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Foreclosures on the Rise in North Carolina

| Jul 5, 2012 | Business Foreclosures |

While foreclosure filings were down nationwide in May 2012 from May 2011, North Carolina saw a large increase in the number of filings in the state. Data provided by RealtyTrac showed a 19.75 increase in the number of foreclosure filings in North Carolina in May from last year during the same month. All told, there were 3,220 foreclosure filings in the state during May 2012.

Data analysts have noticed a trend in foreclosure filings this year, as most months since January 2012 have seen an increase in filings over the prior month. Year-over-year, the number of foreclosure filings has not risen since January 2010, though, making the May 2012 data significant.

Many explain the rise in filings as a necessary and likely expected response to the decline of filings toward the end of 2011. At the time, banks were faced with claims that they had not properly verified documentation before proceeding with foreclosures. To avoid such concerns, when a lender is considering foreclosing on a property, it is advisable to consult with a skilled foreclosure attorney to ensure the proper steps are followed. Now, according to a RealtyTrac vice president, “Lenders are starting to catch up with the delayed foreclosures of the past year and a half.”

According to RealtyTrac, between January 2007 and May 2012, there were 8.7 million homes in the United States that started the foreclosure process. The process ended in foreclosure for 4.3 million of those homes.

Nationwide, foreclosure filings were up 9 percent in May 2012 from April 2012.

Source: WRAL, “Foreclosures in N.C. surge nearly 20 percent from 2011,” June 14, 2012.

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