Home News Foreclosures are up 182% in Wake, but high equity and high demand mean most of those at risk will sell, not lose homes entirely

Foreclosures are up 182% in Wake, but high equity and high demand mean most of those at risk will sell, not lose homes entirely

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RALEIGH – According to the latest data from ATTOM Data Solutions, which was published in Wake County, foreclosures are skyrocketing. Report on foreclosure activities this week.

Even in the highly competitive housing market Strong benefits of equity growth When Total housing market valueIn the first quarter of 2022, about three times as many homeowners lost their homes in foreclosure as compared to 2021 in Wake County.

In an interview with WRAL TechWire, Rick Sharga, Executive Vice President of RealtyTrac, an ATTOM Data Solutions company, said:

“Even during the Great Recession, I don’t remember the 182% year-on-year increase,” Sharga said.

According to the dataset, there were 2,265 foreclosures across North Carolina in the first quarter of 2022. ATTOM data show state-wide 9,563 foreclosures in the first quarter of 2007, 7,680 foreclosures in the first quarter of 2008, and 6,402 foreclosures in the first quarter of 2009 for comparison. It also shows that it was there.

Wake County foreclosure increased by 225% in one month

Wake County Foreclosure

Consider the Wake County data. There were 47 foreclosures in the county in the first quarter of 2021, compared to 133 in the first quarter of 2022. That’s an increase of about 182% over the course of a year, which Sharga says is “almost unprecedented.”

Still, Wake County foreclosures occur at a lower rate than the state or national average. This is tracked by the ratio of the total number of foreclosures to the total number of residential units in the ATTOM dataset.

According to the data, in the first quarter of 2022, there was one foreclosure for every 3,478 homes in Wake County.

Nationally, there was one foreclosure for every 1,795 units in the first quarter, and in North Carolina there was one foreclosure for every 2,079 units.

And in North Carolina Foreclosure declarations increased by 85% In 2021, compared to 2020, Sharga stated that the total number of foreclosures filed in the state remained lower than before the pre-pandemic.

In the first quarter of last year, there were a total of 1,167 foreclosures in North Carolina. And in 2020, there were 6,118 foreclosures across the state during the first three months of the year.

Report: North Carolina foreclosure declarations up 85% from last year

what’s happening?

While foreclosure activity is increasing in many counties across the United States, Sharga states that it is important to maintain the rate of increase on a case-by-case basis.

Nationally, the number of foreclosures in the first quarter of 2022 will be about half of the total number of foreclosures that occurred in the first quarter of 2019 before the COVID-19 pandemic occurred in the first quarter of 2020. Sharga writes that it’s not too much.so LinkedIn post this week.

“The influx of foreclosures is likely that mortgage servicers have” caught up “with loans that were already seized before the pandemic and foreclosure moratorium, or were overdue for more than 120 days,” Sharga said. Told to. Increasing foreclosures or foreclosure rates are not a sign of weak market conditions, Sharga told WRAL TechWire.

“I continue to believe that it is very unlikely that I will be in danger of seeing another wave of foreclosure,” Sharga said. “The unemployment rate is low and wages are rising.”

Sharga also said there are still Strong demand for housing, Despite rising mortgage rates, throughout the triangle, and in many other parts of the state and country. “Foreclosed homeowners (90% have capital in their homes) should be able to sell their homes instead of losing them,” Sharga said.

Even if mortgage rates rise again, there is sufficient demand in the triangle housing market

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