The Registry Review: Dec. 4, 2023 by The Warren Group

Vol.45, No.49

www.thewarrengroup.com

W E E K O F M O N D A Y, D E C E M B E R 4 , 2 0 2 3

THE REGISTRY REVIEW NEW HAMPSHIRE’S STATEWIDE REAL ESTATE & FINANCIAL NEWSPAPER A Publication of The Warren Group

TO OUR READERS

COMMISSION CONCERNS

Are Buyers Agents an Endangered Real Estate Species?

Due to complications arising from the Thanksgiving

Some Take ‘Wait-and-See’ Approach to Commission Lawsuits’ Fallout

Holiday, there are no sales

BY JAY FITZGERALD

included in this week’s issue

REGISTRY REVIEW STAFF

This issue contains only Chapter 7 and Chapter 13 bankruptcy notices, foreclosure auction notices and requests for bids and proposals from state and local public agencies. We apologize for any inconvenience this causes. The sales that would have ordinarily been published

Realtor Leader Urges Calm

this week will be included

NAR has vowed to appeal the court decision, which only covers Missouri but is expected to set the pattern for a host of other national and state-level lawsuits challenging the same compensation structure. In a recent online interview hosted by New Hampshire Association of Realtors president

in next week’s issue of The Registry Review.

Many local Realtors don’t subscribe to doomsday predictions about the future of buyer agency, but most predict the current commission structure is headed for the exit.

Ben Cushing, NHAR’s legal counsel, Matt Johnson, said future legal challenges to the ruling could take three to five years to resolve, so no immediate action is needed to formally change how real estate transactions are conducted across the state. “This is the very beginning of this dispute,” Johnson said in the NHAR video. “The good news is that the agents and brokers of New Hampshire do not have to do things differently.” In a statement to the Registry Review, Cushing expressed confidence that the current deal-making process in New Hampshire, if followed closely, is proper and fair when it

comes to commissions. The standard forms NHAR offers its members “are designed to be transparent” to buyers and sellers he said, and the commission negotiation process creates room for competition. “It’s important to understand that there is no ‘standard’ commission rate, that each transaction is independent and negotiable,” he said. “Buyers and sellers are counseled to understand the commission statements, and both have to sign off before the transaction moves forward. If the terms aren’t acceptable, they are welcome to negotiate. There are various models, including entry-only, discount,

NEW HAMPSHIRE MARKET STATISTICS

Sincerely, Cassidy Norton Associate Publisher

Number of Mortgages for Single-Family Homes 3,500 3500

3500

INDEX

Refinance

2500

Purchase

2000

2,500 2500

1500 1000 500

2,000 2000

REAL ESTATE RECORDS

Both

3000

3,000 3000

iStock illustration

ew Hampshire real estate industry leaders are nervously hoping that a recent federal court ruling won’t lead to a major overhaul of how buyer agents are compensated in coming years. The entire industry was shaken this fall when a federal jury in Missouri ruled that the National Association of Realtors and several large brokerages had conspired to inflate the commissions paid to real estate agents. The anti-trust ruling took direct aim at the industry’s so-called “cooperative compensation rule,” which calls for home sellers to pay for the commissions of buyer agents, as well as commissions for their own listing agents. Critics of the cooperative-compensation system claim it has effectively led to collusion among agents and excessive fees. NAR and brokerages were ordered to pay damages of nearly $1.8 billion – a figure that could rise to more than $5 billion if treble damages are awarded.

of The Registry Review.

Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept Oct.

1,500 1500

COUNTY

1,000 1000

3 Bankruptcies

Continued on Page 6

Want to see your news Both featured in a Refinance future issue of Purchase The Registry Review?

500 500

- Lien & Attachments

00 Oct.

Nov. Dec. Dec. Jan. Jan. Feb. Feb. Mar. Mar. Apr. Apr. May May June June July July Aug. Aug. Sept Sept. Oct. Oct. Oct. Nov.

3 Foreclosure, Mortgagee & Other Lien Auctions

’22

3 Requests for Bids & Proposals 7000 6000 5000 4000 3000 2000 1000 0

Sept.

7000 7,000 6000 6,000 5000 5,000 4000 4,000 3000 3,000 2000 2,000 1000 1,000 00 Sept.

’23

Both

BothMonth

Purchase

Refinance

Both

Oct. 2019

Refinance

1,414

3,186

4,600

Oct. 2020

1,462

4,995

6,457

Oct. 2021

1,104

3,895

4,999

Oct. 2022

959

1,609

2,568

Oct. 2023

705

1,472

2,177

Refinance Purchase

Purchase

Sept.

Sept. Oct.

’19

’20

Sept. Oct. ’21

Sept. Oct.

’22

’23

❑ Statistics based on single-family home sales ❑ Source: The Warren Group ©2023 The Warren Group Inc. All rights reserved. No part of this publication may be reproduced without the written consent of the publisher.

Send submissions for consideration to

editorial@thewarrengroup.com.

R E G I S T RY R E V I E W

DECEMBER 4, 2023

BY THE NUMBERS

County Close-Up Rockingham

SPOTLIGHT Northwood

YEAR INCORPORATED 1773

Northwood is 558 feet above sea level.

TOTAL AREA 30.2 square miles POPULATION 4,641 DENSITY 165 people per square mile TAX RATE $12.58 TOTAL NUMBER OF HOUSING UNITS 2,244

STATISTICAL SNAPSHOT MEDIAN SALES PRICE

“When I first began the practice of law, I was taken as a huge joke, and I could have sat in my office to this day and would not have had a case. But I didn’t sit in the office; I went out and got my business to start with, and soon business came to me in abundance.”

