North Carolina Foreclosure Activity Falls in October

Statewide filings down 8 percent from September

 

North Carolina reported 3,447 properties with foreclosure filings, down 8 percent from the previous month, but still 7 percent above the level reported in October 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

North Carolina foreclosure activity dropped off slightly in October, although it remained above the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The recent monthly dip in foreclosures is more likely due to a leveling-off from September’s activity surge than any trend toward quick recovery.”

 

North Carolina ranked 20th in total foreclosure activity nationally for October. One in every 1,197 North Carolina housing units received a foreclosure filing during the month, the 36th highest foreclosure rate in the nation.

 

Mecklenburg County tops state in foreclosure rate and activity in October

Mecklenburg County posted the highest county foreclosure rate in the state for October, with one in every 414 housing units receiving a foreclosure filing — 2.9 times the state average. The county also led the state in foreclosure activity, reporting 944 properties with foreclosure filings for the month.

 

With one in every 440 housing units receiving a foreclosure filing — 2.7 times the state average — Forsyth County had the second highest foreclosure rate in the state. Guilford County had the third highest rate, with one in every 448 housing units receiving a foreclosure filing — 2.7 times the state average. Fourth highest foreclosure rate was in Wake County, where one in every 669 housing units received a foreclosure filing during the month — 1.8 times the state average. Rockingham County had the fifth highest rate, with one in every 678 housing units receiving a foreclosure filing — 1.8 times the state average.

 

Wake County reported the second highest foreclosure total, documenting 508 properties with foreclosure filings. Reporting 469 properties with foreclosure filings for the month, Guilford County was third highest in the state. Forsyth County came in fourth, reporting 346 properties with foreclosure filings, while the fifth highest total was in Pitt County, where 78 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure activity in October

North Carolina accounted for 1 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 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 – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

North Carolina

624

0

1,133

0

1,690

3,447

1,197

0.32

n/a

 

 

 

 

 

 

 

 

 

 

Mecklenburg

43

0

593

0

308

944

414

0.93

2.89

Forsyth

104

0

133

0

109

346

440

0.87

2.72

Guilford

73

0

236

0

160

469

448

0.86

2.67

Wake

364

0

1

0

143

508

669

0.58

1.79

Rockingham

13

0

34

0

16

63

678

0.57

1.77

 

 

North Carolina Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

North Carolina

624

0

1,133

0

1,690

3,447

1,197

-7.71

7.25

 

 

 

 

 

 

 

 

 

 

Mecklenburg

43

0

593

0

308

944

414

-5.13

-2.98

Wake

364

0

1

0

143

508

669

1.40

45.56

Guilford

73

0

236

0

160

469

448

20.57

12.20

Forsyth

104

0

133

0

109

346

440

13.44

0.58

Pitt

7

0

49

0

22

78

923

-7.14

77.27

 

 

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