Home sales and the recession, new stats

SPRINGFIELD, Mass.-(WWLP) - New statistics from the Hampden County Register of Deeds show last year wasn't a good one for home sales.

The total amount of real estate sales is down 29% in the last fiscal year, and the total amount of money collected by the Register of Deeds office is down 21%.

Register of Deeds Donald Ashe released the figures and also said that foreclosures in the county were down from the year before.

He warned of a danger sign. "The prime loans this year for the first time had more foreclosures than the sub-prime," said Ashe. Prime loan foreclosures are out pacing sub-prime loans by 49% to 43% now.

Home sales in Hampden County could be slowed further this year by a rising unemployment rate.

Ashe also reported at the end of the calendar year, approximatrely 30% of homes will have less equity than their mortgage.

Also according to Ashe's report, homes are on the market for about 10 months before selling, double the previous average time.