Increasing North Carolina Foreclosure activity
23 April 2008There has been an unprecedented increase in North Carolina foreclosures through the last year and experts believe that the trend might continue through in this year, 2008. In fact according to reports and data analysis, it has been noticed that foreclosure activities in North Carolina has been growing at a faster rate as compared to the national average. The fact is that today there are more foreclosure homes in North Carolina than ever before.
The rate at which North Carolina foreclosure homes increased in 2007 was astounding as it reached its peak by recording one filing per 979 homes in October. This was a spike of 19% since September’07 and the figures outpaced the national average growth rate by 2%.
The huge number of real estate foreclosures in North Caroline were not due to any isolated incident in a particular state but was recorded from all the top states including Burlington, Jacksonville, Durham, Fayetteville, Greensboro, Salisbury, Charlotte and Greenville. Mecklenburg County in Charlotte saw a steady increase in the foreclosure rate as it increased by almost 14.5% in October’07 and recorded 899 filings.
Over the years, real estate foreclosures in Mecklenburg have increased by almost 145% while the NC foreclosures have increased by 146%. As compared to the state, the rate of growth for foreclosures nationally was only 94%. This has had an increasingly negative impact on the North Caroline housing & real estate market with the prices and value of property taking a downfall.
One of the main factors attributed to the increase in the rate of North Carolina foreclosures is the unemployment rate. According to the State Employment Security Commission, the rate of unemployment has actually increased by 5% in December’07, which is 4.7% more than what it was in November. If this rate increases anymore this year, then there will most certainly be many more North Carolina foreclosure homes.
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