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Foreclosures in Wilmington on the rise

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WILMINGTON, NC (NEWS RELEASE) -- A new housing report out today indicates foreclosure rates in the Wilmington area are on the rise. These figures, coming from CoreLogic, show foreclosure rates in January 2012 at nearly three percent.

While that's up from this same time last year, the Wilmington rate is actually lower than the national foreclosure rate.

That rate sits at almost three and a half percent.

The report also says homeowners are having trouble keeping up with their house payments.

The local mortgage delinquency rate is nearing six percent, more than it was at this time last year.

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Wasn't it just a week or so ago...

that Woody Hall, official prognosticator of all things economic at UNCW, said all is well. Guess he was wrong.

He may have

although I did not see his comments posted here. A local Realtor made such a post and attempted to garner some free publicity by offering his services to WWAY as its real estate forecaster. Thankfully, a few called his bluff and posted statistics which he has yet to rebut.

Oh how brilliant shines this bulb!

No, Dim Bulb, he wasn't wrong. See, what your tiny little mind has trouble understanding is that the economy does NOT falter nor does it rebound in a matter of days. So yes, the economy can be described as recovering, even though there may still be aftereffects, such as foreclosures, that still occur. It is possible for you to have a cold, but once you stop running fevers, you're no longer contagious and you are recovering, even though you might still have a cough for a few days. If someone struggled during the roughest parts of the economy, it may just now be showing up in the form of months of missed mortgage payments that result in foreclosure. Foreclosure is NOT something that can be induced overnight, nor can it be rectified overnight.

Please crawl back into your hole.