NC housing foreclosures drop sharply in May from year ago


Raleigh, N.C. — Housing foreclosure activity declined sharply across North Carolina in May by 38.3 percent compared to a year ago, foreclosure listing firm RealtyTrac reported Thursday.

The numbers were down 3.4 percent from April to a total of 2,689 properties.

Nationally, foreclosure activity also slowed, dropping to the lowest numbers since 2006. The decline was the second consecutive month of fewer actions.

RealtyTrac attributed the decline to a slowing housing market and lingering delays in banks’ foreclosure process.

In North Carolina, 354 property owners were notified about being in default.

Another 1,538 properties were listed for sale.

Some 797 properties were reclaimed by a bank or lender.

North Carolina, the 10th largest state, ranked 36th in foreclosure actions.

Investors have snapped up the under $125,000 homes quickly. They will use for rentals, or rehad and put hack on the market in better condition for market prices.

Source: http://www.wral.com/business/story/9736273/

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