Foreclosures in Charlotte Still Surging due to Job Losses

by Donald Hanz on cities

Foreclosures in Charlotte are still surging as unemployment and other economic troubles continue to batter homeowners in the area, based on figures from the North Carolina Administrative Office of the Courts.

Throughout Mecklenburg County, where Charlotte is the county seat, homeowners are failing to keep their homes despite efforts by the state and nonprofits to link them to their lenders and negotiate affordable payment schemes.

In February this year, 940 households received foreclosure and pre-foreclosure notices, an 82-percent jump from 517 notices filed in February 2009 and a 17-percent increase from 804 notices filed in the previous month.

Last year, foreclosure postings in Mecklenburg reached 12,769, the highest number ever posted by the county. The number of North Carolina foreclosures last year was also a record at 63,312.

Investors planning to purchase bank foreclosure homes in North Carolina have plenty to choose from as counties other than Mecklenburg also continued to post higher foreclosure figures.

In Gaston County, filings in February soared by 161 percent to 149. The counties of Catawba, Iredell and Cabarrus posted an average increase of 86 percent while Rowan County posted an 80-percent increase.

Foreclosures in Charlotte and other parts of Mecklenburg are not the only ones showing dramatic increases. In the Research Triangle region, which was supposed to be economically strong because of its high technology enterprises, research facilities and top performing universities, foreclosure activity surged.

In January and February this year, foreclosure postings in the counties of Wake, Durham, Orange and Johnston soared to a combined total of 1,516 filings, a 72-percent jump from filings during the January-February period in 2009.

Of the nearly 11,000 foreclosure actions filed in North Carolina from January to February this year, a total of 1,523 filings or 14 percent occurred in the four Triangle counties. The most filings were in Wake, which posted 934 filings. Durham was next with 312. Johnston and Orange followed with 201 and 60 filings, respectively.

Another North Carolina county experiencing dramatic annual increases in foreclosures is Caldwell County. During the 5-year period from 2005 to 2009, a total of 2,003 filings were counted, marking an average annual increase of 501 percent. Last year, the county counted 490 foreclosure postings.

In the first 2 months of this year, foreclosures in Charlotte and in other parts of Mecklenburg totaled to 1,744 filings, a whopping 95-percent jump from total filings in the same two-month period in 2009.

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