Triangle foreclosure filings remain ahead of last year's pace

Foreclosure filings in the Triangle continue to outpace last year's levels through the first eight months of this year.

Filings in Durham, Johnston and Wake counties totaled 5,901 through the first eight months of 2010, up 14 percent from the same period a year ago, according to the N.C. Administrative Office of the Courts monthly report.

In Wake, there were 560 filings in August, up 20 percent from August 2009. Filings in Wake through the first eight months of the year are 17 percent higher than the same period last year.

Durham filings are 16 percent higher through the first eight months of 2010 compared with the same period last year. Through the first eight months of 2010 Johnston filings are down 3 percent over the previous year.

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

As the economic downturn has dragged on and the state's unemployment rate has remained high, the foreclosure crisis has spread from subprime borrowers to those with traditional mortgages.

North Carolina recently received a $159 million federal aid package allowing it to expand the foreclosure prevention programs the state offers struggling homeowners

Most of the funds will be used to make mortgage payments for unemployed workers while they seek other employment or participate in job training programs.

North Carolina is one of five states receiving money from a $600 million aid pool designed to prevent foreclosures in states plagued by high unemployment.

Only Ohio received a larger allocation than North Carolina, which had an unemployment rate of 10 percent in June.