Tuesday, January 29, 2013

Charlotte foreclosure rate falls

Foreclosure rates in the Charlotte-Gastonia-Rock Hill metropolitan area fell during November compared to the same time last year, analytics firm CoreLogic reported Tuesday.

The foreclosure rate was 2.8 percent in November, down from 3.38 percent a year earlier. The rate is lower than the U.S. foreclosure rate of 2.97 percent.

The data is the latest to show a strengthening housing market. Prices remain well off their mid-2000 peaks - on average about 30 percent experts say - but home prices and sales have been rising in recent months.

Another promising sign for the future: The area's mortgage delinquency rate fell, suggesting fewer homeowners may face foreclosure in the future. In November, 6.39 percent of mortgage loans were 90 days or more delinquent compared to 7.19 percent for the same time last year.

Charlotte's delinquency rate hit a high of  7.48 percent in February 2010, while the local foreclosure rate peaked at 3.54 percent in February last year.