Community Atkinson

$624,900

8.68%

-30.19%

Auburn

$550,000

11.11%

-20.75%

Brentwood

$720,000

23.08%

-81.40%

Candia

$425,000

-15.00%

-57.14%

Chester

$597,500

16.93%

-28.89%

Danville

$481,000

1.26%

-27.27%

Deerfield

$518,767

1.97%

-41.94%

Derry

$487,500

7.14%

170

-25.76%

East Kingston

$600,000

-4.76%

18.18%

$600,000 600000

Epping

$525,000

16.15%

-6.00%

$550,000 550000

Exeter

$600,000

8.11%

-30.39%

$500,000 500000

Fremont

$534,800

28.11%

-32.35%

$450,000 450000

Greenland

$915,000

22.72%

-40.63%

$400,000 400000

Hampstead

$575,000

5.02%

-28.75%

$350,000 350000

Hampton

$642,500

5.33%

-36.75%

Hampton Falls

$865,000

13.82%

-5.00%

Kensington

$710,000

19.73%

0.00%

Kingston

$515,000

9.57%

-22.58%

Londonderry

$570,000

4.97%

165

-16.24%

New Castle

$2,525,000

46.59%

50.00%

Newfields

$625,000

5.49%

-43.75%

Newington

$1,225,000

37.64%

0.00%

Newmarket

$525,000

2.19%

-28.26%

Newton

$534,500

8.86%

-25.00%

North Hampton

$675,000

-30.77%

-10.26%

Northwood

$465,000

30.99%

-16.67%

Nottingham

$499,000

-0.20%

-30.19%

Plaistow

$571,267

14.48%

-43.28%

Portsmouth

$680,000

0.74%

-29.84%

Raymond

$450,000

13.92%

-25.56%

Rye

$1,275,000

0.00%

-18.75%

Salem

$510,000

-9.73%

177

-27.76%

Sandown

$567,500

16.05%

-40.35%

Seabrook

$668,000

37.73%

-14.63%

N/A

$762,500

4.45%

-10.20%

South Hampton Stratham

Change from 2022

SALES VOLUME

Jan.-Oct. 2023

Jan.-Oct. Change from 2023 2022

Windham

$732,500

-2.46%

114

-29.63%

Rockingham County

$570,000

5.56%

1,758

-27.45%

• Statistics based on single-family home sales of $1,000 and above, excluding condominiums and foreclosure deeds • Source: The Warren Group

— Northwood native and successful lawyer Ella Knowles Haskell about forcing her way into the legal profession in Montana in 1889 as the first woman to practice law there.

MEDIAN SALES PRICES

$300,000 300000 $250,000 250000 $200,000 200000

2010 ’14

2011 ’15

2012 ’16

2013 ’17

2014 ’18

2015 ’19

2016 ’20

2017 ’21

• All sales through October YTD

2018 ’22

2019 ’23

Rockingham New Hampshire

• Graph based on single-family home sales of $1,000 and above, excluding condominiums and foreclosure deeds • Source: The Warren Group

SALE VOLUME

TOP 3 MORTGAGE LENDERS Rank

4,000 4000

3500 3,500

3,000 3000 2,500 2500

Lender

% of Market Share

Northeast Credit Union

6.89%

Rocket Mortgage

6.56%

CMG Mortgage Inc.

5.25%

Rankings and Mortgage Market Share stats include purchase and refinance mortgages for all residential property in October 2023 Market share percentage based on number of mortgages • Source: The Warren Group

2,000 2000

TOP 3 LOAN ORIGINATORS

1,500 1500 1,000 1000 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Rank

Lender

Organization

• All sales through October YTD

Pepper McGlone

Northeast Credit Union

• Graph based on single-family home sales of $1,000 and above, excluding condominiums and foreclosure deeds

Andrew J. Lane

CMG Mortgage Inc.

• Source: The Warren Group

John P. Kelleher Jr.

Priority Funding LLC

Ranked by number of loans in October 2023 • Source: The Warren Group

TOP 10 EXISTING HOME SALES

Rank

Street Address Community

Buyer Seller

Date Price

Street Address Community

Buyer Seller

Date Price

35 Dumas Avenue Hampton

David Abood Kmm T

10/31/2023 $4,500,000

260 Ashland St. Seabrook

Mcnabb Ft Douglas F. Dooley

9/6/2023 $2,643,400

27 Locke Road New Castle

27 Locke Road LLC Steven M. Gardner RET

9/13/2023 $4,000,000

4 Groveland St. Seabrook

Robert B. Singer RET Richard A. Nardella

10/20/2023 $2,475,000

15 Fairway Drive Rye

Lisa M. Mooney Stephen B. Clarkson RET

9/25/2023 $3,900,000

30 Walden St. Portsmouth

Christopher Avery Gail H. Sanders RET

8/11/2023 $2,400,000

164 Portsmouth Avenue New Castle

685 State Street LLC Brown FT

9/1/2023 $2,950,000

23 Maple Road North Hampton

Steven C. Sidel Tracy M. Smith

9/20/2023 $2,350,000

1080 Ocean Boulevard Hampton

Lord FT CKS RT

8/21/2023 $2,922,533

595 Washington Road Rye

Joshua A. Stein Charles C. Lingamfelter

8/18/2023 $2,255,000

Rank

• Statistics from Aug. 2023 - Oct. 2023 • New Construction Excluded • Source: The Warren Group ©2023 The Warren Group Inc. All rights reserved. No part of this publication may be reproduced without the written consent of the publisher.

Chapter 7 Bankruptcies *Filed: Office of the Clerk, US Bankruptcy Court District of New Hampshire

These are Chapter 7 Liquidations in which a debtor turns over all property owned to be converted into money which is used to pay administration costs and creditors to the extent possible. Honest debtors receive a discharge relieving them from legal liability for the payment of provable debts listed in the petition with some specific exemptions, most notably taxes and support payments. The name and mailing address of the person or entity filing the petition is followed by the filing date (D) and the Case # (Case#).

HILLSBOROUGH COUNTY

Manchester BOULANGER, Richard J, 556 Chestnut St U:6, Manchester, 03104-6000 D:11/22/23 Case#: 23-10638-BA

Foreclosure, Mortgagee & Other Lien Auctions The schedule of recently published notices of mortgagee foreclosure sales is to be used only as a reference and index to the actual public notices. The Warren Group does not independently verify the listed information and disclaims all responsibility for the accuracy and completeness of this information. Readers are advised that foreclosure notices may contain errors with respect to any aspect of the property or the auction being noticed. TWG might not report subsequent corrections, if any. Listing of summary information for a notice is not intended to represent that a default has occurred. Any actual default which may have occurred may have been, or may be, cured at any time. The reader should contact the person or firm specified in the actual notice for any purpose (including, but not limited to, verification, current status, cancellation or postponement of the sale). Auctions may be cancelled or postponed at any time up to and including at the auction itself.

