Foreclosures in North Carolina coming at record pace
The aftermath of the housing bubble’s burst continues to wreak havoc everywhere. In North Carolina, we’re on pace for a record year of foreclosures.
If current trends continue, we’ll hit 70,000 this year, shattering the previous record of 63,289 in 2009.
Through July 31, the following counties have been hit the hardest from a sheer numbers perspective:
New Hanover (1,126)
Population plays a role in these numbers. Many of our smaller counties are being hit even harder, relatively speaking. Only one North Carolina county — Warren — has already hit its 2009 level in 2010, with 70 foreclosures.
Nationally, foreclosures are expected to peak next year. That’s why it’s important to support the measures North Carolina state lawmakers have taken so far, and to encourage more efforts in that direction.
State legislators are to be applauded for passing Senate Bill 1015, the Homeowner and Homebuyer Protection Act, which will help people stay in their homes. This is also a good reason to preserve our Housing Finance Agency’s Home Protection Program and the NC Commissioner of Banks Foreclosure Prevention Project.