North Carolina Foreclosure Activity Rises in February

Statewide filings up 18 percent from January

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,992 North Carolina properties in February, an 18 percent increase from January, but still 3 percent below the level reported for February 2011, 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 1,446 housing units with a foreclosure filing in February.

Forsyth County posts top foreclosure rate in the state for February
 One in every 402 housing units in Forsyth County had a foreclosure filing in February — 1.6 times the national average and 3.6 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 468 housing units with a foreclosure filing during the month — 1.4 times the national average and 3.1 times the state average. Guilford County had the third highest rate of one in every 686 housing units with a foreclosure filing during the month — 2.1 times with the state average.

Mecklenburg County has top foreclosure total in February
 Mecklenburg County led the state in foreclosure activity, reporting 852 properties with foreclosure filings for the month. Wake County was second highest, reporting 485 properties with foreclosure filings. Forsyth County was third, reporting 390 properties with foreclosure filings. Fourth highest was Guilford County, recording 318 properties with foreclosure filings. Union County was fifth, tallying 96 properties with foreclosure filings for the month.

State a minor contributor to total foreclosure activity in February
 North Carolina accounted for 1 percent of the 206,900 properties with foreclosure filings reported nationwide in February. Total U.S. activity decreased by 2 percent from January and was down over 8 percent from the level reported in February 2011. One in every 637 U.S. housing units received a foreclosure filing during the month.

“February’s numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed,” said Brandon Moore, CEO of RealtyTrac. “Although national foreclosure activity was pushed lower by decreases in a handful of larger states, 21 states posted annual increases in foreclosure activity, the most states with annual increases since November 2010.

“The foreclosure and mortgage settlement filed in court earlier this week will help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures,” Moore continued. “That should result in more states posting annual increases in the coming months. Not surprisingly, many of the biggest annual increases in February were in states with the more bureaucratic judicial foreclosure process, which resulted in a larger backlog of foreclosures built up over the last 18 months in those states.”

North Carolina Top Foreclosure Rates By County – February2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

n/a

n/a

North Carolina

481

0

1,214

0

1,297

2,992

1,446

0.44

n/a

 

 

 

 

 

 

 

 

 

 

Forsyth

111

0

167

0

112

390

402

1.58

3.60

Mecklenburg

19

0

589

0

244

852

468

1.36

3.09

Guilford

13

0

178

0

127

318

686

0.93

2.11

Union

1

0

65

0

30

96

759

0.84

1.91

Wake

335

0

78

0

72

485

767

0.83

1.89

North Carolina Top Foreclosure Totals by County – February2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 12

% Chg Feb 11

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

-1.92

-8.09

North Carolina

481

0

1,214

0

1,297

2,992

1,446

17.75

-2.89

 

 

 

 

 

 

 

 

 

 

Mecklenburg

19

0

589

0

244

852

468

5.19

2.04

Wake

335

0

78

0

72

485

767

77.01

19.75

Forsyth

111

0

167

0

112

390

402

93.07

44.98

Guilford

13

0

178

0

127

318

686

16.48

0.63

Union

1

0

65

0

30

96

759

2.13

71.43

 

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