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New Hanover and Brunswick Counties on Top 10 List of foreclosures in NC

READ MORE: New Hanover and Brunswick Counties on Top 10 List of foreclosures in NC

RALEIGH, NC (NORTH CAROLINA NEWS NETWORK) - The North Carolina Justice Center says the state is on pace to set a record with more than 70,000 home foreclosures in 2010. The advocacy group said Monday its projection is based on an analysis of current foreclosure filings across the state.

As of the end of September, nearly 53,000 foreclosures had been filed. Bill Rowe, the group's advocacy director said North Carolina should surpass last year's record total of 63,000 foreclosures by the end of this month.

Chris Estes, director of the N.C,. Housing Coalition said this is a trend that can be traced back more than a decade. "As far back as between '98 and 2003 we saw our foreclosure rate first sort of spike. We actually tripled from around 14,000 to 48,000 over that three year period and a lot of that was driven by predatory loans that people got and that were not going to work for them," said Estes.

Jessica Riffle Edwards, a realtor at Coldwell Banker Sea Coast in Wilmington, says there is a logical reason for New Hanover and Brunswick county being listed in the top ten.

"When people are feeling stress and are under financial pressure, the second home is going to go before the primary residence," said Edwards. "So of course we're going to have more foreclosures in this area with as many vacation properties as we have."

Top 10 counties based on projected foreclosure filings:

1. Mecklenburg (11,713)
2. Wake (5,800)
3. Guilford (4,360)
4. Forsyth (2,532)
5. Union (2,132)
6. New Hanover (1,979)
7. Durham (1,900)
8. Gaston (1,828)
9. Brunswick (1,801)
10. Cumberland (1,698)

Top 10 counties per capita projected foreclosure filings:

1. Dare (2.76 percent of individuals)
2. Brunswick (1.63)
3. Currituck (1.45)
4. Mecklenburg (1.29)
5. Clay (1.16)
6. Cherokee (1.13)
7. Union (1.06)
8. Pender (1.05)
9. New Hanover (1.01)
10. Jackson (.97)


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