North Carolina Foreclosure Activity Increases in May

Statewide foreclosure filings up 12 percent from April; Rises 68 percent from May 2009

 

Foreclosure activity in North Carolina rose 12 percent in May to 4,357 properties with foreclosure filings and 68 percent from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

North Carolina foreclosures were up in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed 51 percent for the month. The state’s unemployment rate remains above the national average, and its home sales and home values declined further than most states during the first quarter. These factors have definitely contributed to the rise.”

 

North Carolina ranked 18th in the country in total foreclosures reported for the month. With one in every 964 housing units receiving a foreclosure filing, its foreclosure rate ranked 31st among the 50 states.

 

Currituck County dominates foreclosure rate in May

Currituck County posted the highest foreclosure rate in North Carolina for May, with one in every 264 housing units receiving a foreclosure filing — 3.7 times the state average. Union County came in second, with one in every 404 housing units receiving a foreclosure filing — 2.4 times the state average. Mecklenburg County had the third highest foreclosure rate, with one in every 419 housing units receiving a foreclosure filing — 2.3 times the state average. Cabarrus County posted the fourth highest foreclosure rate, with one in every 441 housing units receiving a foreclosure filing — 2.2 times the state average.

 

Mecklenburg County tops in foreclosure total for May

Mecklenburg County came out on top, reporting 962 properties with foreclosure filings for the month. Wake County followed in second, documenting 525 properties with foreclosure filings. Reporting 399 properties with foreclosure filings for the month, Guilford County reported the third highest ranking. Forsyth County was fourth highest, reporting 277 properties with foreclosure filings.

 

State contributes 1 percent to nation’s monthly foreclosure total in May

North Carolina accounted for 1 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

North Carolina

376

0

1,751

0

2,230

4,357

964

0.41

n/a

 

 

 

 

 

 

 

 

 

 

Currituck

0

0

35

0

18

53

264

1.52

3.66

Union

0

0

90

0

83

173

404

0.99

2.39

Mecklenburg

14

0

614

0

334

962

419

0.95

2.30

Cabarrus

1

0

0

0

156

157

441

0.91

2.19

Lincoln

0

0

47

0

14

61

517

0.77

1.87

 

North Carolina Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

North Carolina

376

0

1,751

0

2,230

4,357

964

11.66

68.42

 

 

 

 

 

 

 

 

 

 

Mecklenburg

14

0

614

0

334

962

419

-3.51

37.23

Wake

197

0

159

0

169

525

673

-11.02

38.52

Guilford

65

0

189

0

145

399

535

-13.45

40.49

Forsyth

75

0

118

0

84

277

559

-4.48

20.96

Union

0

0

90

0

83

173

404

121.79

424.24

 

 

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