Charlotte foreclosure activity fell 47 percent in June from the same month last year, the largest year-over-year decline for the region in nearly two years, according to data released Thursday by RealtyTrac.
Auction and default notices and bank repossessions all fell, in a trend that was seen across the country.
“What we’re seeing is fewer … properties entering the foreclosure pipeline” nationally, Daren Blomquist, RealtyTrac vice president, said. “That’s really good news. It’s foreshadowing that down the road there’s going to be fewer actual foreclosures.”
Irvine, Calif.-based RealtyTrac said there were 846 Charlotte-area properties with foreclosure filings – defined as default notices, auctions and bank repossessions – last month compared with 1,603 in June 2012.
The U.S. also saw a decline over the same period, with June foreclosure filings falling to their lowest monthly level since December 2006, as foreclosure starts plummeted. For the month, 127,790 U.S. properties had foreclosure filings, a year-over-year decline of 35 percent.
“North Carolina seems to be pretty much in line with the national trend of seeing the downward foreclosure activity,” Blomquist said.
Fewer U.S. properties are going into foreclosure, mainly because “we’ve worked our way through many of the bad loans that caused the foreclosure problem in the first place,” Blomquist said. “This foreclosure crisis that we’ve experienced over the last few years is not really so much economic-driven as it was bad loan-driven.”
Mortgage loans taken out from roughly 2004 to 2008 are largely the ones that helped cause the foreclosure crisis, he said.
“Those still account for the majority of properties in foreclosure right now,” he said. “But many of those have already been dealt with. They’ve either already been foreclosed on, or they’ve been refinanced or gotten a loan modification, or the homeowner has sold.”
An Observer analysis of RealtyTrac data found that Charlotte has seen year-over-year declines in foreclosure activity since December, with the exception of an 8.6 percent increase in May. Charlotte’s year-over-year decline of 47 percent in June is the highest since September 2011, when foreclosure filings fell 49.4 percent over the year.
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