NORTH CAROLINA FORECLOSURE ACTIVITY DECREASES 20 PERCENT IN FIRST QUARTER

State Foreclosures Activity Down 42 Percent From Q1 2008

Monthly Activity Down 3 percent in March, Drops 40 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 5,988 North Carolina properties in the first quarter of 2009, a 20 percent decrease from the previous quarter, and 42 percent behind the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Old North State reported 1,977 properties with foreclosure filings in March, a 3 percent decrease from the previous month and 40 percent below its March 2008 total.

 

North Carolina foreclosures are down across the board,” said James J. Saccacio, chief executive officer of RealtyTrac. “Last year, the state passed a law requiring lenders to give distressed borrowers 45 days notice before any default notices can be filed. This has likely helped these homeowners to find other options.”

 

North Carolina documented the 26th highest raw number of properties receiving foreclosure filings in the first quarter, its foreclosure rate — one in every 689 housing units received a foreclosure filing during the quarter — came in 36th among the 50 states.

 

Five counties largest contributors to state total for the quarter

Five North Carolina counties accounted for 59 percent of the state’s overall foreclosure activity during the first quarter. Mecklenburg County came in first place, reporting 1,126 properties with foreclosure filings. Wake County was second, reporting 856 properties with foreclosure filings for the quarter. Guilford County was behind in third, reporting 733 properties with foreclosure filings. Forsyth County registered the fourth highest total, documenting 508 properties with foreclosure filings. Durham County registered the fifth highest total, where 281 properties with foreclosure filings were reported.

 

Guilford County scores highest rates in the state for first quarter

Guilford County led the state, with one in every 287 housing units receiving a foreclosure filing — 2.4 times the state average. Forsyth County came in second, with one in every 300 housing units receiving a foreclosure filing — 2.3 times the state average. Alamance County posted the third highest foreclosure rate, where one in every 337 housing units received a foreclosure filing during the month — twice the state average.

 

State the contributes 1 percent to nation’s foreclosure total for Q1 2009

North Carolina accounted for 1 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

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 quarter — 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 quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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

 

                       North Carolina Foreclosure Market Data by County – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%? from Q4 08

%? from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16%

23.63%

North Carolina

514

0

2,253

0

3,221

5,988

689

-19.69%

-41.77%

 

 

 

 

 

 

 

 

 

 

