National Foreclosure Activity

National and Local Foreclosure Activity

What's the Latest in Foreclosure News?

10 States make up more than 70 percent of the national total of foreclosures. According to a RealtyTrac report, California, Michigan, Florida, Nevada, Arizona, Georgia, Idaho, Illinois, Utah and Maryland have the highest foreclosure activity in the nation.

California alone accounts for more than 22 percent of the national total. California had over 72,000 properties receiving a foreclosure notice during this one month alone.

Default notices, scheduled auctions and bank repossessions were reported on 322,920 properties in May 2010. One in every 400 U.S. housing units received a foreclosure filing during the month of May.

Bank repossessions hit a record monthly high for the second month in a row. There were a total of 93,777 U.S. properties repossed by lenders during the month, an increase of 44 percent from May 2009.

Where does Charlotte rank in foreclosures?

According to RealtyTrac, the number of foreclosures in N.C. fell about 35% in May from the same period last year. The state of N.C. had 2,587 foreclosures in May 2010. One in every 1,595 homeowners received a default notice, auction sale notice or bank-reposession filing.

N.C. ranked 36th in the nation for foreclosure filings in May of 2010.

What does this mean for N.C. homebuyers?

It means that home purchases are picking up and buyers are feeling more comfortable buying homes in North Carolina. According to the data from the National Bureau of Economic Research, it appears that mortgage rates have not been this low since the summer of 1956. The national 30-year benchmark for fixed-rate mortgage fell to 4.88 percent this week.

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