Despite Tough Laws, North Carolina Foreclosures Continue to Rise!
Despite having some of the strongest mortgage laws in America, North Carolina has been reeling with spiraling foreclosure rate. Foreclosed homes in North Carolina reach a figure of 3,298 in March 2008, indicating decease of 19% from Feb 2008, but a marginal increase of 2% from same period last year.
The number of foreclosure houses in North Carolina has shown an increase from last year but experts below that there is a possible slowdown on the threshold. Moreover, statistics suggest that the recent appreciation in home prices by over six times than the country wide average in North Carolina may be responsible for the fall in foreclosure rate.
Currently ranked 20th in the nation on the foreclosures by state listing, N.C. has a foreclosure ratio of one household per 1, 222 households. The foreclosure rate for North Carolina has placed the state on the 26 position amongst the 50 states.
According to RealtyTrac’s report, the main five counties, which are responsible for the bulk activity of North Carolina foreclosures, are Mecklenburg, Wake, Gaston, Durham, and Guilford Counties. Combined, these 5 counties account for 48% of the entire foreclosure activity for the month of March. Mecklenburg County is leading the count with 736 foreclosure filings, followed by Wake County that recorded 322 properties for foreclosure. Gaston County comes at #3 with 189 foreclosure filings, while the #4 position is occupied by Durham County with 174 filings and Guilford County that reported 168 foreclosure filings warps up the top 5.
With 234, 685 properties on the foreclosure listings, North Carolina’s tough anti-predatory laws haven’t been effective enough to curb the expanding bank foreclosure listings so far.
