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Charlotte area foreclosure rate at 1%

foreclosure chalkboardOne percent of homes with mortgages in the Charlotte-Concord-Gastonia metro region were facing foreclosure in October. That’s the same as in September, but a 0.6 percentage point decrease from October 2013, according to real estate data firm CoreLogic.

North Carolina’s foreclosure rate was 0.9 percent in October, the same as in September, but 0.4 percentage points lower than a year ago. The state’s foreclosure rate was less than the national rate of 1.6 percent in October.

Locally, the rate of Charlotte-area residents with a mortgage who were seriously delinquent on their payments in October was 3.7 percent, the same as in September.

There were 5,856 completed foreclosures in the Charlotte metro area for the 12 months ending in October, down 31 percent from 8,453 in the same period last year. Nationally, completed foreclosures for the same period fell 18.6 percent to 561,376 in October from 689,646 a year ago. In North Carolina, that figure fell 23.7 percent to 21,410 from 28,050.

Since the financial crisis peaked in September 2008, according to CoreLogic, about 5.3 million homes nationwide have been lost to foreclosure.

The percentage of mortgaged homes that were in foreclosure has been steadily falling. Nationally, foreclosure inventory in October fell 30.9 percent from a year ago, the company found.  That represents 36 months of year-over-year declines. As of October 2014, 1.6 percent of all homes with a mortgage were in the process of foreclosure nationally, compared with 2.2 percent in October 2013. The foreclosure inventory was down 2.1 percent from September.

Other highlights from the report:

  • October represented the 25th consecutive month of double-digit declines year over year in the national inventory of foreclosed homes.
  • All but one state and the District of Columbia posted double-digit declines in the foreclosure rate year over year. West Virginia saw a drop of 8.9 percent, and the District of Columbia experienced a 17.3 percent increase.
  • Nineteen states showed declines in year-over-year foreclosure inventory of more than 30 percent, with Florida and Utah seeing the largest declines.
  • The five states with the highest number of completed foreclosures for the 12 months ending in September were Florida with 118,000, Michigan with 45,000, Texas with 36,000, California with 29,000, and Georgia with 28,000. These states accounted for nearly half of all completed foreclosures nationally.

 

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