North Carolina Foreclosure Activity Falls in August

Filings decrease 1 percent from July

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,844 North Carolina properties in August, a 1 percent decrease from the previous month, but a 12 percent increase from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

“North Carolina reported a slight decrease in foreclosure activity in August, though its number of filings remained well above the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state continues to hover around 10 percent, which is above the national average and a concern among residents struggling to hold onto their homes in these uncertain times.”

 

The state reported the 35th highest state foreclosure rate, as one in every 867 North Carolina housing units received a foreclosure filing during the month.

 

Lincoln County leads the state in foreclosure rate for August

Lincoln County, where one in every 292 housing units received a foreclosure filing during the month, posted the top foreclosure rate in the state. One in every 365 housing units received a foreclosure filing in Mecklenburg County, for the second highest rate in the state. Coming in third was Guilford County, where one in every 371 housing units received a foreclosure filing in August. Fourth highest was Iredell County, where one in every 419 housing units received a foreclosure filing. Forsyth County came in fifth, with one in every 439 housing units receiving a foreclosure filing during the month.

 

State’s top foreclosure total for August posted in Mecklenburg County

Mecklenburg County led the state in total foreclosure activity for August, reporting 1,104 properties with foreclosure filings. Second highest was Guilford County, where 576 properties with foreclosure filings were reported. Wake County came in third, tallying 393 properties with foreclosure filings. Fourth highest was Forsyth County, where 353 properties with foreclosure filings were reported. Iredell County came in fifth, reporting 166 properties with foreclosure filings for the month.

 

State a minor contributor to nation’s monthly foreclosure total

North Carolina accounted for 1 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 U.S. housing units received a foreclosure filing during the month.

 

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 – August  2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

North Carolina

354

0

1,992

0

2,498

4,844

867

0.44

n/a

 

 

 

 

 

 

 

 

 

 

Lincoln

0

0

66

0

42

108

292

1.31

2.97

Mecklenburg

27

0

611

0

466

1,104

365

1.04

2.37

Guilford

61

0

291

0

224

576

371

1.03

2.34

Iredell

0

0

118

0

48

166

419

0.91

2.07

Forsyth

43

0

195

0

115

353

439

0.87

1.98

 

 

North Carolina Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

North Carolina

354

0

1,992

0

2,498

4,844

867

-0.92

12.21

 

 

 

 

 

 

 

 

 

 

Mecklenburg

27

0

611

0

466

1,104

365

-23.39

-39.77

Guilford

61

0

291

0

224

576

371

-10.84

45.82

Wake

183

0

15

0

195

393

899

-25.29

-43.37

Forsyth

43

0

195

0

115

353

439

-26.92

6.33

Iredell

0

0

118

0

48

166

419

147.76

315.00

 

 

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