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Foreclosure filings in the Triangle down 10 percent in first quarter

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Foreclosure filings in North Carolina increased 8 percent in the first quarter as a sluggish economic recovery continued to hurt the housing market.

The news was better in the Triangle, where filings declined 10 percent.

Filings were flat in Johnston and Orange, but declined 12 percent in Wake and 13 percent in Durham.

Wake led the way with 1,289 filings, while Durham was second with 505.

There were 18,917 total filings in the state during the first three months of 2011, according to the N.C. Administrative Office of the Courts.

Filings mark the start of the foreclosure process. Some homeowners will work out repayment plans. Others will lose their homes.

The foreclosure crisis long ago spread from subprime borrowers to those with traditional mortgages.

Foreclosures put downward pressure on the real estate values in areas where they occur and exacerbate the excess of inventory that already exists in many markets.

Home prices in many communities aren't likely to stabilize until all the foreclosures are dealt with.

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About the blogger

Business reporter David Bracken came to the N&O in 2004. He covers commercial and residential real estate. Contact David at 919-829-4548 or e-mail him.