North Carolina Foreclosure Activity Down in Third Quarter

Filings down 14 percent from Q2 2011, down 48 percent from a year ago

Foreclosure filings — default  notices, scheduled auctions and bank repossessions — were reported on 6,899 North Carolina  properties during the third quarter of 2011, down 14 percent from the second  quarter of 2011 and 48 percent below the level reported for the same quarter  last year, according to the latest RealtyTrac®  U.S. Foreclosure Market Report.

One in every 617 North Carolina housing units had a  foreclosure filing during the quarter, the state posted the 38th  highest foreclosure rate in the nation.

Foreclosure filings were reported  on 2,183 North Carolina  properties in September, a 14 percent decrease from August and down 49 percent  from September 2010. One in every 1,951 North    Carolina housing units had a foreclosure filing in  September, the 40th highest state foreclosure rate in the nation.

Mecklenburg County posts foreclosure  rate and total for the third quarter
  One in every 212 housing units in Mecklenburg County had a foreclosure filing during  the third quarter of 2011 — on par with the national average and 2.9 times the  state average. Mecklenburg   County also had the  highest state total, reporting 1,952 properties with foreclosure filings.

Guilford County had the second highest rate with one in every 257  housing units reporting a foreclosure filing — 2.4 times the state average. Forsyth County had the third highest rate,  reporting one in every 305 housing units with a foreclosure filing — twice the  state average.

Wake County had the second highest total in the state,  reporting 962 properties with foreclosure filings. Third highest total was  tallied in Guilford   County, where 842  properties with foreclosure filings were reported. Reporting 516 properties  with foreclosure filings for the quarter, Forsyth County  registered the fourth highest total in the state. Fifth highest was Cumberland County, where 147 properties with  foreclosure filings were reported for the quarter.

State a minor contributor to  nation’s foreclosure total in the third quarter
  North Carolina accounted for 1 percent of the 610,337 properties  with foreclosure filings reported nationwide for the third quarter of 2011.  Total U.S.  activity was up slightly from the second quarter of 2011, but was down 34  percent from the level reported for the same quarter in 2010. One in every 213 U.S. housing  units received a foreclosure filing during the quarter.

“U.S.  foreclosure activity has been mired down since October of last year, when  the robo-signing controversy sparked a flurry  of investigations into lender foreclosure procedures and paperwork,” said  James Saccacio, chief executive  officer of RealtyTrac. “While foreclosure  activity in September and the third quarter continued to register well below levels  from a year ago, there is evidence  that this temporary downward trend is about to  change direction, with foreclosure activity slowly beginning to ramp back  up.”
  “Third quarter foreclosure activity increased marginally from the previous quarter, breaking a  trend of three consecutive quarterly  decreases that started in the fourth quarter of 2010,” Saccacio continued. “This marginal increase in overall  foreclosure activity was fueled by  a 14 percent jump in new default notices, indicating that lenders are cautiously throwing more wood into the foreclosure  fireplace after spending months trying  to clear the chimney of sloppily filed foreclosures.”

 

                                 North Carolina Top Foreclosure Rates By County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

n/a

n/a

North Carolina

755

0

3,377

0

2,767

6,899

617

0.34

n/a

 

 

 

 

 

 

 

 

 

 

Mecklenburg

40

0

1,316

0

596

1,952

212

1.01

2.91

Guilford

66

0

454

0

322

842

257

0.83

2.40

Forsyth

143

0

184

0

189

516

305

0.70

2.02

Wake

469

0

244

0

249

962

375

0.57

1.64

Rowan

0

0

38

0

106

144

420

0.51

1.47

          North Carolina Top Foreclosure Totals by County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 11

% Chg Q3 10

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

0.35

-34.40

North Carolina

755

0

3,377

0

2,767

6,899

617

-13.92

-47.66

 

 

 

 

 

 

 

 

 

 

Mecklenburg

40

0

1,316

0

596

1,952

212

-17.85

-42.38

Wake

469

0

244

0

249

962

375

-16.78

-26.34

Guilford

66

0

454

0

322

842

257

-5.18

-35.87

Forsyth

143

0

184

0

189

516

305

-25.22

-47.02

Cumberland

0

0

87

0

60

147

915

-41.43

-2.65

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