News Column

N.C. Foreclosure Rate Dropped in November

Jan 30, 2013

Richard Craver

The foreclosure rate dropped during November in the Winston-Salem Metropolitan Statistical Area, according to a national real estate research group.

CoreLogic reported Tuesday that the foreclosure rate for the Winston-Salem MSA, which includes Davie, Forsyth, Stokes and Yadkin counties, was at 2.08 percent of all outstanding mortgage loans. The rate was 2.16 percent in October and 2.63 percent in November 2011.

It is the seventh consecutive month the foreclosure rate has declined. Analysts said the overall decrease in recent months is related primarily to more financial institutions speeding up the pace of disposing of unsalvageable mortgages earlier this year.

The number of Winston-Salem-area homeowners listed as more than 90 days behind on mortgage payments was at 5.35 percent, down from 5.46 percent in October and down from 5.96 percent in November 2011.

The foreclosure rate for all outstanding mortgage loans was 2.10 percent in the Greensboro-High Point MSA, down from 2.17 percent in October and down from 2.57 percent in November 2011. The October 2012 rate was 2.82 percent in the Charlotte-Gastonia-Rock Hill, S.C., MSA; 1.43 percent in the Durham-Chapel Hill MSA; and 1.64 percent in the Raleigh-Cary MSA.

In terms of homeowners more than 90 days behind on mortgage payments, the Greensboro-High Point MSA was at 5.78 percent, down from 5.79 percent in October and down from 6.28 percent in November 2011. The October 2012 rate was 6.39 percent in the Charlotte-Gastonia-Rock Hill MSA, 4.48 percent in the Durham-Chapel Hill MSA and 4.16 percent in the Raleigh-Cary MSA.

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Source: (c) 2013 Winston-Salem Journal (Winston Salem, N.C.)