Raleigh, N.C. — 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.



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November 11, 2010 5:17 p.m.
November 11, 2010 5:09 p.m.
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.
November 11, 2010 3:13 p.m.
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!
November 11, 2010 2:38 p.m.
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.
November 11, 2010 2:19 p.m.