Foreclosure deeds rose in June in New Hampshire, but analysts say that was likely a one-time rise rather than the beginning of a trend.
There were 181 foreclosures in New Hampshire in June, according to figures from the New Hampshire Housing Finance Authority. That’s the highest monthly total this year, and it comes as overall foreclosure activity in the state has been declining to levels not seen since the start of the Great Recession.
What’s behind the jump? Bill Ray of the NHHFA says we don’t know for sure, but analysts say the prime suspect is the improving housing market.
“Because of the increase in the market activity,” Ray says, “lenders that have properties that are behind are pursuing more foreclosures, and possibly just cleaning out their inventory of properties that they need to move out of foreclosure.”
Ray says the June figure is likely an anomaly, though. Other figures that would indicate a long-term rise in foreclosure aren't going back up, such as the number of foreclosure auction notices. “[They] were down and they continue to be down,” Ray says. “That does not support a long-term trend of increased foreclosures.”
Ray and total foreclosure deeds for the first six months of this year are down by a third compared to those in the first half of 2014.
