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There is no respite for homeowners in North Carolina as this beautiful state has been marred by a constant rise in bank foreclosures. In fact, the filings have increased by almost 66.7% in North Carolina in the year 2007. 2008 has started with an increase in the repository of North Carolina bank foreclosures and this is almost a nightmarish condition for homeowners across the different counties.
One of the important metropolitan areas that recorded a high foreclosure rate is Winston Salem with almost 2,067 foreclosure homes recorded here. The number of Winston Salem foreclosure homes has increased by around 92% since 2006. The Winston-Salem MSA consists of several counties including Forsyth County, Davie County, Yadkin County and Stokes County. The major contribution to Winston Salem bank foreclosures came from the Forsyth County, which recorded an increase of almost 102% since 2006. 1,840 foreclosed homes were recorded from this county in 2007.
If we look at the overall impact of different counties then we find an increase of 67% in North Carolina foreclosure homes and the total number reported in 2007 was 37,426 homes. The North Carolina Commissioner of Banks presented a report to the General Assembly on January 23, 2008 regarding the condition of the overall housing market in the state but it is not expected to bring much relief to the existing homeowners.
In fact, experts are suggesting that there could be a steep increase of almost 20% in 2008 as far as North Carolina foreclosure homes are concerned. This prediction is based on three factors, which are slowdown in the home prices and real estate, issuing of more subprime loans especially when the interest rates are skyrocketing, and an unfortunate spillover caused by slow economic conditions. What everyone fails to see is that this might well be another dead lock for the already traumatized and distressed homeowners.
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