NORTH CAROLINA FORECLOSURE ACTIVITY UP 7 PERCENT IN AUGUST

Statewide Foreclosure Activity Increases 32 Percent From August 2007

 

IRVINE, Calif. – Sept. 26, 2008 – Foreclosure filings were reported on 4,600 North Carolina properties in August, an increase of 7 percent from the previous month and 32 percent above the level reported for August 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

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.

 

“At 6.9 percent for August, North Carolina has posted its highest level of unemployment reported in two years,” said James J. Saccacio, chief executive officer of RealtyTrac. “Foreclosure activity has increased slightly, which will likely continue in the coming months unless the state’s economy makes a quick comeback.”

 

North Carolina ranked 17th in the country in total properties with foreclosure filings reported for August. One in every 876 North Carolina households received a foreclosure filing during the month, ranking 23rd among the 50 states.

 

Mecklenburg County tops in foreclosure activity for August

Mecklenburg County led the state reporting 829 properties with foreclosure filings for the month. Guilford County came in second highest, reporting 458 properties with foreclosure filings. Third highest was Wake County, reporting 457 properties with foreclosure filings. Forsyth County came in fourth place, documenting 455 properties with foreclosure filings. Durham County came in fifth highest, reporting 216 properties with foreclosure filings during the month.

 

Forsyth County reports highest foreclosure rate list for August

Forsyth County posted the top county foreclosure rate in the state, with one in every 329 households receiving a foreclosure filing during the month — 2.7 times the state average. Mecklenburg and Guilford counties posted the second highest foreclosure rate, each reporting one in every 446 households receiving a foreclosure filing — twice the state average. Wilson County posted the third highest foreclosure rate, where one in every 493 households received a foreclosure filing — 1.8 times the state average.

 

State a modest contributor to nation’s foreclosure total in August

North Carolina accounted for 2 percent of the 303,879 properties with foreclosure filings reported nationwide in August. The national total represents an increase of 12 percent from the previous month and is 27 percent ahead of the total reported for August 2007. The nation’s foreclosure rate increased to one in every 416 U.S. households receiving 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 Foreclosure Market Data by County – August 2008

  

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

61,903

57,156

69,693

24,234

90,893

303,879

416

n/a

n/a

North Carolina

2,471

0

486

0

1,643

4,600

876

0.47

n/a

 

 

 

 

 

 

 

 

 

