North Carolina Foreclosure Activity Up in Third Quarter

Total foreclosure filings up 29 percent from Q2, Down 6 percent from Q3 2008.

 

North Carolina reported 9,818 properties with foreclosure filings in the third quarter of 2009, an increase of 29 percent from the previous quarter but 6 percent below the level reported in the third quarter of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

North Carolina foreclosures are up during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 49 percent for the quarter. At 10.8 percent, North Carolina’s unemployment rate in September is well above the national average of 9.8 percent. However, home sales have begun to pick up and foreclosures here are lower than they were this time last year.”

 

North Carolina ranked 23rd in the country in total foreclosures reported for the third quarter. With one in every 420 housing units receiving a foreclosure filing, its foreclosure rate ranked 36th among the 50 states.

 

Foreclosure activity in the Old North State was down 13 percent in September from the previous month to 3,735 properties with foreclosure filings, but elevated on a yearly basis, up 51 percent from September 2008. The state’s foreclosure rate was 36th highest in the nation for the month — with one in every 1,105 housing units receiving a foreclosure filing.

 

Mecklenburg County posts state’s top foreclosure rate in the third quarter

Mecklenburg County posted the highest county foreclosure rate in the state for the third quarter, with one in every 118 housing units receiving a foreclosure filing — four times state average. Guilford County was second, with one in every 197 housing units receiving a foreclosure filing during the quarter — 2.1 times the state average. Forsyth County posted the third highest foreclosure rate, where one in every 207 housing units received a foreclosure filing — twice the state average.

 

Five counties accounted for 67 percent of foreclosure activity in the third quarter

Mecklenburg County led the way, tallying 3,297 properties with foreclosure filings for the quarter. Wake County came in second highest foreclosure total, reporting 1,243 properties with foreclosure filings. Guilford County came in third, tallying 1,067 properties with foreclosure filings. Forsyth County posted the fourth highest foreclosure total for the quarter, reporting 737 properties with foreclosure filings. Alamance County documented 204 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

 

State contributes 1 percent to nation’s foreclosure activity for quarter and month

North Carolina accounted for 1 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and 1 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

 

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 Top Foreclosure Rates by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

n/a

n/a

North Carolina

1,028

4

4,158

0

4,628

9,818

420.18

0.32

n/a

 

 

 

 

 

 

 

 

 

 

Mecklenburg

115

0

2,175

0

1,007

3,297

118

1.15

3.55

Guilford

85

0

607

0

375

1,067

197

0.69

2.13

Forsyth

135

0

387

0

215

737

207

0.66

2.03

Wake

568

2

374

0

299

1,243

273

0.50

1.54

Alamance

20

0

77

0

107

204

314

0.43

1.34

 

 

North Carolina Top Foreclosure Totals by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 09

% Chg Q3 08

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

5.40

22.50

North Carolina

1,028

4

4,158

0

4,628

9,818

420.18

28.86

-5.99

 

 

 

 

 

 

 

 

 

 

Mecklenburg

115

0

2,175

0

1,007

3,297

118

50.75

41.93

Wake

568

2

374

0

299

1,243

273

13.62

22.22

Guilford

85

0

607

0

375

1,067

197

22.08

18.16

Forsyth

135

0

387

0

215

737

207

12.18

-24.02

Alamance

20

0

77

0

107

204

314

-6.85

65.85

 

 

North Carolina Top Foreclosure Rates by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

n/a

n/a

North Carolina

455

0

1,396

0

1,884

3,735

1,105

0.34

n/a

 

 

 

 

 

 

 

 

 

 

Mecklenburg

27

0

657

0

311

995

392

0.95

2.82

Forsyth

89

0

129

0

87

305

499

0.75

2.21

Alamance

16

0

64

0

48

128

500

0.74

2.21

Guilford

56

0

225

0

108

389

540

0.69

2.05

Randolph

8

0

59

0

25

92

647

0.57

1.71

 

 

North Carolina Top Foreclosure Totals by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Aug 09

% Chg Sept 08

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

-4.14

29.20

North Carolina

455

0

1,396

0

1,884

3,735

1,105

-13.48

50.79

 

 

 

 

 

 

 

 

 

 

Mecklenburg

27

0

657

0

311

995

392

-45.72

41.94

Wake

239

0

117

0

145

501

678

-27.81

139.71

Guilford

56

0

225

0

108

389

540

-1.52

-25.19

Forsyth

89

0

129

0

87

305

499

-8.13

0.33

Alamance

16

0

64

0

48

128

500

166.67

540.00

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