Weare CARROLL COUNTY

THERRIEN, Marcel J, 213 Concord Stage Rd, Weare, 03281-4621 D:11/20/23 Case#: 23-10635-BA

Wakefield 01/17/24 11:00 AM 435 Pick Pocket Rd

MERRIMACK COUNTY

Owner:Jason Kimball Lender:NEW HAMPSHIRE HSNG FI Deposit:$5,000

Allenstown

Doc#:* D:11/08/21

LANGLOIS, Terri, 43 Main St, Allenstown, 03275-

Atty:Craig Deachman & Associat 603-665-9111

Source:Manchester Union Leader (11/17/23)

2125 D:11/22/23 Case#: 23-10639-BA

Bow

CHESHIRE COUNTY

Nashua 12/19/23 04:00 PM 27 Brook St Owner:Tara A Masson Lender:Reliance First Capital LL Deposit:$5,000 Doc#:* D:09/16/19 Source:Manchester Union Leader (11/21/23) Atty:Korde & Assoc Pc 978-256-1500 01/17/24 03:00 PM 10 Trinity Dr Owner:Barbara J Rockwell & Steven Dungan Lender:AJAX MTG LOAN TRUST Deposit:$5,000 Doc#:* D:09/05/06 Source:Manchester Union Leader (11/20/23) Atty:Harmon Law Offices Pc 603-669-7963

4013 D:11/22/23 Case#: 23-10637-BA

12/19/23 10:00 AM 25 Styles Rd Owner:Richard D Bourgeois Jr & Christine M Bourgeois Lender:Citibank Na Deposit:$5,000 Doc#:* D:09/22/03 Source:Manchester Union Leader (11/21/23) Atty:Korde & Assoc Pc 978-256-1500

MERRIMACK COUNTY

Pembroke 01/03/24 03:00 PM 310 Beacon Hill Rd Owner:Andrea B Smith & Todd A Smith Lender:MEB LOAN TRUST IV Deposit:$5,000 Doc#:* D:08/20/05 Source:Manchester Union Leader (11/21/23) Atty:Harmon Law Offices Pc 603-669-7963

ROCKINGHAM COUNTY

Londonderry 01/04/24 10:00 AM 144 Old Derry Rd Owner:Elaine Pare & Gene Pere Lender:Bellwether Community Cred Deposit:$5,000 Doc#:* D:03/31/05 Source:Manchester Union Leader (11/20/23) Atty:Boutin Lowman Pllc 603-432-9566

Newmarket 12/21/23 02:00 PM 29 Seacliff Bay Rd Owner:David B Moskoff & Dafne Fotiades Lender:Wells Fargo Bank NA Deposit:$5,000 Doc#:* D:12/15/06 Source:Manchester Union Leader (11/22/23) Atty:Korde & Assoc Pc 978-256-1500

Windham 01/05/24 01:00 PM 7 Oakwood St Owner:Richard C Kostandin & Donna J Kostandin Lender:Federal Home Loan Mortgag Deposit:$5,000 Doc#:* D:12/05/17 Source:Manchester Union Leader (11/20/23) Atty:Harmon Law Offices Pc 603-669-7963

Lender:Nationstar Mortgage Deposit:$10,000 Doc#:* D:07/23/18

ROCKINGHAM COUNTY

Source:Manchester Union Leader (11/22/23) Atty:Marinosci Law Group Pc 401-234-9200

Exeter

Swanzey

BURT, Benjamin H, 10 Deep Mdws, Exeter, 038334101 D:11/22/23 Case#: 23-10640-BA

01/08/24 01:00 PM 3 Cobble Hill Rd Owner:Jacob Klein & Bryn L Klein Lender:Newrez LLC Deposit:$5,000

Hampton

Doc#:* D:02/19/21

ESTABROOK, Jennifer R & SSN / ITIN:†xxx-

Atty:Harmon Law Offices Pc 603-669-7963

Source:Manchester Union Leader (11/17/23)

xx-3187, 150 Ashworth Ave, Hampton, 038423430 D:11/24/23 Case#: 23-10642 JR, James Curley, 23 Acadia Ave, Hampton, 03842 D:11/17/23 Case#: 23-10634-BA

COOS COUNTY 01/02/24 01:00 PM 24 Pine St Owner:Ashley N Newhall Lender:Nationstar Mortgage Deposit:$5,000

Londonderry III, Charles Marich, 3 Macgregor Ct U:101,

Atty:Harmon Law Offices Pc 603-669-7963

Source:Manchester Union Leader (11/21/23)

HILLSBOROUGH COUNTY

Goffstown

Chapter 13 Bankruptcies *Filed: Office of the Clerk, US Bankruptcy Court District of New Hampshire

These allow for an adjustment of debt. An individual with a regular income proposes a plan to pay off debts from future earnings over

12/21/23 04:00 PM 1 Hackney Ct U:B Owner:Julia M Vega-Ortiz & Ariel Brea Lender:Lakeview Loan Servicing L Deposit:$5,000 Doc#:* D:03/13/20 Source:Manchester Union Leader (11/22/23)

Hudson 12/12/23 01:00 PM 10 Pinewood Rd Owner:Patricia B Creedon Lender:Wilmington Savings Fund S Deposit:$5,000 Doc#:* D:09/16/04 Source:Manchester Union Leader (11/21/23) Atty:Korde & Assoc Pc 978-256-1500

Manchester

Usually these payments are in full satisfaction

12/11/23 11:00 AM 700 S Porter St U:6

of the debt, but may be a percentage of them.

Lender:US Bank NA Deposit:$5,000

Upon completion, the debtor receives a dis-

Source:Manchester Union Leader (11/20/23)

child support and alimony, if applicable. The name and mailing address of the person or entity filing the petition is followed by the filing date (D) and the case number (Case#).

