford County lead the state.

One in every 254 New Hampshire housing units received a foreclosure filing during the third quarter (July-September), the 26th highest state foreclosure rate in the nation, reports RealtyTrac® U.S. Foreclosure Market Report.

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