North Carolina Foreclosure Activity Speeds Up in July

Statewide foreclosure filings up 10 percent from June

 

Foreclosure activity in North Carolina increased 10 percent in July to 4,889 properties with foreclosure filings, 43 percent above the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

North Carolina foreclosures were up in July,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 19 percent for the month. The state’s unemployment rate is still above the national average, and its home sales declined further than the national average during the first quarter. These factors are definitely contributing to the rise.”

 

North Carolina ranked 16th in the country in total foreclosures reported for the month. With one in every 859 housing units receiving a foreclosure filing, its foreclosure rate ranked 33rd among the 50 states.

 

Mecklenburg County posts top county foreclosure rate in July

Mecklenburg County posted the top foreclosure rate in North Carolina for the month, with one in every 280 housing units receiving a foreclosure filing in July. Forsyth County posted the second highest foreclosure rate, with one in every 321 housing units receiving a foreclosure filing during the month. Coming in third was Guilford County, where one in every 331 housing units received a foreclosure filing in July.

 

Mecklenburg County dominates state with top foreclosure total for July

Mecklenburg County also led North Carolina in total foreclosure activity, reporting 1,441 properties with foreclosure filings in July. Second highest Guilford County reported 646 properties with foreclosure filings. Wake County came in third highest, tallying 526 properties with foreclosure filings. Fourth highest was Forsyth County, where 483 properties with foreclosure filings were reported. Cabarrus County was fifth, reporting 121 properties with foreclosure filings for the month.

 

State contributes 2 percent to nation’s monthly foreclosure total

North Carolina accounted for 2 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month but was down almost 10 percent from the level reported in July 2009. One in every 397 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 – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

North Carolina

447

0

2,054

0

2,388

4,889

859

0.46

n/a

 

 

 

 

 

 

 

 

 

 

Mecklenburg

25

0

827

0

589

1,441

280

1.42

3.07

Forsyth

110

0

238

0

135

483

321

1.24

2.68

Guilford

66

0

336

0

244

646

331

1.20

2.60

Person

0

0

25

0

7

32

534

0.74

1.61

Rowan

0

0

49

0

62

111

538

0.74

1.60

 

 

North Carolina Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

North Carolina

447

0

2,054

0

2,388

4,889

859

10.34

42.62

 

 

 

 

 

 

 

 

 

 

Mecklenburg

25

0

827

0

589

1,441

280

49.95

1.98

Guilford

66

0

336

0

244

646

331

85.63

52.36

Wake

238

0

176

0

112

526

671

-25.71

80.76

Forsyth

110

0

238

0

135

483

321

68.88

102.94

Cabarrus

0

0

63

0

58

121

572

365.38

764.29

 

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