Owner:Munir A Bhutto Doc#:* D:09/02/22 Atty:Orlans Pc 781-790-7800

GRIFFITHS Jr, Andrew S, 75 Main St, Plymouth, 03264-1548 D:11/21/23 Case#: 23-10636-BA

01/12/24 02:00 PM 60 Betts Rd Owner:Robert P Stoodley 3rd Lender:Freedom Mortgage Corp Deposit:$5,000 Doc#:* D:05/20/16 Source:Manchester Union Leader (11/20/23) Atty:Harmon Law Offices Pc 603-669-7963

SULLIVAN COUNTY

Claremont 12/13/23 01:00 PM 7 Bellevue Ave Owner:Tommy J Rozzell Lender:RMTP TRUST Deposit:$5,000 Doc#:* D:10/19/17 Source:Manchester Union Leader (11/22/23) Atty:Orlans Pc 781-790-7800

Newport 01/03/24 01:30 PM 165 Maple St Owner:Mindy M Jurgen Lender:NEW HAMPSHIRE HSNG FI Deposit:$5,000 Doc#:* D:12/29/20 Source:Manchester Union Leader (11/17/23) Atty:Craig Deachman & Associat 603-665-9111

Requests for Bids & Proposals Requests for bids and proposals now being circulated by state and local New Hampshire and other public agencies. Requests may include requirements for pre-qualification, mandatory meetings or other pre-bid deadlines. Public agencies have limited resources, please use discretion in seeking additional information about these RFBs & RFPs.

Owner:Abbie Herrick Lender:CitiMortgage Inc Deposit:$10,000

12/04/2023 04:00:00 PM ..............Services RFP

Doc#:* D:03/24/05

Nature of Request: The Town of Rye invites sealed proposals from qualified firms to perform mosquito control services for the year 2024

Source:Manchester Union Leader (11/21/23) Atty:Cunningham Mechanic Cetli 781-237-7030 01/16/24 11:00 AM 47 S Hall St Owner:Timothy G Schaffer & Tania S Herson Lender:NEW HAMPSHIRE HSNG FI Deposit:$5,000 Doc#:* D:01/15/21 Atty:Craig Deachman & Associat 603-665-9111

Plymouth

Rochester

01/05/24 12:00 PM 954 Goffstown Rd

Source:Manchester Union Leader (11/17/23)

GRAFTON COUNTY

01/05/24 02:00 PM 131 Long Shores Dr Owner:Richard J Lagorio Lender:Deutsche Bank Deposit:$5,000 Doc#:* D:03/16/06 Source:Manchester Union Leader (11/21/23) Atty:Harmon Law Offices Pc 603-669-7963

Atty:Korde & Assoc Pc 978-256-1500

a period of time between three to five years.

charge of all debts covered by the plan except

Barrington

Gorham

Doc#:* D:10/16/20

Londonderry, 03053 D:11/22/23 Case#: 23-10641

STRAFFORD COUNTY

12/13/23 10:00 AM 48 Daria Dr Owner:Kenneth S Bailey

01/17/24 11:00 AM 47 Hamburg St Owner:William J Cochran & Stella Cochran Lender:Bank of New York Mellon Deposit:$5,000

How to Read The Real Estate Records The information appearing in this newspaper is taken from deed and mortgage documents filed at each of the ten registries of deeds in the state. All property transfers with a sales price of at least $100 and all term-mortgage documents are collected. Whenever possible, we combine the separate deed and mortgage documents so that we can present one complete record of the street address, purchase price, lender and mortgage amount. When we cannot link a deed with a mortgage (and vice versa) each transaction appears individually. Real estate records are organized alphabetically by registry, then town, then by street name.

New Boston

Rindge

BOURQUE, Brian J, 20 Morgan Dr, Bow, 03304-

R E G I S T RY R E V I E W

DECEMBER 4, 2023

Requesting Agency: RYE, TOWN OF - SELECTMENS OFC, ,603-964-5523, 10 CENTRAL RD,RYE NH Next Action Required: N/A Source: 11/19/2023 12/11/2023 02:00:00 PM ..............Services RFP Nature of Request: The Pease Development Authority (the ìPDAî) is seeking qualified vendors for the purchase and delivery of FAA Approved Runway Sand

Doc#:* D:11/21/03

Requesting Agency: Pease Development Authority, ,603433-6088, 55 International Dr,Portsmouth NH 3801

Source:Manchester Union Leader (11/21/23)

Next Action Required: N/A

Atty:Harmon Law Offices Pc 603-669-7963

Source: 11/20/2023

The amount appearing on the same line as the street address is the purchase price from the deed. We print “No Amt Given” when the amount did not appear on the document we review. “No Street Given” appears in place of the street address when it was not available. The volume, page of the deed and filing date appear for all sales. The mortgage lender and the amount of the mortgage used to purchase the property are shown. Any second mortgage (Mtg2) filed at the same time as the deed will also appear here.

▶ REAL ESTATE SALES 315 MAIN ST U:15.. . . . . . . . . . . . . . . . . . . $98,000 Pleasant Towers Condo B:John Doe & Mary Smith S:Jane Jones & Thomas Jones Mtg:Main Street Bank $70,000 Mtg2:Seller $8,400 Prior Sale:$93,000 (11/90)

• The first two buyer (B) names and seller (S) names listed on the deed are shown. • Prior sale data appears only when the address of the new sale matches exactly with the address of the older sale in our database.

In communities where we have a file of all properties from the assessor’s office, we provide additional property details when available. This is done by exactly matching the address and seller name from the new sales record with the address and owner name found in the property file. No descriptive data appears whenever there is any doubt that the two records are the same property. The “Use” is based on the code the assessor assigns to each building on a parcel. Whenever there is more than one use code or more than one building on a parcel, we flag these as “Multi-use” and “Multi-bldg” respectively. These deeds transfer title to the lender after the mortgage is foreclosed (unless there is a higher bidder at the auction.) The amount in these transactions is usually the amount of the outstanding mortgage that was foreclosed.

▶ REAL ESTATE SALES 32 ELM ST. . . . . . . . . . . . . . . . . . . . . . . . . $175,000 B:John Doe & Mary Smith S:Jane Jones & Thomas Jones Mtg:Main Street Mtg Co $140,000 Use:3 Bdrm Colonial, Lot:6459sf Prior Sale:$170,000 (9/89)

• “Use” distinguishes residential homes from land sales and commercial sales. • For residential homes, the number of bedrooms and house style appear when available. • The lot size (Lot) is shown in square feet.

