North Carolina Deals With Mounting Foreclosures in August

Foreclosure activity in North Carolina rose 26 percent in August to 4,317 properties with foreclosure filings, down 6 percent from the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity in North Carolina surged again in August, though it remained below the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “North Carolina’s high level of unemployment, which has been hovering around 11 percent, is fueling the rising foreclosure activity.”

 

One in every 956 North Carolina housing units received a foreclosure filing in August, the 29th highest foreclosure rate in the nation.

 

Mecklenburg County posts state’s top foreclosure rate in August

Mecklenburg County posted the highest county foreclosure rate in the state for August, with one in every 213 housing units receiving a foreclosure filing — 1.7 times the national average and 4.5 times the state average. Forsyth County had the second highest foreclosure rate, with one in every 459 housing units receiving a foreclosure filing during the month — 2.1 times the state average. Wake County documented the third highest foreclosure rate, where one in every 490 housing units received a foreclosure filing — twice the state average.

 

Mecklenburg County reports highest activity for August

Mecklenburg County also tallied the highest foreclosure activity level, tallying 1,833 properties with foreclosure filings for the month. Wake County had the second highest foreclosure filings, documenting 694 properties with foreclosure filings. Guilford County reported the third highest total in the state, reporting 395 properties with foreclosure filings for the month. Forsyth County was fourth highest, reporting 332 properties with foreclosure filings, while the fifth highest total was in Gaston County, where 94 properties with foreclosure filings were reported for the month.

 

State a minor contributor to the nation’s foreclosure activity in August

North Carolina accounted for 1 percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

North Carolina Top Foreclosure Rates By County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

North Carolina

579

4

2,339

0

1,395

4,317

956

0.37

n/a

 

 

 

 

 

 

 

 

 

 

Mecklenburg

32

0

1,497

0

304

1,833

213

1.68

4.49

Forsyth

81

0

188

0

63

332

459

0.78

2.08

Wake

385

2

216

0

91

694

490

0.73

1.95

Guilford

33

0

221

0

141

395

532

0.67

1.80

Brunswick

0

0

2

0

77

79

924

0.39

1.03

 

 

North Carolina Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

North Carolina

579

4

2,339

0

1,395

4,317

956

25.93

-6.15

 

 

 

 

 

 

 

 

 

 

Mecklenburg

32

0

1,497

0

304

1,833

213

29.72

121.11

Wake

385

2

216

0

91

694

490

138.49

51.86

Guilford

33

0

221

0

141

395

532

-6.84

-13.76

Forsyth

81

0

188

0

63

332

459

39.50

-27.03

Gaston

0

0

10

0

84

94

927

422.22

-26.56

 

 

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