Thursday, April 26, 2012

Charlotte-area foreclosures up in February

Foreclosure rates in the Charlotte metropolitan area rose in February over the same time last year, according to the real estate research firm CoreLogic.  Perhaps more troubling, the mortgage delinquency rate - a sign of problems to come - also increased.

The data, released Thursday, adds to an already confusing picture painted this week by various housing indicators showing both good and bad news.

The CoreLogic data shows the Charlotte foreclosure rate among outstanding mortgage loans was 3.36 percent in February, up from 2.87 percent in February 2011.

Charlotte's foreclosure rate has increased fairly steadily during the past two years, rising from 1.86 percent in February 2010.

Currently, foreclosure activity is roughly on par with that seen for the nation, which has a 3.41 percent foreclosure rate, but it is higher than the 2.5 percent rate for North Carolina.

In February 7.17 percent of Charlotte-area mortgage loans were 90 days or more delinquent compared to 7.03 percent during the same time last year. Nationally, 7.24 percent of such loans were delinquent. Statewide, proportionately fewer N.C. mortgage loans are delinquent, with the rate rising to 5.85 percent from 5.63 percent a year ago.

Charlotte's delinquency rate, meanwhile, is sightly less than two years ago, when it reached 7.45 percent.

Other housing data released this week showed falling home prices for existing homes in Charlotte in February. Sales of new homes also fell for the nation but rose around 3 percent in the south.

Wells Fargo senior economist Mark Vitner has said he thinks Charlotte's housing market is doing better than the statistics might suggest. One reason, he said, is the distressed housing is largely concentrated in pockets and not affecting the broader residential market as much as it once did.


Anonymous said...

I am still waiting for you hard-core "journalists" to investigate the possible collusion between Harry Jones, Roberts and the building appraisal team that may have improperly and or intentionally inflated the home and business assessments in the suburban areas that have caused a massive amount of financial damage to these same homeowners and tenants that are also causing business's to relocate to outside of Meck County. But then again, why bother?

Anonymous said...

Buddy, if you are wondering about that don't hold your breath. Meck County will be fine, it's the other surrounding counties that should be concerned.

Anonymous said...

I am not you buddy and I was referring to Meck County sparky.

Anonymous said...

Do you have any evidence of collusion? Because those are libelous charges unless you have proof. Gut feelings don't count; written documents do.

Anonymous said...

Anonymous at 5:24 and 5:56: Are you Garrett Alexander? Or Harry Jones? Or Vilma, George or Jennifer? Because no one else would feel the need to warn of libel otherwise. You do know that public officials face a pretty tough uphill battle when it comes to proving libel, don't you? One can speculate about any thing they wish in regards to the behavior or motives of public officials as long as they don't know for a fact those allegations are false or exhibit a knowing disregard for whether they are false.
Your scare tactics won't work, bully.

Anonymous said...

How about it, Observer? Are you going to do some investigative reporting on the recent revaluation in Meck County? Some homeowners who saw their taxes double will likely lose their homes. Do you not care about them as long as they don't reside in West Charlotte?

Anonymous said...

How about my tax refund from the city/county assessor lowering my property value a little bit after my appeal? Are they just going to keep it or what?

Too bad for everyone in Charlotte as the banks are leaving, industry leaving, small business leaving and soon it will look like South LA with trash everywhere, boarded up homes and businesses on every street. Too Bad!!!!

Anonymous said...


Blah, blah, blah.

And look out...the sky is falling!

Anonymous said...

I purchased a home 3 months before revaluations. The appraisal was required by the lender. Meck countys valuation came in 30% higher. In the 3 months between close and county revaluations, prices declined.

I appealed. The 5 panel appeals board gave me 5 minutes to contest before sending me a form letter saying the valuation stands.

I call that collusion.

Anonymous said...

Mark Vinter is the most incompetent economist I have ever seen , read, or heard.

I think that's the reason he keeps getting another job after discrediting himself over decades. He is the kind of nitwit that will say exactly what his masters want him to say.

But from memory I have never known this cluck to be right about future economic events, trends etc.

Anonymous said...

I had a similar experience as Anonymous at 7:27 PM. I refinanced my home in Sept 2011 and had an independent appraisal performed. I used that as part of my appeal to the county, but they stood by their valuation which was $30K higher as of Jan 1 2012. Their valuation used 10 properties, some sold as much as 11 months prior to Jan 1, and many which were not comparable to mine in lot size, or square footage. Any reputable lender would immediately toss out their valuation as irrelevant. I'm appealing to the State - if that doesn't work, I'm pursuing litigation. Class action suit anyone?