▶ FORECLOSURE DEEDS 43 MAIN ST . . . . . . . . . . . . . . . . . . . . . . . . $142,200 B:Main St Bank S:John Smith & Main St Bank Prior Sale:$190,000 (11/85)

• The prior sale shows the original price paid for the property.

Please note: The information contained in this newspaper is taken from public records. While every precaution is taken, no responsibility is assumed for errors or omissions. Readers should confirm any information before taking action.

KEY TO LABELS

B = Buyer S = Seller Mtg = Mortgage lender and amount Mtg2 = Second Mortgage Use = Building use Bdrm = bedrooms Lot = lot size in square feet YTD = year-to-date

KEY TO ABBREVIATIONS

LP = Limited Partnership Tr = Trustee T = Trust IRT = Irrevocable Trust ReT = Revocable Trust RT = Realty Trust FT = Family Trust NT = Nominee Trust Est = Estate Ex = Executor

Notice To Readers

The information published in The Registry Review is taken from public and other records. The Warren Group takes reasonable steps to provide an accurate publication, however, The Warren Group has not investigated the accuracy of the source records and does not guarantee the accuracy of those records or any part of the transcription and publishing process. The Warren Group cautions you that public records may not reflect actual circumstances, and that the meaning of public records may be obscure. In addition, the conditions existing when a public record is filed may change with the passage of time. By accepting and using The Registry Review, you agree to use this publication for information only and only as a reference to the public records. You further agree to independently verify any published information which affects you before taking any action, forming opinions or otherwise relying on the published information in any way. Publication of any category or item of information is dependent upon that information continuing to be reasonably available in the public records. The Warren Group assumes no responsibility for changes in public policy which may affect the availability of public information. The Warren Group assumes no financial responsibility for typographical errors.

The Registry Review

ISSN 1067-0521

Published by: The Warren Group, 2 Corporation Way, Suite 250, Peabody, MA 01960 Publisher: Timothy M. Warren, Jr. President & CEO: David B. Lovins Associate Publisher: Cassidy Norton The Registry Review is published every Monday for $229.00 per year. Periodicals Postage paid in Boston, MA USPS #536710 and additional mail offices. POSTMASTER: Send address changes to The Registry Review, 2 Corporation Way, Suite 250, Peabody, MA 01960. © Copyright 2023 The Warren Group. All Rights Reserved. Without limiting The Warren Group’s (TWG) rights under applicable copyright law, by accepting and using a copy of The Registry Review the recipient agrees as follows: Each copy of The Registry Review and the information contained in that copy are for the sole use of the recipient in the form presented and may not be copied or reproduced in any manner. The information contained in The Registry Review may not be entered by any means into any form of electronic, digital, optical, or other media for storage or processing (“any means” includes, without limitation, transcription, photocopying, facsimile, or scanning). None of the information contained in or originating from The Registry Review may be sold, transferred, or provided to a third party (including, without limitation, an affiliate of the recipient); however, this provision shall not prevent a recipient from giving that recipient’s copy of an issue of The Registry Review to a third party, so long as the recipient does not retain a copy of all or any portion of that issue of The Registry Review or the information contained in that issue. Waiver or modification of any of these conditions may only be obtained by written permission of TWG. TWG offers a wide variety of alternative services and licensing options for its data. Contact TWG for further information. Customer Service: 617-896-5367 or email subscriptions@thewarrengroup.com.

R E G I S T RY R E V I E W

DECEMBER 4, 2023

INDUSTRY BRIEFS

BY NIKA CATALDO REGISTRY REVIEW STAFF

Federal Reserve Photo

ith benchmark interest rates untouched in November at 5.4 percent – its highest level in 22 years – the head of the Federal Reserve Bank of Boston believes that the rising unemployment figures are not a defining statistic for “full employment,” citing its dual mandate to keep prices low while maintaining maximum employment. “While there often is a tradeoff between inflation and employment in the short run, history has shown that price stability is essential for a well-functioning economy – it is an important precondition for maximum employment that is sustainable over time. So, both aspects of the dual mandate are interrelated and complementary,” Boston Fed President and CEO Susan Collins said in a speech shortly before Thanksgiving.

Federal Reserve Bank of Boston President and CEO Susan Collins

Since March 2022, Fed officials have been trying to bring down inflation to its 2 percent target through a series of aggressive rate hikes. This year, it only raised rates once in May, but the possibility of further rate hikes still hangs, resulting in an uncertain business climate. Prices and unemployment normally have an inverse relationship – when interest rates are raised, usually in an attempt to lower prices, the unemployment rate has historically up. “Full employment has often been defined by referencing an unemployment rate. But no one statistic can adequately characterize the labor market, since aggregate numbers do not show the wide range of experiences across people, sectors and places,” Collins said, according to a transcript of her remarks to an economic conference being held at the Boston Fed. Rather than unemployment numbers, Collins said the Fed needs to focus on the labor force participation rate – the share of the working-age population that’s employed – as one of the considerations in monetary policy, as well as the challenges that prevent people from participating in the workforce such as issues in childcare, housing, and infrastructure. “If participation increases in a tight labor market, labor supply expands, and higher levels of economic activity may not generate additional price pressures requiring tighter monetary policy. And the higher levels of activity and participation can benefit those drawn into the labor market,” the Boston Fed president said. She noted that the challenges to labor force participation are long-run and structural, but said that the Fed needs to know, understand, and factor such barriers to assess the productive capacity of the economy, and to see areas of opportunities for more people.

Photo courtesy of the General Services Administration

Local Fed President Says Low Unemployment Not Signal of ‘Full Employment’

Key Auto Group Owner Buys McIntyre Property

local developer and businessman is paying $9 million to buy what might be reasonably deemed the most controversial piece of commercial real estate in New Hampshire. The Portsmouth Herald reported that Key Auto Group owner Anthony DiLorenzo was the high bidder in the fall auction for the former McIntyre Federal Building. His bid was officially accepted by federal officials last month. Controversy around the building’s redevelopment plans cost two successive Portsmouth mayors and slates of city councilors their seats as the city and a designated private-sector partner – a joint venture of The

Kane Co. and Boston’s Redgate – tried to find a way to redevelop the federally-owned office building in the heart of the city’s downtown. The Redgate-Kane joint venture also sued the city for backing out of the project amid the controversy. The city has countersued. Much of the McIntyre complex is being sold to DiLorenzo, the high bidder in the federal government’s auction for the parcel, subject to a perpetual preservation restriction that will limit redevelopment options. DiLorenzo told the Herald that he will take time to formulate his own redevelopment plan.

