North Carolina Foreclosures Up in 2010

Foreclosure filings rise 41 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 40,151 North Carolina properties for 2010, up 41 percent from a year ago and 19 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 3,005 North Carolina properties in December 2010, a 26 percent decrease from November and 16 percent below the level reported in December 2009. One in every 1,398 North Carolina housing units received a foreclosure filing during the month.

 

“Even with a dip in December, foreclosure activity in North Carolina heated up in 2010, with the state racking up more filings than in either of the two previous years,” said James J. Saccacio, chief executive officer of RealtyTrac. “Making matters worse, unemployment within the state remains above the national average, with a rate inching into the double digits.”

 

One in every 105 North Carolina housing units received a foreclosure filing in 2010, the 34th highest state foreclosure rate in the nation for the year.

 

Mecklenburg County post state’s top foreclosure rate and total in 2010

Mecklenburg County posted the highest foreclosure rate in North Carolina in 2010, with one in every 40 housing units receiving a foreclosure filing — 2.6 times the state average. Union County had the second highest foreclosure rate, with one in every 56 housing units receiving a foreclosure filing in 2010 — 1.9 times the state average. The next highest was Guilford County, where one in every 57 housing units received a foreclosure filings during the year — 1.9 times the state average.

 

Mecklenburg County also led the state in foreclosure activity in 2010

Mecklenburg County also led the state in foreclosure activity, reporting 9,972 properties with a foreclosure filing. Wake County had the second highest foreclosure total, with 4,712 properties with foreclosure filings. Guilford County was third highest, reporting 3,768 properties with foreclosure filings for the year. Forsyth County came in fourth, tallying 2,531 properties with foreclosure filings. Fifth highest total for the year was in Union County, where 1,237 properties with foreclosure filings were reported.

 

State a minor contributor to total foreclosure activity in 2010

North Carolina accounted for 1 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

North Carolina

3,291

0

13,975

0

22,885

40,151

105

0.43

n/a

 

 

 

 

 

 

 

 

 

 

Mecklenburg

156

0

5,282

0

4,534

9,972

40

1.11

2.59

Union

0

0

512

0

725

1,237

56

0.80

1.85

Guilford

528

0

1,446

0

1,794

3,768

57

0.79

1.85

Forsyth

366

0

1,041

0

1,124

2,531

61

0.73

1.71

Wake

2,058

0

774

0

1,880

4,712

75

0.60

1.40

 

 

North Carolina Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

North Carolina

3,291

0

13,975

0

22,885

40,151

105

41.46

18.72

 

 

 

 

 

 

 

 

 

 

Mecklenburg

156

0

5,282

0

4,534

9,972

40

28.39

50.25

Wake

2,058

0

774

0

1,880

4,712

75

24.56

30.60

Guilford

528

0

1,446

0

1,794

3,768

57

23.70

19.85

Forsyth

366

0

1,041

0

1,124

2,531

61

17.61

23.52

Union

0

0

512

0

725

1,237

56

142.07

68.30

 

 

 

North Carolina Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

North Carolina

311

0

1,488

0

1,206

3,005

1,398

0.36

n/a

 

 

 

 

 

 

 

 

 

 

Mecklenburg

34

0

469

0

290

793

509

0.98

2.75

Guilford

82

0

166

0

78

326

655

0.76

2.13

Rockingham

24

0

25

0

12

61

704

0.71

1.99

Wake

120

0

204

0

164

488

724

0.69

1.93

Forsyth

49

0

108

0

54

211

734

0.68

1.91

 

 

North Carolina Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

North Carolina

311

0

1,488

0

1,206

3,005

1,398

-26.40

-15.80

 

 

 

 

 

 

 

 

 

 

Mecklenburg

34

0

469

0

290

793

509

-16.79

-24.98

Wake

120

0

204

0

164

488

724

-24.46

-31.94

Guilford

82

0

166

0

78

326

655

-13.53

-3.55

Forsyth

49

0

108

0

54

211

734

-31.27

-35.08

Buncombe

0

0

54

0

46

100

1,088

58.73

400.00

 

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