The Byrds had a hit with the song “Turn! Turn! Turn!” back in the 1960s. One of the key phrases of that piece is pulled right out of the Bible and states there is a time to every purpose under heaven.
One way of interpreting that is that everything has a life cycle that must be followed. Crops are planted on a specific schedule, grow at a rate that can be tracked and come to full fruit one a predictable timetable. The same can be said of events that occur within the North Carolina economy, and it seems we have hit one of those moments.
According to one recent report by the real estate analytics company RealtyTrac, North Carolina property repossessions rose nearly 90 percent over a year ago. The data indicates that the state ranked near the top of all the states in the country for foreclosure filings in October and that Fayetteville took the biggest hit among communities in the state.
On a national scale, RealtyTrac says nearly 50,000 properties entered the foreclosure pipeline in October. That proved to be the largest month-to-month increase recorded since August 2011.
In the eyes of some observers this might be viewed as an indicator of general economic instability. But RealtyTrac experts suggest it’s more likely that the boost is more a reflection of the normal foreclosure lifecycle. That is, properties that have been in long-term delinquency are just now entering the queue.
Regardless of the reasons, the realities of the market are such that demands of the system need to be met. Lenders looking to protect their interests need to be sensitive to the fact that the law requires that specific processes be followed for the effective resolution of foreclosure actions and working with an experienced foreclosure attorney should be a priority.