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R E G I S T RY R E V I E W

DECEMBER 4, 2023

INDUSTRY BRIEFS

BY CHRISTOPHER RUGABER THE ASSOCIATED PRESS

nflation has reached its lowest point in 2 1/2 years. The unemployment rate has stayed below 4 percent for the longest stretch since the 1960s. And the U.S. economy has repeatedly defied predictions of a coming recession. Yet according to a raft of polls and surveys, most Americans hold a glum view of the economy. The disparity has led to befuddlement, exasperation and curiosity on social media and in opinion columns. The government recently reported that consumer prices didn’t rise at all from September to October, the latest sign that inflation is steadily cooling from the heights of last year. A separate report showed that while Americans slowed their retail purchases in October from the previous month’s brisk pace, they’re still spending enough to drive economic growth. Even so, according to a poll last month by The Associated Press-NORC Center for Public Affairs Research, about three-quarters of respondents described the economy as poor. Two-thirds said their expenses have risen. Only one-quarter said their income has. Many factors lie behind the disconnect, but economists increasingly point to one in particular: The lingering financial and psychological effects of the worst bout of inflation in four decades. Despite the steady cooling of inflation over the past year, many goods and services are still far pricier than they were just three years ago. Inflation – the rate at which costs are increasing – is slowing. But most prices are high and still rising. Lisa Cook, a member of the Federal Reserve’s Board of Governors, captured this dynamic in recent remarks at Duke University. “Most Americans,” Cook said, “are not just looking for disinflation” – a slowdown in price increases. “They’re looking for deflation. They want these prices to be back where they were before the pandemic. … I hear that from my family.”

That’s particularly true for some of the goods and services that Americans pay for most frequently: Bread, beef and other groceries, apartment rents and utilities. Every week or month, consumers are reminded of how far those prices have risen. Deflation – a widespread drop in prices – typically makes people and companies reluctant to spend and therefore isn’t desirable. Instead, economists say, the goal is for wages to rise faster than prices so that consumers still come out ahead. How inflation-adjusted incomes have fared since the pandemic is a complicated question, because it’s difficult for just one metric to capture the experiences of roughly 160 million Americans. Adjusted for inflation, median weekly earnings – those in the middle of the income distribution – have risen at just a 0.2 percent annual rate from the final three months of 2019 through the second quarter of this year, according to calculations by Wendy Edelberg, a senior fellow at the Brookings Institution. That meager gain has left many Americans feeling that they have made little financial progress. Rising prices have been a key driver of a wave of strikes and other forms of labor activism this year, with unions representing autoworkers, Teamsters and airline pilots winning sizable pay increases. Other factors also play a role in why many people are still unhappy with the economy. Political partisanship is one of them. With Biden occupying the White House, Republicans are far more likely than Democrats to characterize the economy as poor, according to the University of Michigan’s monthly survey of consumer sentiment. Karen Dynan, a Harvard economist who served in both the George W. Bush and Obama administrations, noted that distinct swings in economic sentiment occur after a new president is inaugurated, with voters from the party opposed to the president quickly switching to a more negative view. “The partisan divide is stronger than it was before,” she said. “Partly because the country is more polarized.”

The government recently reported that consumer prices didn’t rise at all from September to October, the latest sign that inflation is steadily cooling from the heights of last year.

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Why Americans Feel Gloomy About the Economy Despite Positive Indicators

New Balance Breaks Ground on Londonderry Factory

fficials at Boston-based sneaker giant New Balance and top New Hampshire political leaders gathered just before Thanksgiving to mark the ceremonial start of construction at the company’s latest factory. New Balance is building a 102,000-squarefoot factory for 150 workers on Pettengill Road, next to Manchester Boston Regional Airport. Design, engineering and construction is being managed on the $70 million project by Consigli Construction. “The Granite State is known for its strong economy and skilled workforce, and we look forward to New Balance Londonderry being an integral part of our growing domestic factory base,” New Balance President & CEO Joe Preston said in a statement. “This new factory will help us meet our significant U.S. and global consumer demand and drive future business opportunities that showcase our longstanding pride in American craftsmanship and innovation.” New Balance currently employs more than 1,500 manufacturing associates across its three Maine factories in Norridgewock,

Norway and Skowhegan and its two Massachusetts factories in Lawrence and Methuen, making the Londonderry factory the company’s sixth. In statements provided by New Balance, officials from Londonderry Town Manager Mike Malaguti to Gov. Chris Sununu praised the project. Sununu declared he was “thrilled” by the project and that “The Granite State is open for business!” U.S. Sens. Jeanne Shaheen and Maggie Hassan proclaimed that the project “will… strengthen New Hampshire’s reputation as a first-rate business destination” and “represent an exciting opportunity for Londonderry and our entire state,” respectively. Congressman Chris Pappas praised the project as “the next chapter” in New Balance’s “long and proud history” of making products locally. And Malaguti exclaimed his appreciation for the jobs, plus millions in dollars of tax revenue, the factory will bring to his town, which he called “one of the state’s economic engines.”

