Foreclosure homes in NC’s Raleigh-Cary metro area among other areas in the State have witnessed an increase of 25% in foreclosure rates for the very first quarter of this year, 2008, as compared to the same period last year.
Increasing numbers of home foreclosures on the North Carolina State foreclosure listings websites have also been giving home builders a reason to worry. Moreover, Raleigh-Cary area alone reported 3, 570 foreclosures in the first quarter, an increase of over 7.37% from the same quarter of 2007. North Carolina the 10th most populous state in the US, ranks 25th in foreclosures by state rankings for the number of foreclosure filings for the period Jan-Mar 2008, and accounted for 10, 283 properties being involved in some sort of foreclosure action. The total increase was 26% as compared to the same period last year as well as an increase of 3.4% from the last quarter of 2007.
This upward trend has been a cause of agony for the State’s home building industry. The new building permits count went down by 39% from 2, 585 issued same time last year as compared to 1,600 issued from Jan-March this year. With the market signaling a slow down, those who don’t know much about building are likely to find it tough.
While the number of homes facing foreclosure doubled in the first three months of this year from previous year on a nationwide basis, the weakening real estate values and selective lending practices have driven many homeowners completely hopeless and unable to prevent their homes to be auctioned to the one who bids the highest! It won’t be inappropriate to say that the subprime crisis is far from over and the after effects of this wave will have a resounding and long lasting impact on the nation.
Increasing numbers of home foreclosures on the North Carolina State foreclosure listings websites have also been giving home builders a reason to worry. Moreover, Raleigh-Cary area alone reported 3, 570 foreclosures in the first quarter, an increase of over 7.37% from the same quarter of 2007. North Carolina the 10th most populous state in the US, ranks 25th in foreclosures by state rankings for the number of foreclosure filings for the period Jan-Mar 2008, and accounted for 10, 283 properties being involved in some sort of foreclosure action. The total increase was 26% as compared to the same period last year as well as an increase of 3.4% from the last quarter of 2007.
This upward trend has been a cause of agony for the State’s home building industry. The new building permits count went down by 39% from 2, 585 issued same time last year as compared to 1,600 issued from Jan-March this year. With the market signaling a slow down, those who don’t know much about building are likely to find it tough.
While the number of homes facing foreclosure doubled in the first three months of this year from previous year on a nationwide basis, the weakening real estate values and selective lending practices have driven many homeowners completely hopeless and unable to prevent their homes to be auctioned to the one who bids the highest! It won’t be inappropriate to say that the subprime crisis is far from over and the after effects of this wave will have a resounding and long lasting impact on the nation.
0 comments:
Post a Comment