Area foreclosures worse than in '09

STAFF WRITERNovember 9, 2010 

Foreclosure filings in the Triangle continue to outpace last year's levels, a sign that distressed properties remain a drag on the local housing market.

Filings in Durham, Johnston and Wake counties totaled 7,611 through October, up 12 percent from the same period a year ago, according to the N.C. Administrative Office of the Courts' monthly report.

Filings in Wake through the first 10 months of the year are 15 percent higher than the same period last year. Durham filings are 9 percent higher through October. Johnston filings are up 2 percent.

Filings mark the start of the foreclosure process. Some homeowners will work out repayment plans. Others will lose their homes.

As the downturn has dragged on and the jobless rate has remained high, the foreclosure crisis has spread from subprime borrowers to those with traditional mortgages.

The N.C. Justice Center, a liberal think tank in Raleigh, released a report Monday saying that it expects North Carolina to break last year's foreclosure filing record this month, according to its own data analysis.

North Carolina had recorded a total of 59,975 foreclosure filings through October. The state had 63,284 filings for all of 2009.

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