Foreclosure Activity in North Carolina Down in July

Statewide foreclosure filings down 16 percent from June

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,567 North Carolina properties in July, down 16 percent from June and 47 percent below the level reported for July 2010, according to the latest 2011 RealtyTrac® Foreclosure Market Report. One in every 1,659 North Carolina housing units received a foreclosure filing in July, the nation’s 36th highest foreclosure rate.

 

Mecklenburg County posts top foreclosure rate for July

Mecklenburg County posted the top foreclosure rate in North Carolina for July, with one in every 589 housing units receiving a foreclosure filing — 2.8 times the state average. Pender County had the second highest foreclosure rate for July, with one in every 665 housing units receiving a foreclosure filing — 2.5 times the state average. Forsyth County was third highest for July, with one in every 696 housing units receiving a foreclosure filing — 2.4 times the state average.

 

Mecklenburg County also has top foreclosure total for July

Mecklenburg also had the highest total, reporting 702 properties with foreclosure filings for the month. Wake County had the second highest total, reporting 297 properties with foreclosure filings for July. Guilford County had the third highest total, reporting 262 properties with foreclosure filings. Forsyth County came in fourth, tallying 226 properties with foreclosure filings. New Hanover County was fifth, reporting 87 properties with foreclosure filings for July.

 

State a moderate contributor to nation’s foreclosure total in July

North Carolina accounted for 1 percent of the 212,764 properties with foreclosure filings reported nationwide in July. Total U.S. activity decreased 4 percent from June, and was down 35 percent from the level reported for July 2010. One in every 611 U.S. housing units received a foreclosure filing during July.

 

“July foreclosure activity dropped 35 percent from a year ago, marking the 10th straight month of year-over-year decreases in foreclosure activity and the lowest monthly total since November 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “This string of decreases was initially triggered by the robo-signing controversy back in October 2010, which forced lenders to substantially slow the pace of foreclosing, but the downward trend in foreclosure activity has now taken on a life of its own. It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts — including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed — may be allowing more distressed homeowners to stave off foreclosure. 

 

“Unfortunately, the falloff in foreclosures is not based on a robust recovery in the housing market but on short-term interventions and delays that will extend the current housing market woes into 2012 and beyond,” Saccacio continued. “A stabilizing economy and improving job market are the long-term keys to a housing market recovery.” 

 

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 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

28,070

31,446

65,404

20,015

67,829

212,764

611

n/a

n/a

North Carolina

286

0

1,473

0

808

2,567

1,659

0.37

n/a

 

 

 

 

 

 

 

 

 

 

Mecklenburg

22

0

494

0

186

702

589

1.04

2.82

Pender

0

0

30

0

9

39

665

0.92

2.49

Forsyth

88

0

77

0

61

226

696

0.88

2.38

Guilford

21

0

152

0

89

262

825

0.74

2.01

Union

0

0

51

0

26

77

916

0.67

1.81

 

 

 

North Carolina Top Foreclosure Totals by County – July 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg. June 11

% Chg. July 10

 

 

 

 

 

 

 

 

 

 

United States

28,070

31,446

65,404

20,015

67,829

212,764

611

-4.48

-34.58

North Carolina

286

0

1,473

0

808

2,567

1,659

-16.47

-47.49

 

 

 

 

 

 

 

 

 

 

Mecklenburg

22

0

494

0

186

702

589

-29.23

-51.28

Wake

150

0

98

0

49

297

1,216

-52.17

-43.54

Guilford

21

0

152

0

89

262

825

-21.56

-59.44

Forsyth

88

0

77

0

61

226

696

29.89

-53.21

New Hanover

0

0

57

0

30

87

1,156

148.57

93.33

 

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