Wilmington area sees increased foreclosures


New Hanover County foreclosures increased 185% in the first quarter of this year compared to last year. This is according to records compiled by his ATTOM Data Solutions, a real estate data analytics company.

The increase likely represents a “catch-up” of frozen or protected loans during the pandemic, data experts said.

The county’s 185% year-over-year foreclosure rate increase outpaced the national (132%) and state (103%) despite a much smaller sample pool.

As of the first quarter of 2022, 57 properties in New Hanover County have filed for foreclosure, up from 20 during the same period last year, according to data. In Pender County, foreclosure filings doubled from 8 in the first quarter of last year to 16 in the first quarter of 2022.

Statewide, 2,265 properties began foreclosure proceedings in the first quarter, up from 1,118 in the same period last year. North Carolina ranks 21st nationally in foreclosure rates, or the number of foreclosure filings per total residential unit.

The Cleveland, Ohio MSA had the highest foreclosure rate in the nation, according to data. His MSA for Wilmington ranked 103rd out of 223 Metros ranked.

Foreclosure activity has increased in the United States for the 11th straight month, according to ATTOM, catching up with normal levels before the government’s intervention due to the pandemic. Despite the double- or triple-digit percentage increase, the overall spike is relatively modest given the pre-pandemic baseline of historically low foreclosure rates.

Despite recent increases, foreclosure activity across the country and state is still about 50% behind normal pre-pandemic levels, according to ATTOM executive vice president Rick Sharga.

“Foreclosure activity is on the rise across the country, and North Carolina is no exception,” Sharga wrote in an email. “Many of the counties with the highest month-over-month and year-over-year growth rates, such as New Hanover, had very low rates in the last two years, so the percentage increase is largely due to how low those numbers were. previous reporting period.”

Sharga said the influx likely represents mortgage servicers catching up on loans that were already 120 days or more past due or had been foreclosed before the pandemic, adding that current market conditions He explained that it does not indicate the weakness of

“The rate of increase is unprecedented,” he said.

The surge in activity is likely to continue as the foreclosure process continues to move forward, Sharga said.

According to data obtained by Cape Fear REALTORS, the stock of lender-brokered properties available for sale in the three-county region peaked at over 500 in early 2011.

The availability of these properties has declined and has plateaued below about 50 since around 2017. Sales volume.

Last month, data from Cape Fear Realtors showed that there were no lender brokerage listings in the three-county market.





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