Unemployment Upshots Surging Charlotte Foreclosure

According to a report of the North Carolina Administrative Office of the Courts, some economic problems and unemployment are the main reasons behind these continuing foreclosures in Charlotte.

Foreclosure of the said area is affecting many of the homeowners.
Despite the onerous efforts of the nonprofit organizations and state to create affordable schemes for the homeowners, they are failing to pay their loans. This situation is continuing across Mecklenburg County. From 517 notices in February 2009, foreclosure and pre-foreclosure notices rose by 82 percent reaching to 940 households in this February. In comparison with the last month’s 804 notices is increased by 17 percent.

The foreclosure number in North Carolina created a record with 63,312 units. Foreclosure postings of the Mecklenburg recorded the highest ever numbers for any county at 12,769, last year.

In all the other counties apart from Mecklenburg, the foreclosure rate was higher. It offers plenty of options for the investors who were willing to buy bank foreclosure properties in North Carolina. 80 percent increase could be seen in Rowan County in foreclosure filings. An average increase of 86 percent could also be observed in counties like Cabarrus, Catawba, and Iredell. Foreclosure filings in Gaston County reached to 149, an increase of 161 percent.

Number of foreclosed properties also rose in the Research Triangle region. It was considered as an economically strong country with its high research opportunities and technological enterprises and top universities.

In comparison with the last January and February the counties like Johnston, Durham , Wake and Orange noticed a 72 percent increase in the foreclosure filings reaching to all including total of 1,516 units this January and February.

Wake County with 934 filings topped the chart. Durham came second with 312 and Johnston and Orange reported about 201 and 60 filings respectively. 14 percent of the total 11,000 foreclosure filings posted in these four Triangle counties. Together they reported about 1,523 filings.

Over the period of last five years from 2005 to 2009, another North Carolina county Caldwell was experiencing as total posting of 2,003 – an annual average of 501 percent increase. 490 foreclosure filings were posted in the county last year. The increase was quite high.
In the first 2 months – January and February this year, the other areas of Mecklenburg including Charlotte noticed a sharp rise of 95 percent in the total filings in comparison with the first two months of last year.

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