Alamance

28

0

2

0

25

55

1,132

0.37

0.77

Alexander

5

0

0

0

2

7

2,159

0.19

0.41

Alleghany

2

0

0

0

4

6

1,175

0.35

0.75

Anson

2

0

0

0

2

4

2,626

0.16

0.33

Ashe

4

0

0

0

1

5

2,989

0.14

0.29

Avery

6

0

0

0

0

6

2,199

0.19

0.40

Beaufort

1

0

3

0

0

4

5,876

0.07

0.15

Bertie

1

0

0

0

1

2

4,654

0.09

0.19

Bladen

2

0

0

0

4

6

2,645

0.16

0.33

Brunswick

40

0

0

0

24

64

1,078

0.39

0.81

Buncombe

40

0

0

0

24

64

1,647

0.25

0.53

Burke

0

0

0

0

0

0

n/a

0.00

0.00

Cabarrus

42

0

1

0

27

70

928

0.45

0.94

Caldwell

16

0

1

0

13

30

1,191

0.35

0.74

Camden

3

0

0

0

3

6

619

0.67

1.41

Carteret

48

0

0

0

12

60

752

0.55

1.16

Caswell

4

0

0

0

3

7

1,450

0.29

0.60

Catawba

36

0

1

0

33

70

948

0.44

0.92

Chatham

2

0

0

0

4

6

4,165

0.10

0.21

Cherokee

5

0

0

0

0

5

3,160

0.13

0.28

Chowan

0

0

0

0

0

0

n/a

0.00

0.00

Clay

4

0

0

0

1

5

1,295

0.32

0.68

Cleveland

18

0

1

0

31

50

855

0.49

1.02

Columbus

5

0

0

0

6

11

2,245

0.19

0.39

Craven

9

0

5

0

9

23

1,881

0.22

0.47

Cumberland

101

0

5

0

59

165

801

0.52

1.09

Currituck

7

0

1

0

9

17

798

0.52

1.10

Dare

11

0

0

0

21

32

998

0.42

0.88

Davidson

19

0

1

0

52

72

942

0.44

0.93

Davie

10

0

1

0

3

14

1,218

0.34

0.72

Duplin

0

0

1

0

3

4

5,339

0.08

0.16

Durham

149

0

3

0

64

216

523

0.79

1.67

Edgecombe

12

0

16

0

2

30

838

0.50

1.04

Forsyth

148

0

140

0

167

455

329

1.26

2.66

Franklin

9

0

2

0

13

24

968

0.43

0.91

Gaston

77

0

0

0

51

128

672

0.62

1.30

Gates

0

0

0

0

0

0

n/a

0.00

0.00

Graham

0

0

0

0

0

0

n/a

0.00

0.00

Granville

4

0

0

0

1

5

4,195

0.10

0.21

Greene

0

0

1

0

0

1

7,546

0.06

0.12

Guilford

146

0

174

0

138

458

446

0.93

1.96

Halifax

6

0

0

0

7

13

1,992

0.21

0.44

Harnett

10

0

1

0

14

25

1,758

0.24

0.50

Haywood

7

0

0

0

10

17

1,841

0.23

0.48

Henderson

13

0

2

0

10

25

1,946

0.21

0.45

Hertford

2

0

0

0

1

3

3,314

0.13

0.26

Hoke

2

0

2

0

2

6

2,544

0.16

0.34

Hyde

1

0

0

0

0

1

3,428

0.12

0.26

Iredell

64

0

2

0

53

119

541

0.77

1.62

Jackson

2

0

0

0

2

4

5,748

0.07

0.15

Johnston

44

0

0

0

25

69

875

0.47

1.00

Jones

0

0

0

0

1

1

4,726

0.09

0.19

Lee

0

0

2

0

6

8

2,755

0.15

0.32

Lenoir

0

0

3

0

0

3

9,324

0.04

0.09

Lincoln

5

0

2

0

9

16

1,884

0.22

0.46

Macon

0

0

0

0

0

0

n/a

0.00

0.00

MaDison

3

0

0

0

0

3

3,519

0.12

0.25

Martin

3

0

0

0

6

9

1,235

0.34

0.71

McDowell

3

0

1

0

2

6

3,248

0.13

0.27

Mecklenburg

564

0

10

0

255

829

446

0.93

1.96

Mitchell

3

0

0

0

0

3

2,753

0.15

0.32

Montgomery

3

0

1

0

0

4

3,686

0.11

0.24

Moore

7

0

0

0

12

19

2,098

0.20

0.42

Nash

20

0

10

0

20

50

810

0.51

1.08

New Hanover

52

0

0

0

20

72

1,331

0.31

0.66

Northampton

2

0

0

0

1

3

3,620

0.11

0.24

Onslow

6

0

0

0

12

18

3,541

0.12

0.25

Orange

26

0

1

0

4

31

1,755

0.24

0.50

Pamlico

1

0

0

0

0

1

7,222

0.06

0.12

Pasquotank

5

0

0

0

13

18

880

0.47

0.99

Pender

7

0

0

0

3

10

2,446

0.17

0.36

Perquimans

2

0

0

0

0

2

3,304

0.13

0.27

Person

2

0

1

0

4

7

2,400

0.17

0.36

Pitt

2

0

36

0

40

78

898

0.46

0.98

Polk

2

0

1

0

0

3

3,382

0.12

0.26

Randolph

24

0

3

0

20

47

1,257

0.33

0.70

Richmond

1

0

0

0

0

1

21,643

0.02

0.04

Robeson

10

0

3

0

1

14

3,559

0.12

0.25

Rockingham

20

0

0

0

12

32

1,326

0.31

0.66

Rowan

14

0

2

0

29

45

1,303

0.32

0.67

Rutherford

6

0

1

0

5

12

2,620

0.16

0.33

Sampson

5

0

1

0

9

15

1,740

0.24

0.50

Scotland

0

0

0

0

7

7

2,177

0.19

0.40

Stanly

13

0

0

0

7

20

1,341

0.31

0.65

Stokes

15

0

1

0

4

20

1,018

0.41

0.86

Surry

2

0

0

0

0

2

16,120

0.03

0.05

Swain

2

0

0

0

0

2

3,967

0.10

0.22

Transylvania

5

0

0

0

0

5

3,412

0.12

0.26

Tyrrell

1

0

0

0

0

1

2,145

0.19

0.41

Union

62

0

3

0

38

103

618

0.67

1.42

Vance

1

0

1

0

8

10

1,894

0.22

0.46

Wake

334

0

9

0

114

457

713

0.58

1.23

Warren

0

0

0

0

0

0

n/a

0.00

0.00

Washington

1

0

0

0

0

1

6,234

0.07

0.14

Watauga

3

0

0

0

1

4

6,641

0.06

0.13

Wayne

20

0

7

0

20

47

1,070

0.39

0.82

Wilkes

1

0

2

0

2

5

6,119

0.07

0.14

Wilson

35

0

17

0

16

68

493

0.84

1.78

Yadkin

10

0

2

0

5

17

978

0.43

0.90

Yancey

1

0

0

0

1

2

5,215

0.08

0.17

 

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

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