BY THE NUMBERS: FORECLOSURES ARE UP FROM 2009
Two consumer-advocacy groups warned yesterday that North Carolina is going to set a record for foreclosure filings this year.
But in eight of the 14 counties in the Triad and Northwest North Carolina, there’s no more waiting.
Ashe, Davidson, Davie, Randolph, Surry, Watauga, Wilkes and Yadkin counties already have set an annual record.
For five other counties — Alamance, Forsyth, Guilford, Rockingham, Stokes — setting a foreclosure record this year is just a matter of time. Only Alleghany County, at 77 foreclosures so far this year, is not on pace to break its record (109).
According to data compiled by the N.C. Administrative Office of the Courts, North Carolina is on pace to have 70,476 foreclosure filings in 2010. The state was at 59,975 on Oct. 31.
By comparison, the record was set last year at 63,286.
Forsyth County was projected to have the fourth-highest number of foreclosure filings at 2,532 — it was at 2,160 on Oct. 31. Guilford County was third at 4,360 — it was at 3,657 on Oct. 31.
“These projections show that,
now more than ever, we have to protect homeowners by … supporting effective, common-sense anti-foreclosure programs,” said Bill Rowe, the director of advocacy with the N.C. Justice Center, one of the two groups behind the warning.
Notwithstanding the effort by all 50 state attorneys general to review foreclosure practices of major mortgage lenders, analysts said it is very likely that not only will state records be set this year, but they could be headed to new records again in 2011.
Banks have indicated, whether in recent quarterly earnings reports or other statements, that they are preparing to flush through more problem real-estate loans, particularly those of homeowners who are not making an effort with loan modifications.
“Unfortunately, we have to move through this mountain of foreclosures before the housing market can recover in a sustainable way, so foreclosures are likely to remain elevated for some time to come,” said Mark Vitner, a senior economist with Wells Fargo Securities LLC.
“That said, we expect to see some modest improvement in 2011,’’ Vitner said. “Hiring is expected to pick up, and home sales and even home construction should post some modest gains in the second half of the year.”
Chris Estes, the executive director of the N.C. Housing Coalition, said that foreclosures continue to cause “significant damage to low- and moderate-income neighborhoods.” The coalition was the second group behind the warning about foreclosure filings.
“The solution is more investment by all levels of government in quality, affordable rental housing that will create construction jobs and stabilize households,” Estes said.
Work remains steady for Sharon Collins, a Realtor with the Winston-Salem office of Remax Realty Consultants who specializes in selling foreclosed residential properties. She said she is picking up two to three foreclosure listings a week.
“I have 35 now and see another 35 to 36 in the pipeline,” Collins said. “That’s even with some properties being pulled off the market temporarily to address the foreclosure process issues.
“Sometimes, it’s only a matter of foreclosure paperwork being done, the title clearing and the people being moved out of the home,” Collins said.
rcraver@wsjournal.com
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