North Carolina Foreclosure Activity Rises in October

Foreclosure filings up 13 percent from September

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,818 North Carolina properties in October, a 13 percent increase from the previous month and up 40 percent from the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“North Carolina foreclosure activity heated up in October, with more filings than in the previous month and far more than were reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “High unemployment continues to be a struggle for the state, though joblessness recently dropped to 9.6 percent. With so many residents out of work for potentially long periods of time, it’s really no surprise that foreclosures continue to be an issue.”

 

One in every 872 North Carolina housing units received a foreclosure filing in October, the 31st highest foreclosure rate in the nation.

 

Guilford County posts state’s top foreclosure rate for October

Guilford County posted the highest county foreclosure rate in North Carolina for the month, with one in every 343 housing units receiving a foreclosure filing during October — 2.5 times the state average. Union County registered the second highest foreclosure rate, with one in every 356 housing units receiving a foreclosure filing during the month — 2.5 times the state average. Mecklenburg County was third highest, with one in every 360 housing units receiving a foreclosure filing — 2.4 times the state average.

 

Mecklenburg County led the state in foreclosure activity in October

Mecklenburg County had the top foreclosure total, reporting 1,119 properties with foreclosure filings for the month. Wake County tallied the second highest foreclosure level, reporting 627 properties with foreclosure filings. Third highest total was in Guilford County, where 622 properties with foreclosure filings were reported. Fourth highest was Forsyth County, where 396 properties with foreclosure filings were reported. Cumberland County was in fifth, tallying 219 properties with foreclosure filings. 

 

State a minor contributor to nation’s monthly foreclosure total

North Carolina accounted for 1 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 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 – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

North Carolina

624

0

2,615

0

1,579

4,818

872

0.45

n/a

 

 

 

 

 

 

 

 

 

 

Guilford

131

0

359

0

132

622

343

1.13

2.54

Union

0

0

140

0

56

196

356

1.09

2.45

Mecklenburg

31

0

863

0

225

1,119

360

1.08

2.42

Forsyth

83

0

209

0

104

396

391

0.99

2.23

Cabarrus

0

0

128

0

9

137

505

0.77

1.73

 

 

North Carolina Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

North Carolina

624

0

2,615

0

1,579

4,818

872

12.86

39.77

 

 

 

 

 

 

 

 

 

 

Mecklenburg

31

0

863

0

225

1,119

360

12.01

18.54

Wake

376

0

5

0

246

627

563

12.37

23.43

Guilford

131

0

359

0

132

622

343

115.22

32.62

Forsyth

83

0

209

0

104

396

391

37.98

14.45

Cumberland

0

0

176

0

43

219

625

222.06

1890.91

 

 

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