North Carolina Foreclosure Activity Down in 2011

Filings down 32 percent from 2010 and 3 percent from 2009

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 27,464 North Carolina properties in 2011, down 32 percent from a year ago and 3 percent below the level reported in 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

The state posted the 34th highest foreclosure rate in the nation, with one in every 155 North Carolina housing units receiving a foreclosure filing in 2011.

Foreclosure filings were reported on 2,736 North Carolina properties in December, a 1 percent increase from November, but down 9 percent from December 2010. One in every 1,557 North Carolina housing units received a foreclosure filing in December, the 34th highest state foreclosure rate in the nation.

Mecklenburg County has top foreclosure rate and total in 2011
 One in every 57 housing units in Mecklenburg County received a foreclosure filing during 2011 — 1.2 times the national average and 2.7 times the state average. Mecklenburg County also led the way in terms of total activity, reporting 7,244 properties with foreclosure filings during 2011.

Guilford County had the second highest rate with one in every 77 housing units reporting a foreclosure filing — twice the state average. Forsyth County had the third highest rate, reporting one in every 78 housing units with a foreclosure filing — twice the state average.

Wake County had the second highest total in the state, reporting 3,843 properties with foreclosure filings. Third highest total was tallied in Guilford County, where 2,810 properties with foreclosure filings were reported. Reporting 2,025 properties with foreclosure filings for the year, Forsyth County registered the fourth highest total in the state. Fifth highest was Cumberland County, where 980 properties with foreclosure filings were reported for 2011.

State a minor contributor to nation’s foreclosure total in 2011
 North Carolina accounted for 1 percent of the 1,887,777 properties with foreclosure filings reported nationwide for 2011. Total U.S. activity was down 34 percent from 2010 and was down 33 percent from the level reported for 2009. One in every 69 U.S. housing units received a foreclosure filing during the year.

“Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” said Brandon Moore, chief executive officer of RealtyTrac. “The lack of clarity regarding many of the documentation and legal issues plaguing the foreclosure industry means that we are continuing to see a highly dysfunctional foreclosure process that is inefficiently dealing with delinquent mortgages — particularly in states with a judicial foreclosure process.

“There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select local markets. We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011, though still below the peak of 2010.”

North Carolina Top Foreclosure Rates ByCounty – 2011

County

Total

% Housing Units

1/every X HU (rate)

/National Avg.

/State Avg.

 

 

 

 

 

 

United States

1,887,777

1.45

69

n/a

n/a

North Carolina

27,464

0.64

155

0.44

n/a

 

 

 

 

 

 

Mecklenburg

7,244

1.75

57

1.21

2.72

Guilford

2,810

1.30

77

0.90

2.01

Forsyth

2,025

1.29

78

0.89

1.99

Wake

3,843

1.06

94

0.73

1.65

Union

695

0.99

101

0.68

1.53

 North Carolina Top Foreclosure Totals ByCounty – 2011

County

Total

% Housing Units

1/every X HU (rate)

% Chg 2010

% Chg 2009

 

 

 

 

 

 

United States

1,887,777

1.45

69

-34.27

-33.17

North Carolina

27,464

0.64

155

-31.60

-3.24

 

 

 

 

 

 

Mecklenburg

7,244

1.75

57

-27.36

-6.73

Wake

3,843

1.06

94

-18.44

1.59

Guilford

2,810

1.30

77

-25.42

-7.75

Forsyth

2,025

1.29

78

-19.99

-5.90

Cumberland

980

0.73

137

24.37

250.00

 

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