North Carolina Foreclosures Decline in November

Foreclosure filings down 15 percent from October

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,083 North Carolina properties in November, down 15 percent from the previous month but a 25 percent rise from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

North Carolina foreclosures were down in November,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in auctions, which fell 37 percent for the month. Since this time last year, the state’s unemployment rate has dropped more than 1 percent and is now below the national average. This is definitely contributing to the recent drop.”

North Carolina ranked 16th in the nation in total foreclosures reported for the month. Its foreclosure rate of one in every 1,029 housing units receiving a foreclosure filing during the month, ranked it 31st among the 50 states.

Alamance County achieves top foreclosure rate honors in November

Alamance County posted the highest foreclosure rate in North Carolina for November, with one in every 390 housing units receiving a foreclosure filing — 2.6 times the state average. Mecklenburg County reported the second highest foreclosure rate, with one in every 423 housing units receiving a foreclosure filing for the month — 2.4 times the state average. Forsyth County came in third, with one in every 504 housing units receiving a foreclosure filing — twice the state average.

 

Mecklenburg County dominates state foreclosure activity in November

Foreclosure activity was heaviest in Mecklenburg County, which reported 953 properties with foreclosure filings for the month. Wake County tallied the second highest foreclosure level, reporting 646 properties with foreclosure filings. Third highest total was in Guilford County, where 377 properties with foreclosure filings were reported. Fourth highest was Forsyth County, where 307 properties with foreclosure filings were reported. Cumberland County filled out the top five for the month, reporting 208 properties with foreclosure filings.

 

State contributes 2 percent to nation’s foreclosure total

North Carolina accounted for 2 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

North Carolina

711

0

1,649

0

1,723

4,083

1,029

0.48

n/a

 

 

 

 

 

 

 

 

 

 

Alamance

24

0

118

0

25

167

390

1.26

2.64

Mecklenburg

25

0

524

0

404

953

423

1.16

2.43

Forsyth

76

0

143

0

88

307

504

0.98

2.04

Wake

478

0

3

0

165

646

547

0.90

1.88

Guilford

79

0

207

0

91

377

566

0.87

1.82

 

 

North Carolina Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

North Carolina

711

0

1,649

0

1,723

4,083

1,029

-15.26

24.75

 

 

 

 

 

 

 

 

 

 

Mecklenburg

25

0

524

0

404

953

423

-14.83

6.24

Wake

478

0

3

0

165

646

547

3.03

30.51

Guilford

79

0

207

0

91

377

566

-39.39

-5.04

Forsyth

76

0

143

0

88

307

504

-22.47

7.72

Cumberland

0

0

158

0

50

208

658

-5.02

1,500.00

 

 

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