Monday, December 19, 2005

North Carolina Sees Statewide 'Jump' In Defaults

The Business Journal reports on rising foreclosures in the Triad area. "North Carolina has seen jumps in residential mortgage foreclosure filings in the past few months, with Guilford and Forsyth counties posting even larger increases than the state average. Statewide, there were 3,776 properties in the process of foreclosure as of Nov. 30, an increase of only 1.2 percent from the month before."

"However, the number of new foreclosure filings statewide was up 27.3 percent to 1,310 in November, the highest single-month total since December of last year. In Guilford County, there were 90 new foreclosures listed in November, nearly double the 47 that came on the market in October and also the highest figure since last December. In September, there were only 40 new foreclosures listed."

"The year ahead may see more stress on residential mortgage holders, according to a recent analysis from investment analyst Fitch Ratings as reported by The Washington Post. That report predicted that mortgage delinquencies will rise in 2006 as more holders of costly subprime loans with adjustable rates find themselves falling behind. About 19 percent of home loans nationwide are subprime, up from about 5 percent a decade ago."


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