Business

Foreclosures surge 40 percent in N.C. from a year ago

Posted November 11, 2010

— Home foreclosures increased nearly 40 percent in North Carolina last month compared to a year ago, according to new data from foreclosure tracking firm RealtyTrac.

Foreclosures were also up 13 percent from September, according to the California-based company.

More than 4,800 properties were involved in some sort of foreclosure-related action.

The North Carolina data is counter to that of the nationwide trend, which declined 4 percent from September and was nearly identical to statistics from October 2009.

“October marks the 20th consecutive month where over 300,000 U.S. homeowners received a foreclosure notice,” said RealtyTrac Chief Executive Officer James Saccacio. “The numbers probably would have been higher except for the fallout from the recent ‘robo-signing’ controversy – which is the most likely reason for the 9 percent monthly drop in [foreclosures] we saw from September to October and which may result in further decreases in November.”

The robo-signing controversy erupted when several banks acknowledged problems in the handling of foreclosure documents.

The RealtyTrac report comes on the heels of news earlier this week from the N.C. Justice Center which projected that foreclosures in the state would set a record this year.

Specific categories of foreclosure activity in October as reported by RealtyTrac:

  • Notices of default: 624
  • Notice of trustee sale: 2,615
  • Real estate owned or properties that have been foreclosed and repurchased by a bank: 1,579
  • Total: 4,818

The N.C. Justice Center, an advocacy group for low- and moderate-income N.C. residents, estimates that nearly 75,000 foreclosure 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.

83 Comments

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  • ykm Nov 11, 5:17 p.m.

    Not picking a side on this but the banks would not be, if the tax payers didn't bail them out. Along with the federal reserve bailing out the stock, bond and currency markets. The banks made money on the up side the down side and the bailout side. I believe it's time for the banks and mortgage insurance co to sink or swim without any help.

  • flyguync Nov 11, 5:09 p.m.

    Hey mep, I am also a fan of Dave Ramsey. If people (and the government) would just learn to live within their means, we would not have economic problems in this country.

  • Bill Brasky Nov 11, 3:13 p.m.

    "if you aren't going to be able to afford a mortgage the government doesn't force a lender to give you one in the name of "social justice""

    Government didn't force these lenders to make those loans, in fact those lenders made off big in the subprime market.

    You're right borrowers are partially to blame, but many of these loans were refinances that later went belly up. These loan officers were very aggressive when they went after people to refinance and they were buddies with appraisers who could appraise the home for whatever the loan officer needed in order to make the deal work. Thats how we got inflated home values.

    Nowadays loan officers are not allowed to talk to the appraisers, and if they do the loan is automatically denied.

  • mep Nov 11, 2:38 p.m.

    tgiv... THANKS! I highly recommend Dave Ramsey. Been following his advice for YEARS. Changed my life for the better. Dave was a millionaire, went totally broke, and is a millionaire again. Still No credit cards even though he travels for a living, proved people can live and thrive with a no debt lifestyle. He can show you how the mortgage tax write-offs are a loss, how renting is not a loss depending on circumstances, how to buy a car, pay for college and get the most from it, and lots more. I like his motto: Live like no one else, so when you retire you can live like no one else.

    My neighbors can understand why I drive a 9 year old car. What they dont see is my charity, saving for my two daughters colleges, my retirement, and paying off the home. It aint easy, but keeping up with the Jones's has gotten a whole lot of folks in trouble.

    Cheers!

  • tgiv Nov 11, 2:19 p.m.

    If I had it to do all over again, I would have taken out a mortgage 18 months earlier. We were paying the same money for rent as for our home. Like everyone we've taken a hit in valuation, but still have positive appreciation and significant tax savings.

    While the fundamentals are universal, there is more than a single path to financial responsibility. To follow the path you've prescribed would require me to quit my job (need a credit card to travel), boot my daughter out of college, and to have tossed away many more years in rent money.

    It would be great to have no mortgage and own. We'll still finish the mortgage off early, but we chose to make (we think) solid financial decisions and enjoy a modest lifestyle with our children today.

    Mep, it sounds like you have a very good plan and it's working for you. I hope you will continue to be blessed and able to help others through your good works. That is the best that this life offers.

  • harmstrong4 Nov 11, 2:03 p.m.

    Everytime we get some great news from that admin in DC, something like this comes up. I don't think we can stand to much more "good news" from Biden and BO and Nancy.

  • nufsaid Nov 11, 2:02 p.m.

    I thought Obama would put gas in everyone's tanks, pay the mortgages and put food on the table if elected. And yet he is increasing taxes and fees on the working people. Which will decrease funds for the non-working. It seems printing money is the answer for a temporary solution.

  • mep Nov 11, 1:28 p.m.

    tgiv... I give 10% of my gross pay to charity, support two missionaries, have no car payment, no credit card, or any other debt. I will retire with enough savings as to NOT be "enslaved" to need any of my so-called Social Security income. Yes I have a mortgage, but it will be paid off years ahead of schedule.
    I too am a slave to our Lord and will not promote credit slavery. If I had to do it all over again, I would live without a mortgage as well.

  • tgiv Nov 11, 1:02 p.m.

    "tgiv... living beyond your means IS surfdom! You can owe Potter or you can owe the Building and Loan. Pick your master...."

    It is entirely reasonable to live within one's means including having a mortgage that one can afford. The belief that all mortgages are bad flies in the face of the explosion of the middle class in this country between 1940 and 1990.

    You NEVER own anything paying Potter, and if that is your choice I wish you well. I have taken my chances with an ethical lending institution, modest home, lower than recommended debt ratio, and a conventional mortgage instrument. It worked for our parents, and 10 years in despite several financial set backs it's working for us now. I'm glad you were blessed enough to pay cash for your home.

    As for the rest, my only master also happens to be my Lord and Savior. I'm OK with that too.

  • Caveman93 Nov 11, 12:55 p.m.

    Yawn.

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