Blogs

newsobserver.com blogs

NC foreclosure filings down 16 percent through first half of 2011

Foreclosure filings in North Carolina slowed during the second quarter and are now down 16 percent compared to the first half of last year.

There were 29,371 total filings in the state during the first six months of 2011, according to the N.C. Administrative Office of the Courts.

Filings were also down 14 percent in the Triangle counties of Durham, Johnston, Orange and Wake.

Filings were down 20 percent in Durham and 15 percent in Wake.

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. Although the crisis has not been as severe in the Triangle as elsewhere, it's still been impediment to prices stabilizing.

Foreclosures are expected to continue to be an issue as long as chronically high unemployment continues to cause people to fall behind on their mortgages.

Many analysts have been bracing for foreclosure activity to pick up as proceedings that were halted late last because of the controversy about foreclosure documentation are restarted.

Thus far that hasn't happened.

Triangle foreclosure filings up sharply compared to last year

Foreclosure filings in Durham, Johnston, Orange and Wake counties totaled 1,516 through the first two months of 2010, a 72 percent increase over the same period the prior year, the N.C. Administrative Office of the Courts reports.

The four-county region accounted for 14 percent of the 10,881 foreclosure filings reported in North Carolina through the first two months of the year.

Foreclosure filings mark the start of the foreclosure process. Some homeowners will work out repayment plans. Others will lose their home to final foreclosure sales.

The most foreclosure filings in the Triangle in January and February occurred in Wake, which recorded 934. Next highest was Durham with 312, followed by Johnston with 210 and Orange with 60.

Foreclosure filings were also up sharply in Mecklenburg County, home to Charlotte. The county reported 1,744 filings through the first two months, a 95 percent increase over the same period in the previous year.

Triangle foreclosure filings up sharply in January compared to same period last year

Foreclosure filings in January in Durham, Johnston, Orange and Wake counties increased 119 percent compared to the same period last year, the N.C. Administrative Office of the Courts reported today.

Filings in the four counties totaled 738, which was close to the 749 filings reported in the four counties in January 2008.

There were 5,247 filings in North Carolina in January 2010.

Foreclosure filings mark the start of the foreclosure process. Some homeowners will work out repayment plans. Others will lose their home to final foreclosure sales.

The most foreclosure filings in the Triangle in January occurred in Wake, which recorded 465. Next highest was Durham with 148, followed by Johnston with 95 and Orange with 30.

Cars View All
Find a Car
Go
Jobs View All
Find a Job
Go
Homes View All
Find a Home
Go

Want to post a comment?

In order to join the conversation, you must be a member of newsobserver.com. Click here to register or to log in.
Advertisements