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R E G I S T RY R E V I E W

DECEMBER 4, 2023

Fannie Mae Extends Pilot Program Mortgage Lenders Get Creative with that Boosts Credit Scores Services, Boosting Satisfaction INDUSTRY BRIEFS

ith average 30-year mortgage rates reaching 7.79 percent in October – the highest level since 2000 – lenders were forced to get creative financing homes, leading to high customer satisfaction in 2023. According to a J.D. Power mortgage origination survey, overall satisfaction with mortgage lenders climbed to 730 this year from 716 last year despite the astronomic rise in interest rates. Customers looked beyond interest rates as more than two-thirds of the customers said they preferred their lenders’ personalized service and ability to help navigate the loan market. In contrast, one-third selected the lenders with the lowest interest rate offers. But the survey revealed that the improved service could be hard to maintain for most lenders as they look to have more costcutting measures and market conditions are unlikely to improve in the foreseeable future. “Two years ago, the mortgage market was an ultra-low-rate goldmine in which lenders were making big profits and the primary challenge was keeping up with demand,” Craig Martin, executive managing director and global head of wealth and lending intelligence at J.D. Power, said in a statement. “It’s the opposite today with high rates and a lack of affordable homes leading to a limited number of eligible borrowers. To effectively compete in the future, lenders need to set themselves apart by focusing on addressing customers’ unique challenges and meeting their needs rather than selling a product.” Many lenders found that engaging with mortgage borrowers earlier in their shopping journey leads to retaining the customers

throughout the process, as 38 percent of mortgage customers said they started working with a lender when they first thought about buying a home. Service is valued more in a high-interest rate environment as the borrowers wanting for their loan officers to be more involved also increased to 40 percent from just 29 percent a year ago. Despite high satisfaction numbers, the J.D. Power said it is coming more from repeat customers, and that first-time homebuyers are struggling with the current mortgage loan market. Overall satisfaction among first-time homebuyers was down due to the complex lending environment and considerable challenges customers are facing. “The value equation for mortgage originators has shifted from instant approvals and lightning-fast processing to helpful advice and creative problem solving,” Bruce Gehrke, senior director of wealth and lending intelligence at J.D. Power, said in a statement. “Lenders that manage this transition will have a great opportunity to build customer goodwill and limit defection by showing customers they understand their unique needs and the challenges of the current market.” Fairway Independent Mortgage Corp. ranked highest in mortgage origination satisfaction, with a score of 776, while Rocket Mortgage ranks second with a score of 759 and Citibank ranked third at 756. JD Power’s U.S. Mortgage Origination Satisfaction Study – done from November 2022 to August 2023 – surveyed 9,191 customers who originated a new mortgage or refinanced within the past 12 months.

Many lenders found that engaging with mortgage borrowers earlier in their shopping journey leads to retaining the customers throughout the process.

annie Mae is adding another year to a pilot program that can help landlords boost tenants’ credit scores by reporting on-time rental payments, and making it free for more landlords to join. The Multifamily Positive Rent Payment Pilot will now run through December 2024, the government-owned mortgage-buyer announced in a blog post. Over its first year, which a spokesperson called “successful,” the program helped around 23,000 renters establish credit scores and helped others who already had credit profiles boost their scores by an average of 40 points. Around 435,000 rental units in 2,170 Fannie Mae-financed properties owned by over 100 people and companies have been part of the program so far.

Historically, credit reporting agencies have not had insight into how regularly a tenant pays their rent on time. This creates a barrier to home ownership and unfair obstacles to accessing other forms of credit for tens of millions of Americans, Fannie Mae and housing advocates have argued, a burden that falls particularly hard on poorer renters and renters of color. Fannie Mae has also argued that taking part in the rental payment reporting program “can help property owner/operators by reducing tenant turnover and lowering eviction rates.” In its announcement, Fannie Mae also said it had commissioned a poll in September that it claimed showed over 80 percent of renters would like credit reporting agencies to factor their on-time rent payments into their credit scores.

CRE Loan Originations Fell 49 Percent

quarterly report released by the Mortgage Bankers Association earlier this month shows that, nationwide, commercial real estate and multifamily loan originations were down 49 percent by volume yearover-year across the country during the late summer and fall. “Net production income has been in the red for six consecutive quarters. MBA forecasts lower industry volume over the next two quarters compared to last quarter, which means a turnaround is unlikely until the second quarter of 2024. One silver lining is that mortgage servicing continues to be a bright spot for many companies. Combining both the production and servicing business lines, roughly half of mortgage companies stayed profitable in the third quarter of 2023. Were it not for mortgage servicing, only about one in three companies would have been profitable,” MBA Vice President of Industry Analysis Marina Walsh said in a statement concerning that group’s survey.

On a per-loan basis, production revenues decreased to $10,426 per loan in the third quarter, down from $10,510 per loan in the second quarter, the MBA reported, while loan production expenses – commissions, compensation, occupancy, equipment, and other production expenses and corporate allocations – increased to $11,441 per loan in the third quarter, up from $11,044 per loan in the second quarter of 2023. From the third quarter of 2008 to last quarter, loan production expenses have averaged $7,305 per loan. The average loan balance for first mortgages decreased to $341,708 in the third quarter, down from $343,386 in the second quarter. A quarterly Federal Reserve survey of loan officers at 57 U.S. banks across the country, released the same week as the MBA survey, showed that two-thirds had tightened their construction loan credit standards either “somewhat” or “considerably” in the third quarter.

Fear for NH Homebuyers in Commission Lawsuits Continued from Page 1 and full-service, and the rate typically associated with each is commensurate with the level of service.” But while the NHAR has been counseling calm following the anti-trust ruling, some are wondering if the adverse court decision could indeed lead to major changes within the industry. Even before the NAR ruling came down in late October, researchers at the investment firm Keefe, Bruyette & Woods warned that a trio of lawsuits over agent commissions, including one involving Massachusetts’ main multiple listings service, could lead to an exo-

dus of more than 1 million agents from the industry nationwide. Local real estate agents aren’t buying into such worst-case scenarios. Stephan Morrissey, a broker with Allison James Estates and Homes in Nashua, said he’s taking a “wait-and-see” approach to how the recent court ruling might play out. But he indicated he doesn’t see buyer agents disappearing in large numbers from the industry scene, saying they’re needed and help with the overall home-buying process. Instead, he said he expects that listing and buyer contracts will be more clearly written in the future as a result of the ruling, out-

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lining the exact details of negotiated commissions, fees and the services provided by agents. “I see the language changing,” he said. “I believe it’s all about transparency and I see that improving” in coming years.

