North Carolina Foreclosure Activity Declines in February

Statewide filings decrease 1 percent from January

 

Foreclosure activity in North Carolina decreased in February to 3,141 properties with foreclosure filings, down 1 percent from the previous month, but still 54 percent ahead of the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“North Carolina foreclosure activity dropped slightly in February, though it remained well above the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment continues to climb in the Tar Heel State, recently reaching 11.1 percent with about one half million residents currently out of work.”

 

One in every 1,338 North Carolina housing units received a foreclosure filing in February, the 36th highest rate in the nation.

 

Mecklenburg County posts state’s top foreclosure rate and total for February

Mecklenburg County posted the state’s highest county foreclosure rate in February, with one in every 363 housing units receiving a foreclosure filing — 3.7 times the state average. Alamance County had the second highest rate, with one in every 472 housing units receiving a foreclosure filing — 2.8 times the state average. Forsyth County came in third highest, with one in every 679 housing units receiving a foreclosure filing — twice the state average.

 

Mecklenburg County also reports highest number in total foreclosures in February

Mecklenburg also posted the highest foreclosure total, reporting 1,110 properties with foreclosure filings. Wake County had the second highest number of foreclosures, documenting 479 properties with filings. Guilford County ranked third highest, reporting 304 properties with foreclosure filings for the month. Forsyth County came in fourth place, reporting 228 properties with foreclosure filings, while the fifth highest total was in Alamance County, where 138 properties with foreclosure filings were reported for the month.

 

State a moderate contributor to nation’s month foreclosure total

North Carolina accounted for 1 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

North Carolina

428

0

1,103

0

1,610

3,141

1,338

0.31

n/a

 

 

 

 

 

 

 

 

 

 

Mecklenburg

15

0

638

0

457

1,110

363

1.15

3.68

Alamance

13

0

81

0

44

138

472

0.89

2.83

Forsyth

65

0

82

0

81

228

679

0.62

1.97

Guilford

51

0

138

0

115

304

702

0.60

1.90

Wake

280

0

143

0

56

479

737

0.57

1.81

 

 

North Carolina Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

North Carolina

428

0

1,103

0

1,610

3,141

1,338

-0.73

54.05

 

 

 

 

 

 

 

 

 

 

Mecklenburg

15

0

638

0

457

1,110

363

29.52

263.93

Wake

280

0

143

0

56

479

737

-7.53

25.72

Guilford

51

0

138

0

115

304

702

-25.49

-7.88

Forsyth

65

0

82

0

81

228

679

-1.72

11.22

Alamance

13

0

81

0

44

138

472

475.00

345.16

 

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