Foreclosure filings in North Carolina were down 23 percent through the first 10 months of the year, a welcome sign given that many predicted filings to peak this year after the controversy over foreclosure documentation.
There were 46,228 total filings in the state for the ten months ending Oct. 31, according to the N.C. Administrative Office of the Courts.
Filings were also down 21 percent in the Triangle counties of Durham, Johnston and Wake. Filings were down 22 percent in Wake, down 18 percent in Durham and 16 percent in Johnston.
Filings mark the start of the foreclosure process. Some homeowners will work out repayment plans. Others will lose their homes.
The foreclosure crisis long ago spread from subprime borrowers to those with traditional mortgages. Although the crisis has not been as severe in the Triangle as elsewhere, it's still been impediment to home prices stabilizing.
Foreclosures are expected to continue to be an to be an issue as long as chronically high unemployment continues to cause people to fall behind on their mortgages.
Foreclosure activity slowed dramatically late last year after questions were raised about whether lenders had proper documentation to actually foreclose on properties. Many predicted a spike in foreclosures would eventually result.
That hasn't happened in North Carolina.
