NORTH CAROLINA FORECLOSURE ACTIVITY UP 16 PERCENT IN 2008

More than 33,000 Properties Receive Foreclosure Filings in 2008

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 33,819 North Carolina properties in 2008, an increase of 16 percent from 2007 and an increase of 153 percent from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The report also shows that 0.84 percent of all North Carolina housing units received at least one foreclosure filing during the year, up from 0.74 percent in 2007.

 

North Carolina reported 2,574 properties with foreclosure filings in December, an 8 percent decrease from the previous month and a 21 percent decrease over December 2007.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Foreclosure activity in North Carolina increased slightly between 2007 and 2008, though the Tar Heel State’s unemployment rate is climbing rapidly,” said James J. Saccacio, chief executive officer of RealtyTrac. “North Carolina’s unemployment surged in December to 8.7 percent, the highest jobless rate since 1983. Rising unemployment in North Carolina’s professional and business services sectors could push many struggling homeowners into foreclosure.”

 

Mecklenburg County reports highest total of foreclosure filings

Mecklenburg County led the state reporting 6,637 properties with foreclosure filings for the year. Wake County came in second, reporting 3,608 properties with foreclosure filings. Guilford County registered the third highest total, reporting 3,144 properties with foreclosure filings. Forsyth County documented the fourth highest foreclosure total, reporting 2,049 properties with foreclosure filings. Durham County came in fifth, documenting 1,639 properties with foreclosure filings.

 

Mecklenburg County posts top foreclosure rate

Mecklenburg County topped the list, with 1.79 percent of its housing units receiving at least one foreclosure filing during the year. Guilford County came in second, with 1.54 percent of its housing units receiving at least one foreclosure filing. Durham County posted the third highest foreclosure rate, where 1.45 percent of the housing stock received at least one foreclosure filing in 2008. Rounding out the state’s top five were Forsyth County (1.37 percent) and Gaston County (1.34 percent).

 

State a minor contributor to nation’s foreclosure total for 2008

North Carolina accounted for 1 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 Foreclosure Market Data by County – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

North Carolina

33,819

0.84

16.21

 

 

 

 

 

11

Alamance

591

0.95

-10.73

50

Alexander

59

0.39

18.00

63

Alleghany

21

0.30

-16.00

44

Anson

49

0.47

-15.52

76

Ashe

34

0.23

-12.82

74

Avery

31

0.24

244.44

66

Beaufort

64

0.27

1,180.00

80

Bertie

19

0.20

-24.00

88

Bladen

24

0.15

14.29

28

Brunswick

458

0.66

78.21

43

Buncombe

504

0.48

-3.26

87

Burke

62

0.16

520.00

10

Cabarrus

691

1.06

-5.73

15

Caldwell

311

0.87

-0.32

36

Camden

21

0.57

90.91

60

Carteret

140

0.31

70.73

69

Caswell

27

0.27

50.00

23

Catawba

507

0.76

-2.69

64

Chatham

74

0.30

-1.33

54

Cherokee

57

0.36

307.14

97

Chowan

3

0.04

 n/a

59

Clay

21

0.32

425.00

13

Cleveland

388

0.91

18.29

75

Columbus

58

0.23

100.00

34

Craven

251

0.58

79.29

14

Cumberland

1,166

0.88

-16.60

22

Currituck

104

0.77

181.08

27

Dare

225

0.70

1,150.00

19

Davidson

539

0.79

108.91

9

Davie

183

1.07

454.55

73

Duplin

51

0.24

466.67

3

Durham

1,639

1.45

17.66

65

Edgecombe

74

0.29

270.00

4

Forsyth

2,049

1.37

19.34

6

Franklin

285

1.23

26.11

5

Gaston

1,156

1.34

-13.73

46

Gates

20

0.44

17.65

100

Graham

0

0.00

 n/a

86

Granville

37

0.18

184.62

78

Greene

17

0.23

1,600.00

2

Guilford

3,144

1.54

31.49

56

Halifax

89

0.34

20.27

35

Harnett

254

0.58

18.14

48

Haywood

131

0.42

27.18

79

Henderson

100

0.21

163.16

55

Hertford

35

0.35

66.67

49

Hoke

62

0.41

63.16

95

Hyde

3

0.09

 n/a

18

Iredell

539

0.84

-22.45

89

Jackson

33

0.14

50.00

12

Johnston

551

0.91

-2.30

38

Jones

26

0.55

116.67

33

Lee

129

0.59

-31.02

71

Lenoir

68

0.24

240.00

16

Lincoln

260

0.86

-14.19

99

Macon

2

0.01

 n/a

85

Madison

19

0.18

0.00

42

Martin

54

0.49

58.82

68

McDowell

52

0.27

40.54

1

Mecklenburg

6,637

1.79

2.87

51

Mitchell

32

0.39

700.00

83

Montgomery

28

0.19

-24.32

67

Moore

108

0.27

2.86

25

Nash

294

0.73

-4.55

31

New Hanover

591

0.62

84.69

81

Northampton

21

0.19

23.53

53

Onslow

239

0.37

785.19

39

Orange

288

0.53

585.71

91

Pamlico

9

0.12

125.00

30

Pasquotank

100

0.63

75.44

40

Pender

129

0.53

43.33

72

Perquimans

16

0.24

300.00

41

Person

85

0.51

-6.59

37

Pitt

390

0.56

1,344.44

77

Polk

23

0.23

76.92

24

Randolph

436

0.74

23.86

92

Richmond

26

0.12

-18.75

84

Robeson

94

0.19

70.91

17

Rockingham

355

0.84

2.31

21

Rowan

458

0.78

15.37

57

Rutherford

107

0.34

7.00

62

Sampson

78

0.30

-8.24

52

Scotland

58

0.38

20.83

29

Stanly

170

0.63

41.67

26

Stokes

145

0.71

17.89

94

Surry

36

0.11

100.00

93

Swain

9

0.11

-10.00

90

Transylvania

22

0.13

2,100.00

58

Tyrrell

7

0.33

 n/a

7

Union

735

1.15

-9.93

45

Vance

88

0.46

-27.87

8

Wake

3,608

1.11

17.37

98

Warren

3

0.03

50.00

70

Washington

16

0.26

0.00

82

Watauga

51

0.19

121.74

20

Wayne

395

0.79

45.22

61

Wilkes

94

0.31

80.77

32

Wilson

199

0.59

11.17

47

Yadkin

71

0.43

42.00

96

Yancey

7

0.07

0.00

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved