North Carolina Enjoys A Slowdown in Foreclosure Rate
As of March 2008, North Carolina’s foreclosures by state rate were down by 19% as compared to previous month with just 3, 298 foreclosure filings. However, this was a 2% rise from the same month in 2007, as per ForeclosureDataBank.com Foreclosure Market Report.
ForeclosureDataBank’s CEO Ernani Uchoa says that despite the fact that North Carolina foreclosures have risen marginally in count from this time in 2007, there is a clear downward trend now. Further on, statistics have clearly shown that North Carolina is currently experiencing a renewed interest in property buying and as a result residential prices have appreciated over six times than the national average of 2007. It’s definitely a positive development indeed and one that is contributing to the decline in number of forclosed homes.
Currently ranked 20th nationally for total number of foreclosed homes for the month of March 2008, North Carolina has reported one foreclosure filing for every 1,222 households. The state’s foreclosure ranking is 26th amongst all the 50 states in the country. ForeclosureDataBank has also said that the number of foreclosure filings across North Carolina in March 2008 were 3,298 indicating an increase of a mere 2% from same time last year; this works out to a correction of 18.6% on a monthly basis.
The state of North Carolina has clearly resisted national trends as the nation is dealing with a 57% increase in year-over-year foreclosure filing rate. Adding to the woes of a nation in crisis are the further increase in interest rates for adjustable rate mortgages, forcing homeowners to either file for bankruptcy or foreclosure their property after having defaulted on their mortgage. Undoubtedly North Carolina’s love affair with foreclosed homes is most likely to end on a happy note leaving a smile on faces of low and middle income homeowners!
