Vol.42, No.13
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W E E K O F M O N D A Y, M A R C H 3 0 , 2 0 2 0
THE REGISTRY REVIEW NEW HAMPSHIRE’S STATEWIDE REAL ESTATE & FINANCIAL NEWSPAPER A Publication of The Warren Group
WEEKLY SALES OF NOTE
MORTGAGE LENDING
Nashua
22 CHARRON AVE. . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,050,000 B: Rhino 22 Charron Investor S: Atasante LLC Mtg: Webster FiveCent Svgs $3,045,000 Use: Commercial Warehouse, Lot: 177289sf
Lincoln
SOUTH PEAKS RD L:45. . . . . . . . . . . . . . . . . . . . . . . . $3,000,000 B: FC Loon LLC S: CRVI South Peak Trs Inc
Moultonboro
75 WINDEMERE RD. . . . . . . . . . . . . . . . . . . . . . . . . . . $2,750,000 B: John Kittredge & Kathryn Kittredge S: John J Mccarthy Tr, Tr for John J Mccarthy RET
Bow
161 RIVER RD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,500,000 B: 164C Dunklee LLC S: Young Furniture Mfg Inc Use: Manufacturing Building, Lot: 395960sf 814 ROUTE 3A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,400,000 B: Bow Real Estate Holdings S: NHDP LLC Mtg: Primary Bank $1,210,000 Use: Manufacturing Building, Lot: 184259sf
Amherst
6 COLUMBIA DR U:2. . . . . . . . . . . . . . . . . . . . . . . . . . $1,213,000 B: LASQ LLC S: ColumbiaUS LLC Mtg: TD Bank NA $622,500 Use: Industrial Condominum
Wolfeboro
CANOPACHE RD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,100,000 B: Joshua A Siegel Tr, Tr for Joshua A Siegel 2003 RET S: William H Swaffield Tr, Tr for Nancy W Swaffield 1991 T
Rye
2000 OCEAN BLVD U:3. . . . . . . . . . . . . . . . . . . . . . . . $1,065,000 B: Glenn N Gidley Tr, Tr for M Home T S: Barbara M Guay Tr, Tr for Barbara M Guay 2015 RET Mtg: Northmark Bank $852,000 Use: 3 Bdrm Condo
Hampton
138 ASHWORTH AVE. . . . . . . . . . . . . . . . . . . . . . . . . . B: 94 Ashworth Ave LLC S: Four Brothers Plus One Inc Mtg: Meredith Vlg Svgs Bk $2,018,750 Use: Commercial Devlpble Land, Lot: 4356sf 136 ASHWORTH AVE. . . . . . . . . . . . . . . . . . . . . . . . . . B: 94 Ashworth Ave LLC S: Four Brothers Plus One Inc Mtg: Meredith Vlg Svgs Bk $2,018,750 Use: Commercial Devlpble Land, Lot: 4356sf 96 ASHWORTH AVE. . . . . . . . . . . . . . . . . . . . . . . . . . . B: 94 Ashworth Ave LLC S: Four Brothers Plus One Inc Mtg: Meredith Vlg Svgs Bk $2,018,750 Use: Motel, Lot: 15246sf 94 ASHWORTH AVE. . . . . . . . . . . . . . . . . . . . . . . . . . . B: 94 Ashworth Ave LLC S: Eric Royal Tr, Tr for NFR RET Mtg: Meredith Vlg Svgs Bk $2,018,750 Use: Motel, Lot: 14810sf
$1,007,533
$1,007,533
Amid Coronavirus, Interest Offers Bright Spot BY BRAM BERKOWITZ SPECIAL TO THE REGISTRY REVIEW
T
he economic impact of coronavirus is expected to hit bank profitability hard, as customers struggle to make loan payments and growth projections slow with a large chunk of the world hunkering down to prevent the spread of the virus. But the one bright spot banks are seeing in all of this is an uptick in refinancing activity. When the Federal Reserve dropped interest rates from close to 2 percent at the beginning of March almost down to zero, homeowners rushed to refinance and lock in at a lower interest rate on their home mortgages. Although taking a lower interest rate means lower monthly loan payments for the banks, refinancings also come with fee income through application fees and closing costs.
