NC Foreclosure Rate Down Nearly 6% in 3rd Qtr versus 2008
The number of foreclosures in North Carolina fell nearly 6 percent in the third quarter from the same period last year, according to data from RealtyTrac Inc. The state had 9,818 foreclosures in the latest quarter, with one in every 420 homeowners receiving a default notice, auction-sale notice or bank-repossession filing. North Carolina ranked 36th in the nation for foreclosure filings in the latest quarter. Nevada, Arizona and California posted the top foreclosure rates. Foreclosure filings, however, rose nearly 29 percent in the third quarter from the second quarter. Foreclosure filings in North Carolina rose 51 percent in September from the same period last year. Filings were down 13.5 percent last month from August. Across the country, foreclosure filings rose 23 percent in the third quarter from a year ago. There were 937,840 foreclosure filings, which affected one in every 136 U.S. households. Filings rose 5 percent from the second quarter and fell 4 percent from August. Irvine, Calif.-based RealtyTrac tracks default notices, auction-sale notices and bank repossessions. Its figures exceed those compiled by the N.C. Commissioner of Banks. The company counts every foreclosure filing, including multiple filings for a single household, while the commissioner counts each household only once, regardless of the number of filings it receives.
This is fantastic news! When foreclosures start to fall off and more people are keeping their homes, it is a great indicator of the economy finally turning the corner. At least here in the Triangle. You can bet as things improve here, they will start to improve in the rest of the nation as well.