North Carolina Foreclosure Activity Drops in November

Statewide filings down 8 percent from October

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,710 North Carolina properties in November, an 8 percent decrease from October and 34 percent below the level reported for November 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

North Carolina had the 34th highest foreclosure rate in the nation, reporting one in every 1,571 housing units with a foreclosure filing in November.

Forsyth County posts top foreclosure rate in the state for November
 One in every 539 housing units in Forsyth County had a foreclosure filing in November — 1.1 times the national average and 2.9 times the state average — the highest foreclosure rate of all North Carolina counties for the month. Mecklenburg County had the second highest rate of one in every 665 housing units with a foreclosure filing during the month — 2.4 times the state average. Cabarrus County had the third highest rate of one in every 725 housing units with a foreclosure filing during the month — twice the state average.

Mecklenburg County has the highest foreclosure total in November
 Mecklenburg County tallied the highest level of foreclosure activity in the state, reporting 622 properties with foreclosure filings for the month. Wake County had the second highest total, reporting 323 properties with foreclosure filings. Guilford County was third, reporting 297 properties with foreclosure filings. Fourth highest was Forsyth County, recording 292 properties with foreclosure filings. Cumberland County was fifth highest, tallying 126 properties with foreclosure filings for the month.

State a moderate contributor to total foreclosure activity in November
 North Carolina accounted for 1 percent of the 224,394 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 3 percent from October and was down over 14 percent from the level reported in November 2010. One in every 579 U.S. housing units received a foreclosure filing during the month.

“Despite a seasonal slowdown similar to what we’ve seen in each of the past four years, November’s numbers suggest a new set of incoming foreclosure waves, many of which may roll into the market as REOs or short sales sometime early next year,” said James Saccacio, co-founder of RealtyTrac. “Overall foreclosure activity is down 14 percent from a year ago, the smallest annual decrease over the past 12 months, and some bellwether states such as California, Ohio and Massachusetts actually posted year-over-year increases in foreclosure activity in November.

“Scheduled foreclosure auctions reached a nine-month high in November, corresponding to a recent surge in default notices that began back in August,” Saccacio continued. “Many of the new defaults that started the foreclosure process over the past few months are now being scheduled for public foreclosure auction.”

 

North Carolina Top Foreclosure Rates By County – November2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

37,397

34,333

74,100

22,440

56,124

224,394

579

n/a

n/a

North Carolina

378

0

1,120

0

1,212

2,710

1,571

0.37

n/a

 

 

 

 

 

 

 

 

 

 

Forsyth

83

0

136

0

73

292

539

1.07

2.92

Mecklenburg

11

0

362

0

249

622

665

0.87

2.36

Cabarrus

0

0

65

0

32

97

725

0.80

2.17

Guilford

11

0

143

0

143

297

728

0.80

2.16

Alamance

21

0

40

0

21

82

804

0.72

1.96

 North Carolina Top Foreclosure Totals by County – November2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 11

% Chg Nov 10

 

 

 

 

 

 

 

 

 

 

United States

37,397

34,333

74,100

22,440

56,124

224,394

579

-2.72

-14.46

North Carolina

378

0

1,120

0

1,212

2,710

1,571

-7.79

-33.63

 

 

 

 

 

 

 

 

 

 

Mecklenburg

11

0

362

0

249

622

665

-4.89

-34.73

Wake

251

0

8

0

64

323

1,118

-14.10

-50.00

Guilford

11

0

143

0

143

297

728

-24.62

-21.22

Forsyth

83

0

136

0

73

292

539

-17.05

-4.89

Cumberland

0

0

86

0

40

126

1,068

-34.03

-39.42

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