Business

Triangle foreclosure filings to set record, housing group forecasts

Posted November 8, 2010

— Foreclosure filings are projected to set a record in North Carolina and across the Triangle this year, according to the N.C. Justice Center.

The advocacy group for low- and moderate-income N.C. residents estimates that nearly 75,000 filings will be made by year’s end. The record of 63,286 was set last year.

Filings are projected to top the previous record as of Nov. 23.

In the Triangle, Wake County is expected to finish second to Mecklenburg County with 5,800 filings. In 2009, 5,177 filings were made and in 2008 as the current recession began there were 4,744 filings.

In Durham, filings are projected to hit 1,900. That would be an increase of 107 from 2009.

In Orange County, filings are expected to rise to 403 from 333 a year ago.

Johnston County filings are estimated to finish down slightly at 1,296 from 1,306 in 2009.

The Justice Center said the data pointed out a need to “protect homeowners” and expand the availability of more affordable rental housing.

Top 10 counties based on projected foreclosure filings:

1. Mecklenburg (11,713)
2. Wake (5,800)
3. Guilford (4,360)
4. Forsyth (2,532)
5. Union (2,132)
6. New Hanover (1,979)
7. Durham (1,900)
8. Gaston (1,828)
9. Brunswick (1,801)
10. Cumberland (1,698)

Top 10 counties per capita projected foreclosure filings:

1. Dare (2.76 percent of individuals)
2. Brunswick (1.63)
3. Currituck (1.45)
4. Mecklenburg (1.29)
5. Clay (1.16)
6. Cherokee (1.13)
7. Union (1.06)
8. Pender (1.05)
9. New Hanover (1.01)
10. Jackson (.97)
 

80 Comments

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  • DontLikeTheSocialistObama Nov 9, 5:50 p.m.

    It's simple, if you don't pay you get kicked out. Yet the liberals are trying to keep these people who can't make their payments in their homes.

  • Remy Nov 9, 5:23 p.m.

    Mako, there is too mcuh work to do in order to get you up to speed. You are soo far off that it is impossible in this format to help you understand that you do not understand. Maybe another time.

  • MakoII Nov 9, 4:20 p.m.

    HappyDaysAhead,

    On top of that, you're paying essentially your enemy. They make more money, the more you pay.

    They have NO interest in you finding a low price. Or seeking a cheaper house if they know you can "afford" more.

    As the search goes on, they get impatient and want you to just settle.

    One agent said to me one time "Well you HAVE to buy SOMETHING as SOME point"

    To which I said "Uh, no. I don't have to buy ANYTHING if I don't want to"

    Agents don't work FOR you. They work AGAINST you, to match you with the highest price they can get you to accept, accountable for nothing you buy, and such a huge cost it SHOULD be criminal.

  • MakoII Nov 9, 4:14 p.m.

    HappyDaysAhead,

    Let's be specific and brief.

    Detail for ME why I should pay $12,000 to a Real Estate Agent to sell my 200k house?

    What will that agent do that is worth the price almost of a car? (have access to a network, know whats open, make phone calls. 1/2 a years secretary salary for a few hours work?!?)

    And what are they bound by law to do for me for that price?

  • MakoII Nov 9, 4:10 p.m.

    HappyDaysAheadj,

    Pray tell me what the Realtor is BOUND BY LAW to DO for YOU that "earns" them percentages on your home?

    If your million dollar home all of a sudden finds itself next to a county dump put in a year later that was on the planning books for 10 years, does the Real Estate Agent have to find that out and tell you?

    No.

    If a Hog Farm is planned to go in or zoned next door, do they have to point out to you that the lack of residential zoning could affect the quality of your living there or the price of your property?

    No.

    They make YOU sign agreements to use them, but what are they bound to give YOU in return? Consideration that they are accountable to? That in effect is worth percentages of many thousands of dollars?

    You'll responds with nothing again. Because there is nothing they are accountable for that materially may affect your property's price (much less it's livability) yet they make money off of that price. For driving you around. Research? LMAO!

  • Remy Nov 9, 3:31 p.m.

    Mako, are you saying you want them to be accountable for information they have not disclosed? Not sure what you are getting at. Give me a scenario where someone is out cash because something was not disclosed. Until money changes hands, there is not much to be accountable for. An inspector is paid for the inspection, therefore accountable. Plumber the same. A RE agent is not paid until after closing, at which time they become accountable, so these are completely different types of issues.

  • MakoII Nov 9, 2:57 p.m.

    HappyDaysAhead,

    How about similar accountability that an inspector has?

    Do Realtors have to buy liability insurance?

    No. Because they aren't accountable. An electrician is more accountable. A plumber is more accountable. Heck, the guy fixing your BRAKES is more accountable than a real estate agent.

    Wah, they have to drive people around to homes and people don't buy. Fine. Change it to the buy has to PAY the realtor per home. The realtors make a flat fee per showing, say $50 bucks, and a flat fee per house bought just like lawyers. $400 bucks.

  • Remy Nov 9, 2:35 p.m.

    mako - both realtors work for the seller, unless you specifically had a buyers agreement, which is complelety different. Another part of it comes down to where you were in the process. In your scenario, if an offer had been made, then the realtor would have been accountable, and you still had the ability to get out. The agent is not really accountable until a purchase has been made, and the problem is found later. The agent's real accountability is they are not going to make a commission, and may have wasted a lot of time and money working towards a deal that never works out. It is true there is not a lot of acountability until money has changed hands. Not sure what accountability do you want from them?

  • MakoII Nov 9, 1:54 p.m.

    celli,

    I DID get out of the house because it was in the contract. Any "material" alteration of the property within x number of months meant I could get out of it. Line 8 I think.

    But the Realtor? Zero accountability. That contract was with the SELLER's Realtor.

    Who of course didn't tell me about the Highway. But MY Realtor (the buyer's) never looked it up.

    The homeowner knew, and of course could have been sued, but I just took my money and moved on.

    But BOTH Realtors had zero accountability for their failure to find and relay that information.

    Just as NEITHER of them were accountable for finding out that Raleigh had put some sort of restriction on them for a bad sewage field that had to be replaced.

    I had to find that out myself too. Why shouldn't I get the whole percentage for finding out what was wrong?

    If there was some sort of regulation on them for that, it NEVER would have happened.

    BTW, You didn't mention one thing they were accountable for.

  • Remy Nov 9, 1:47 p.m.

    Celli - I think mako is looking for specifics which I do not have. The rezoning issue is probably right. The biggest issue is that the purchaser is usually not informed and makes the agent's job very hard, and they spend a lot of time just getting the buyer up to speed. Especially with first time buyers. We have a family full of Realtors and there are always issues to be worked out.

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