Foreclosure filings increased in the Triangle and across the state in the first quarter, even while filings dropped nationwide.
Filings jumped 35 percent in North Carolina compared to the same period last year, according to data from RealtyTrac, a research firm based in Irvine, Calif. Filings were up 17 percent in the Raleigh-Cary area and 15 percent in Durham. Nationally, filings fell 22 percent.
The drop in filings nationally has coincided with a rise in U.S. housing prices.
The Standard & Poor’s Case-Shiller home price index rose 10.9 percent in March compared to the same period a year ago. The Triangle is not among the 20 markets included in the index, and home prices have been slower to rise in this region.
Home prices, including distressed sales, increased 3.5 percent in the Raleigh-Cary market in March compared with the same period a year ago, according to CoreLogic, a real estate data provider. Prices in the Durham-Chapel Hill market increased 4.5 percent over that same period.
Foreclosures haven’t been nearly as widespread in the Triangle in recent years as in some other hard-hit areas, in large part because the region didn’t experience the run-up in home prices as markets where more speculation took place.
Foreclosures accounted for 13 percent of sales in Raleigh-Cary in the first quarter, according to RealtyTrac. They accounted for 12 percent of sales in Durham and 15 percent in North Carolina. Foreclosures accounted for 21 percent of all sales nationally.
RealtyTrac’s data includes filings in all three phases of foreclosure: Notice of Default, Auction and Real Estate Owned, or REO. For properties that have more than one filing during the year, RealtyTrac only counts the most recent.