Capacity Issue Created Banks in New Hampshire say they are seeing a huge surge in refinancing activity, with some even looking to bring on additional staff to handle all of the new applications. “The amount of refis that flooded in initially created a capacity issue within the industry, not only from internal processing at the bank level, but also in Northern New England with the limited amount of appraisers,” said Mike Urnezis, senior vice president at the Norwich, Vermont-based Ledyard Bank, which has most of its offices in New Hampshire. “Getting a title is a concern as well.
The COVID-19 crisis is threatening to hit bank profitability, but a flood of residential refinancings are poised to help them bump up their numbers.
Some town offices are closed, which makes it difficult to get the title and legal work done.” It all started at the beginning of March when the Fed dropped rates by a whole half point to combat early signs of an economic slowdown. Although mortgage rates are not directly tied to the Federal Reserve’s short-term borrowing rate, the Fed’s benchmark rate does impact the 10-year Treasury rate, which in turn directly impacts mortgage rates. The half-point drop pushed the 10-year Treasury bill briefly down to an all-time low of around 45 basis points. At that point, Urnezis said mortgage rates on the 30-year fixed product at Ledyard fell to 2.87 percent briefly. Carol Bickford, the senior vice president
$1,007,533
New Hampshire Market Statistics
$1,007,466
Number of Condo Sales
of mortgage lending at New Hampshire Mutual Bancorp, which is the holding company of Meredith Village Savings Bank, Merrimack County Savings Bank and Savings Bank of Walpole, said the company experienced a similar rate drop. She said the 30-year fixed product dropped briefly to 2.75 percent. Shortly after this drop, however, the Fed began intervening with its other monetary tools and the government began taking other measures to combat the slowdown, which pushed the 10-year Treasury bill up and mortgage rates as well. Still, Bickford said the bank experienced a 329 percent increase in refinancing activity between the first week of February and the first week of March.
600
REAL ESTATE RECORDS TRANSACTIONS THRU
3 Belknap �������������������������� 03/17/20 3 Carroll ���������������������������� 03/17/20 4 Cheshire ������������������������ 03/17/20 4 Coos �������������������������������� 03/17/20 5 Grafton ���������������������������� 03/17/20 5 Hillsborough ������������������ 03/17/20 7 Merrimack ���������������������� 03/17/20 7 Rockingham ������������������ 03/17/20 9 Strafford ������������������������ 03/17/20 9 Sullivan �������������������������� 03/17/20 9 Bankruptcies 10 Lien & Attachments 10 Foreclosure, Mortgagee & Other Lien Auctions 10 Requests for Bids & Proposals
500 400 300 300 200 200
Feb. Mar. Mar. Apr. Apr. May May June June July July Aug. Aug. Sept. Sept. Oct. Oct. Nov. Nov. Dec. Dec. Jan Jan. Feb. Feb. Feb. ’19
’20
Number 300 of Sales 300 250 250 200 200
150 150 100 100
Feb. Feb. ’14
Feb. Feb. ’15
Feb. Feb. ‘16
Feb. Feb. ’17
Feb. Feb. ’18
Feb. Feb. ’19
Continued on Page 12
TO OUR CUSTOMERS
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700 700
INDEX PG COUNTY
Refi Activity Surges After Fed Drops Rates
Year
Number of Sales
Change Prior Year
Feb. 2015 Feb. 2016 Feb. 2017 Feb. 2018 Feb. 2019 Feb. 2020
177 260 268 287 269 257
-21.33% 46.89% 3.08% 7.09% -6.27% -4.46%
q Statistics based on condominium sales over $1,000 q Source: The Warren Group
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he Warren Group is making every reasonable effort to collect real estate data during these unprecedented times. As more registries restrict access and courts close down, we anticipate further collection issues and as a result you will see fewer sales, notices and liens in The Registry Review. We will publish this information as it is available. We apologize for any inconvenience this crisis may cause, and we thank you for your understanding and continued support of our newspapers. Please call or email customer service at 617-896-5388 or customerservice@thewarrengroup.com if you have any questions. All collection issues are also available on our website, www.thewarrengroup.com/ data-collection-issues. Sincerely, Cassidy Norton, Associate Publisher The Warren Group