Here’s great news that hopefully sticks: Foreclosure filings in Mecklenburg County for July fell — make that plummeted — to just half the number filed in July 2010, according to Thursday’s report from research firm RealtyTrac
Total filings for Mecklenburg for July: 702. In July 2010: 1,441. That’s a 51% decline. July’s numbers are also down 29% from June 2011, when 992 filings were recorded.
The figures compiled by RealtyTrac include default notices, lis pendens, foreclosure actions and auctions, and lender repossessions.
The number of homes seized by financial institutions — referred to as REOs, or real estate owned — also substantially shrank to 186 from 589, year-over-year, for Mecklenburg County. REOs also improved when compared with June, when 230 seizures were recorded.
The numbers are also promising for the broader Charlotte metro market. The metropolitan statistical area includes Mecklenburg, Gaston, Cabarrus, Anson and Union counties in North Carolina and York County in South Carolina.
Foreclosure filings for the Charlotte MSA fell to 1,045 in July from 1,957 a year earlier, according to the report. REOs plunged to 269 from 872.
North Carolina’s numbers also show significant improvement. Statewide filings for July totaled 2,567, down from 4,889 a year ago. That’s a decline of more than 47 percent. And REOs figures for the state dropped to 808 from a whopping 2,388 in July 2010.
Metro Charlotte’s foreclosure figures also showed improvement in a mid-year report released by RealtyTrac last month, but not nearly as dramatic a change.
According to RealtyTrac’s chief executive, James Saccacio, July’s foreclosure activity marks the 10th straight month of year-over-year decreases.
It’s also the lowest monthly total since November 2007, he says.
Total filings in the U.S. fell nearly 35% to 212,764 from 325,229, year-over-year. REOs nationwide dropped to 67,829 in July from 92,858 during the same time last year.
However, Saccacio issued a strong warning.
“Unfortunately, the falloff in foreclosures is not based on a robust recovery in the housing market but on short-term interventions and delays that will extend the current housing market woes into 2012 and beyond,” Saccacio said in a prepared statement. “A stabilizing economy and improving job market are the long-term keys to a housing market recovery.”
Susan Stabley, bizjournals.com “Read Full Story”
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