Statistcs on Raleigh bank foreclosures
Homeowners in North Carolina have been struggling to keep their American Dream alive especially in the event of high rate of bank foreclosures. North Carolina boasts of tough mortgage laws, which was enforced almost a decade back and have been able to provide some protection against foreclosures although there is a long way to go. But the sad truth is that in spite of these stringent laws, North Carolina has witnessed a rise in the number of foreclosed homes in the recent times.
In the wake of a recent increase in the North Carolina bank foreclosures, different counties including Wake County recorded a maximum number of foreclosures. Wake County recorded a rate of one foreclosure per 319 households and the rate remained the same in Johnston and Franklin counties in 2007. This is a straight jump of 105.7% since the third quarter of 2006.
These figures imply just one thing that there is a high number of North Carolina foreclosure homes available for sale. In fact, experts also believe that there will be no respite from the rising Raleigh foreclosure homes in 2008. Statistics show that the foreclosures in the Raleigh-Cary metropolitan area had doubled in 2007 with an increase of 16.8% in the 2nd quarter of last year.
With an increase in the number of Raleigh bank foreclosures, residential housing has had a negative impact. Raleigh is now ranked number 67 in the list of the top 100 metropolitan areas based on the number of foreclosures for sale. This has caused a slowdown in existing home sales as it fell by 24% last year. The closing on some of the new homes for single families also took a dive of 11% by the end of the 3rd quarter in 2007. If this goes on any longer then it might even hit the local economy.
