North Carolina Foreclosure Activity Rose in Second Quarter

Activity level rose 30 percent from Q1

Foreclosure filings increase 10 percent mid-year; up 2 percent in June

 

North Carolina reported 12,056 properties with foreclosure filings for the second quarter of 2010, a 30 percent rise from the first quarter and 58 percent above the level reported in the second quarter of 2009. 

 

Activity level in North Carolina rose during the first half of 2010 as well as for the month of June. For the first six months of the year, North Carolina reported 20,097 properties with foreclosure filings, a 10 percent rise in activity from the second half of 2009 and 59 percent above the level reported mid-year 2009. In June the state tallied 4,431 properties with foreclosure filings, an increase of 2 percent from the previous month and up 40 percent from June 2009.

 

“Foreclosure activity in North Carolina rose during the second quarter of 2010 to a level well above the previous quarter and the second quarter of 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “Activity also rose in the first half of 2010 as compared to the previous six months, as the state’s unemployment rate remained well above 10 percent until just recently.”

 

One in every 348 North Carolina housing units received a foreclosure filing during the quarter, giving the state the 33rd highest foreclosure rate in the nation.

 

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

Mecklenburg County posted the highest county foreclosure rate in North Carolina during the second quarter, with one in every 143 housing units receiving a foreclosure filing — 2.4 times the state average. Currituck County had the second highest foreclosure rate, with one in every 157 housing units receiving a foreclosure filing — 2.2 times the state average. Union County had the third highest foreclosure rate, with one in every 190 housing units receiving a foreclosure filing — 1.8 times the state average.

 

Mecklenburg County also leads state in total foreclosures for the second quarter

Mecklenburg County also led the state in total foreclosures, reporting 2,818 properties with foreclosure filings for the quarter. Wake County had the second highest foreclosure total, reporting 1,626 properties with foreclosure filings. Reporting 1,078 properties with foreclosure filings for the quarter, Guilford County came in third. Forsyth County was fourth, reporting 737 properties with foreclosure filings. Fifth highest total was Gaston County, where 387 properties with foreclosure filings were reported for the quarter.

 

State a moderate contributor to nation’s quarterly total

Foreclosure activity in North Carolina represented 1 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

North Carolina

1,285

0

4,302

0

6,469

12,056

348

0.41

n/a

 

 

 

 

 

 

 

 

 

 

Mecklenburg

42

0

1,784

0

992

2,818

143

1.01

2.43

Currituck

0

0

35

0

54

89

157

0.92

2.22

Union

0

0

131

0

237

368

190

0.76

1.84

Guilford

135

0

512

0

431

1,078

198

0.73

1.76

Forsyth

136

0

344

0

257

737

210

0.69

1.66

 

 

North Carolina Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

North Carolina

1,285

0

4,302

0

6,469

12,056

348

30.17

58.24

 

 

 

 

 

 

 

 

 

 

Mecklenburg

42

0

1,784

0

992

2,818

143

-1.88

28.85

Wake

915

0

140

0

571

1,626

217

21.07

48.63

Guilford

135

0

512

0

431

1,078

198

-2.09

23.34

Forsyth

136

0

344

0

257

737

210

3.08

12.18

Gaston

0

0

73

0

314

387

228

126.32

268.57

 

 

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