Alamance

11

0

117

0

62

190

337

102.13%

-12.44%

Alexander

0

0

2

0

1

3

5,075

-25.00%

-88.89%

Alleghany

0

0

1

0

0

1

7,174

-87.50%

Anson

0

0

1

0

4

5

2,103

-64.29%

-64.29%

Ashe

0

0

0

0

1

1

15,243

-88.89%

Avery

0

0

0

0

8

8

1,692

33.33%

100.00%

Beaufort

1

0

12

0

3

16

1,477

-46.67%

700.00%

Bertie

0

0

0

0

1

1

9,292

-50.00%

-80.00%

Bladen

0

0

0

0

0

0

-100.00%

Brunswick

0

0

6

0

16

22

3,319

-81.51%

-82.68%

Buncombe

0

0

3

0

64

67

1,601

-8.22%

-57.59%

Burke

0

0

1

0

13

14

2,802

-72.00%

1300.00%

Cabarrus

0

0

6

0

81

87

775

-28.69%

-66.15%

Caldwell

0

0

6

0

42

48

748

-22.58%

-64.96%

Camden

0

0

0

0

0

0

-100.00%

-100.00%

Carteret

0

0

5

0

0

5

9,142

-66.67%

-89.36%

Caswell

0

0

0

0

6

6

1,698

50.00%

-62.50%

Catawba

0

0

11

0

49

60

1,115

-33.33%

-61.29%

Chatham

0

0

0

0

9

9

2,838

-30.77%

-74.29%

Cherokee

0

0

2

0

1

3

5,427

0.00%

-85.71%

Chowan

0

0

1

0

0

1

6,977

0.00%

Clay

0

0

0

0

1

1

6,726

0.00%

-80.00%

Cleveland

0

0

6

0

66

72

596

-22.58%

-46.27%

Columbus

0

0

2

0

0

2

12,346

-33.33%

-92.86%

Craven

7

0

32

0

19

58

761

-10.77%

-15.94%

Cumberland

0

0

19

0

85

104

1,298

-7.96%

-76.84%

Currituck

0

0

3

0

35

38

364

72.73%

0.00%

Dare

0

0

6

0

28

34

952

-50.72%

-49.25%

Davidson

0

0

13

0

69

82

838

-18.00%

-38.35%

Davie

0

0

6

0

13

19

914

280.00%

280.00%

Duplin

0

0

1

0

7

8

2,673

-50.00%

-33.33%

Durham

20

0

155

0

106

281

412

-2.77%

-49.19%

Edgecombe

0

0

8

0

1

9

2,798

-10.00%

80.00%

Forsyth

81

0

244

0

183

508

300

-19.37%

9.72%

Franklin

0

0

1

0

29

30

794

-37.50%

-72.73%

Gaston

0

0

19

0

143

162

538

-20.98%

-66.53%

Gates

0

0

1

0

0

1

4,597

0.00%

-90.00%

Graham

0

0

0

0

0

0

Granville

0

0

3

0

0

3

7,149

-40.00%

-76.92%

Greene

2

0

1

0

1

4

1,885

-69.23%

Guilford

55

0

326

0

352

733

287

-26.85%

-6.51%

Halifax

0

0

3

0

0

3

8,663

0.00%

-90.63%

Harnett

0

0

10

0

33

43

1,050

34.38%

-59.05%

Haywood

0

0

4

0

32

36

888

-23.40%

-2.70%

Henderson

0

0

2

0

0

2

24,777

-80.00%

-86.67%

Hertford

0

0

0

0

0

0

-100.00%

-100.00%

Hoke

0

0

2

0

0

2

7,938

-33.33%

-83.33%

Hyde

0

0

0

0

0

0

Iredell

1

0

13

0

63

77

863

-22.22%

-61.50%

Jackson

0

0

0

0

3

3

7,909

200.00%

-80.00%

Johnston

1

0

7

0

69

77

808

-28.04%

-70.50%

Jones

0

0

0

0

1

1

4,749

-80.00%

-83.33%

Lee

0

0

5

0

12

17

1,379

142.86%

-67.92%

Lenoir

6

0

8

0

5

19

1,471

-38.71%

1800.00%

Lincoln

0

0

5

0

27

32

963

-67.68%

-60.98%

Macon

0

0

1

0

0

1

23,133

0.00%

Madison

0

0

2

0

0

2

5,367

0.00%

-33.33%

Martin

0

0

2

0

0

2

5,554

0.00%

-88.24%

McDowell

0

0

0

0

0

0

-100.00%

-100.00%

Mecklenburg

13

0

608

0

505

1,126

347

-30.54%

-46.36%

Mitchell

0

0

1

0

0

1

8,283

0.00%

Montgomery

0

0

0

0

0

0

-100.00%

-100.00%

Moore

0

0

2

0

6

8

5,095

-27.27%

-77.14%

Nash

0

0

4

0

36

40

1,023

-31.03%

-54.02%

New Hanover

0

0

4

0

111

115

849

-8.73%

-39.47%

Northampton

0

0

0

0

0

0

-100.00%

Onslow

0

0

9

0

42

51

1,287

-23.88%

1600.00%

Orange

1

0

22

0

3

26

2,110

-10.34%

-16.13%

Pamlico

0

0

1

0

0

1

7,310

-75.00%

Pasquotank

0

0

4

0

1

5

3,216

25.00%

-86.11%

Pender

0

0

2

0

14

16

1,563

6.67%

-65.96%

Perquimans

0

0

0

0

1

1

6,737

-87.50%

Person

0

0

3

0

11

14

1,211

55.56%

-53.33%

Pitt

11

0

60

0

44

115

626

-31.55%

5650.00%

Polk

0

0

1

0

0

1

10,301

0.00%

-85.71%

Randolph

15

0

63

0

41

119

501

-23.23%

-15.00%

Richmond

0

0

2

0

0

2

10,928

-33.33%

-77.78%

Robeson

0

0

2

0

3

5

9,982

-58.33%

-82.14%

Rockingham

10

0

32

0

23

65

657

41.30%

-51.13%

Rowan

0

0

6

0

75

81

730

-6.90%

-44.14%

Rutherford

0

0

7

0

5

12

2,647

20.00%

-67.57%

Sampson

0

0

1

0

2

3

8,722

-57.14%

-91.43%

Scotland

0

0

0

0

8

8

1,906

-42.86%

-33.33%

Stanly

1

0

6

0

15

22

1,235

-55.10%

-63.93%

Stokes

2

0

4

0

18

24

852

-36.84%

-53.85%

Surry

0

0

1

0

28

29

1,117

61.11%

2800.00%

Swain

0

0

1

0

0

1

8,120

-66.67%

Transylvania

0

0

2

0

0

2

8,621

-33.33%

-50.00%

Tyrrell

0

0

0

0

0

0

-100.00%

Union

1

0

23

0

79

103

655

-20.77%

-57.44%

Vance

0

0

4

0

1

5

3,794

25.00%

-85.71%

Wake

256

0

269

0

331

856

397

10.45%

-16.57%

Warren

0

0

2

0

1

3

3,785

0.00%

Washington

0

0

0

0

0

0

-100.00%

-100.00%

Watauga

0

0

2

0

9

11

2,463

10.00%

-15.38%

Wayne

19

0

12

0

46

77

658

-32.46%

-30.00%

Wilkes

0

0

4

0

1

5

6,150

150.00%

-88.89%

Wilson

0

0

3

0

2

5

6,788

-54.55%

-89.80%

Yadkin

0

0

1

0

15

16

1,047

128.57%

-15.79%

Yancey

0

0

1

0

0

1

10,532

0.00%

                

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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