“The major theme I’m hearing is just explain [contract details] better,” he said. Across the state, some real estate agents do see possible major changes occurring, such as a return to possible buyer-agent fees, paid by buyers to their agents, a practice that was more common decades ago. A Thorny Topic Over Time Such a buyer-pay structure would resemMorrissey added: “Do I see some changes ble how tenants currently pay their agents in coming? Yes. Significant changes? Maybe apartment rental deals. not.” Meanwhile, others have Having working in the suggested that perhaps lawreal estate industry since makers in Washington D.C. 1978, Morrissey said how will allow buyer fees to be selling agents compensate rolled into mortgage fiother agents has been a nance deals. source of discussion and deBut Anthony Panebibate over the decades. anco, a land-use and real es– Adam Dow, Keller Williams “It’s always been a probtate litigator at Davis Malm Coastal and Lakes & Mountains Realty lem,” he said of buyer-agent in Boston, said congressiopay practices. nal action is “very unlikely.” Adam Dow, who runs The Dow GroupInstead, Panebianco, in a recent interview, Keller Williams Coastal and Lakes & Mounsaid he sees other major compensation changes tains Realty, expressed frustration with the coming within a year, not multiple years, due recent jury ruling, saying that the current systo the high monetary stakes involved. tem is fair – and that it works. The $1.8 billion verdict in the recent NAR case – a verdict that could exceed $5 billion Big Changes Coming? if treble damages are awarded – could spur “As an agency, we didn’t do anything large real estate brokerage firms to alter their wrong,” he said. “The lawsuits are trying to compensation rules to avoid potentially exbreak down the process we put in place to pensive legal entanglements. protect buyers. They’re taking things out of “Patience is sort of the watchword right context to make something look bad. … I now,” he said. “The recent legal [actions] don’t think changes should come.” haven’t created a panic, but they have raised But if there are changes, Dow said they concerns. The industry knows it has reached could end up hurting buyers, who need repa tipping point.” resentation in sometimes thorny real estate transactions. Email: jayfitzmedia@gmail.com

“The major theme I’m hearing is just explain [contract details] better.”

R E G I S T RY R E V I E W

DECEMBER 4, 2023

THE HOUSING SCENE

White House Acts to Boost Housing Federal Government Moves to Boost ADUs, Other Types of Construction BY LEW SICHELMAN SPECIAL TO THE REGISTRY REVIEW

he Biden administration is taking steps to help create more affordable houses and apartments, which could help fill the inventory gap that plagues the housing sector. In the final weeks of 2023, the White House announced initiatives that will help buyers finance houses with accessory dwelling units, spur the conversion of unused office and retail space into apartments, and make it easier for people to buy and sell manufactured houses. It’s also put forth a proposal to make it easier for seniors with reverse mortgages to remain in their homes despite financial difficulties.

ADU Financing Made Easier Accessory dwelling units, those small houses built in the yards of older, larger homes, are being called a promising solution to the challenges posed by rising housing costs. They can also keep families close, and they are being embraced by more and more jurisdictions. Just recently, Iowa City, Iowa, changed its building codes to allow for ADUs. And California law now allows owners with ADUs on their property to sell them as condominiums, separate from the primary residences. Despite the trend, though, ADUs are often hard to finance. To meet the challenge, the Federal Housing Administration is now allowing lenders to count as income a portion of rent gen-

erated from ADUs, whether they are on the same property, attached to the house or even inside it. Even if the unit is not yet built or finished, lenders can count the potential income that it might generate as part of the borrower’s earnings. Specifically, borrowers can count 75 percent of the rental income generated from an existing ADU, and 50 percent if the borrower plans to attach an ADU, such as a converted garage or basement, to an existing structure. The idea is to enable buyers with limited incomes to buy houses with ADUs, or to add them – thereby increasing the supply of rental houses. Some details from the Department of Housing and Urban Development (HUD. gov): “The FHA defines an ADU as a single habitable living unit with a means of separate ingress and egress that meets the minimum requirements for a living unit. An ADU is a private space that is subordinate in size and can be added to, created within, or detached from a primary one-unit single-family dwelling.”

other space conversions are either planned or already underway. “If only a small percentage of underutilized commercial buildings were converted to housing, it could create thousands of units of muchneeded housing,” according to a new guidebook from HUD and the White House entitled “Commercial to Residential Conversions.” The guide is part of a multi-agency push to encourage more local governments and private developers to explore turning empty commercial space into apartments and mixed-use spaces. It describes the federal resources available to help with such conversions, and how to access them. These resources include low-interest loans, loan guarantees, grants and tax incentives – some of which may be combined, subject to the requirements of each program. HUD isn’t the only agency in on the effort. The Department of Transportation will provide technical assistance to municipalities and developers seeking to use DOT tools to finance conversions; Treasury has detailed a list of tax incentives for builders of multi-family housing; and the General Services Administration has been directed to step up its efforts to locate and sell office space Uncle Sam no longer needs.

The FHA is now allowing lenders to count as income a portion of rent generated from an ADU

Retail, Office Conversion Aid According to a new white paper from Enterprise Community Partners, repurposing just the best-suited 10 percent of the underutilized strip malls throughout the country could create more than 700,000 new apartments. Many of them would likely be inexpensive rentals, or even homes for first-time buyers. The Counselors of Real Estate reports that millions of square feet of retail, office and

Mobile Home, Reverse Mortgage Help Long considered the lowest-cost option for folks who want to own their homes, manufactured houses – aka mobile homes or trailers – are home to millions of families. For the most part, though, these factory-built units are fi-

nanced with personal property loans at somewhat higher rates than for mortgages. But lower-rate FHA funding is available. And to make it more accessible, the FHA has removed a roadblock regarding the requirements for comparables during the appraisal process. The changes align with private-market programs, and should help increase the supply and affordability of factory-made housing. Reverse mortgages are also getting a second look. Seniors who desire to stay in their homes for their remaining years sometimes turn to reverse mortgages for needed income. A reverse mortgage – in government-speak, a home equity conversion mortgage – is a loan that you need not pay back until you leave the residence for good. You can take the proceeds either in one lump sum or periodically, and you can do whatever you want with the money. According to one report, some 10 million people over the age of 65 still have a mortgage. But it has been difficult to administer loans held by seniors who still cannot keep up with their daily expenses. So, the FHA wants to streamline the rules by, among other things, allowing outstanding homeowners association dues to be calculated into the borrower’s repayment plan and working with those who are behind on their taxes and insurance by no more than $5,000 – instead of just calling the loan due.

Lew Sichelman has been covering real estate for more than 50 years. He is a regular contributor to numerous shelter magazines and housing and housing-finance industry publications. Readers can contact him at lsichelman@aol.com.

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