North Carolina Foreclosure Activity Declines in January

Statewide filings down 11 percent from December; Up 33 percent from a year ago

 

Foreclosure activity in North Carolina decreased in January to 3,164 properties with foreclosure filings, an 11 percent decline from December 2009, but still up 33 percent from January 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“North Carolina foreclosures fell in January,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in default notices, which dropped 50 percent during the month. The state’s home values did not fall as far as most states during the past year, and home sales are beginning to pick up. If these trends continue and unemployment starts to decline, we may see foreclosures here fall further in the near future.”

 

North Carolina ranked 23rd in the country in total foreclosures reported for the month. With one in every 1,328 housing units receiving a foreclosure filing, its foreclosure rate ranked 37th among the 50 states.

 

Mecklenburg County posts top foreclosure rate in the state for January

Mecklenburg County posted the state’s highest county foreclosure rate in January, with one in every 471 housing units receiving a foreclosure filing — 2.8 times the state average. Guilford County was second, with one in every 523 housing units receiving a foreclosure filing — 2.5 times the state average. Forsyth County came in third highest, with one in every 667 housing units receiving a foreclosure filing — twice the state average. Wake County posted the fourth highest foreclosure rate, where one in every 682 housing units received a foreclosure filing during the month — twice the state average. Dare County documented the fifth highest foreclosure rate, where one in every 728 housing units received a foreclosure filing during the month — 1.8 times the state average.

 

Mecklenburg County also dominates state in total foreclosure filings for January

Mecklenburg County led all counties, totaling 857 properties with foreclosure filings for the month. Wake County was second highest, documenting 518 properties with foreclosure filings. Reporting 408 properties with foreclosure filings for the month, Guilford County had the third highest foreclosure total. Forsyth County came in fourth highest, reporting 232 properties with foreclosure filings, followed by Gaston County where 115 properties with foreclosure filings were reported.

 

State responsible for less than one percent of nation’s foreclosure total in January

North Carolina accounted for less than one percent of the 315,716 properties with foreclosure filings reported nationwide in January. Total U.S. activity declined nearly 10 percent from the previous month but was still 15 percent ahead of January 2009. One in every 409 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: DefaultNotice 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 – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

n/a

n/a

North Carolina

352

0

889

0

1,923

3,164

1,328

0.31

n/a

 

 

 

 

 

 

 

 

 

 

Mecklenburg

16

0

454

0

387

857

471

0.86

2.82

Guilford

43

0

174

0

191

408

523

0.77

2.54

Forsyth

56

0

93

0

83

232

667

0.61

1.99

Wake

236

0

139

0

143

518

682

0.59

1.95

Dare

0

0

0

0

45

45

728

0.56

1.82

 

           

 

North Carolina Top Foreclosure Totals by County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 09

% Chg Jan 09

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

-9.67

15.06

North Carolina

352

0

889

0

1,923

3,164

1,328

-11.35

32.61

 

 

 

 

 

 

 

 

 

 

Mecklenburg

16

0

454

0

387

857

471

-18.92

52.76

Wake

236

0

139

0

143

518

682

-27.75

20.47

Guilford

43

0

174

0

191

408

523

20.71

72.15

Forsyth

56

0

93

0

83

232

667

-28.62

38.10

Gaston

0

0

1

0

114

115

769

85.48

88.52

 

 

 

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