North Carolina Foreclosure Activity Increased in Third Quarter

Total foreclosure filings up 9 percent statewide from the second quarter

Default notices down; auctions and REOs up for the quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 13,180 North Carolina properties during the third quarter, a 9 percent increase from the previous quarter and up nearly 34 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, North Carolina ranked 18th in the nation with 4,269 properties with foreclosure filings, a 12 percent decrease from the previous month but 14 percent above the level reported for the same month last year. One in every 984 North Carolina housing units received a foreclosure filing in September, ranking the 33rd highest foreclosure rate among the 50 states.

 

North Carolina foreclosures were up during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed 30 percent for the quarter. The state’s unemployment rate was slightly above the national average during July and August, and home values here declined further than most state’s over the past year. These factors are likely contributing to the rise.”

North Carolina ranked 17th in the nation in total foreclosures reported for the quarter. Its foreclosure rate of one in every 319 housing units receiving a foreclosure filing during the quarter, ranked it 32nd among the 50 states.

Mecklenburg County led state with top foreclosure rate in third quarter

Mecklenburg County posted the highest foreclosure rate in North Carolina during the third quarter of 2010, where one in every 119 housing units received a foreclosure filing — 2.7 times the state average. Forsyth County posted the second highest foreclosure rate, where one in every 159 housing units received a foreclosure filing during the period — twice the state average. Guilford County documented the third highest foreclosure rate, where one in every 163 housing units received a foreclosure filing — twice the state average.

 

Mecklenburg County posts state’s top foreclosure total for third quarter

Mecklenburg County dominated, reporting 3,388 properties with foreclosure filings for the quarter. Guilford County was second, reporting 1,313 properties with foreclosure filings. Wake County was third, tallying 1,306 properties with foreclosure filings. Forsyth County was fourth highest, reporting 974 properties with foreclosure filings. Union County came in last for the state’s top five, reporting 386 properties with foreclosure filings for the quarter.

 

State contributes less than 1 percent to nation’s foreclosure total for the quarter

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in North Carolina. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

North Carolina

932

0

5,584

0

6,664

13,180

319

0

n/a

 

 

 

 

 

 

 

 

 

 

Mecklenburg

58

0

1,919

0

1,411

3,388

119

1.17

2.68

Forsyth

124

0

503

0

347

974

159

0.87

2.01

Guilford

104

0

604

0

605

1,313

163

0.85

1.96

Union

0

0

159

0

227

386

181

0.77

1.76

Lincoln

0

0

97

0

59

156

202

0.69

1.58

 

 

North Carolina Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

North Carolina

932

0

5,584

0

6,664

13,180

319

9.32

34.24

 

 

 

 

 

 

 

 

 

 

Mecklenburg

58

0

1,919

0

1,411

3,388

119

20.23

2.76

Guilford

104

0

604

0

605

1,313

163

21.80

23.06

Wake

595

0

321

0

390

1,306

270

-19.68

5.07

Forsyth

124

0

503

0

347

974

159

32.16

32.16

Union

0

0

159

0

227

386

181

4.89

169.93

 

 

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