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May 15, 2014

Charlotte foreclosure filings drop 9.9% in April

Charlotte-area foreclosure filings fell 9.9 percent in April from a year ago as banks scheduled fewer auctions, a report Thursday said.

Charlotte-area foreclosure filings fell 9.9 percent in April from a year ago as banks scheduled fewer auctions, a report Thursday said.

The report from RealtyTrac track showed 845 foreclosure filings – defined as default notices, scheduled auctions and bank repossessions – in the Charlotte region, down from 938 in April last year.

The decline was primarily the result of a drop in scheduled auctions, which offset a rise in default notices and orders from judges directing foreclosure sales.

April marked the 10th month in a row of annual declines in Charlotte-area foreclosure activity. Foreclosure filings in the region are well below their peak of 2,141 in August 2009.

Nationwide, fewer properties are going into foreclosure in part as home values rise, which is resulting in fewer homeowners owing more than their properties are worth.

The report from Irvine, Calif.-based RealtyTrac, which tracks housing market data, showed one in every 873 housing units in the Charlotte region faced foreclosure in April, or less than 1 percent of all housing units.

Compared with March, April foreclosure filings in the Charlotte region rose 4.8 percent as banks stepped up repossessions. Repossessions rose from 143 to 226, an increase of 58 percent.

Nationwide, repossessions increased 4.2 percent over the same period and overall foreclosure filings fell 1.4 percent.

“The rise in bank repossessions in many states is a sign that those markets are working through the final remnants of foreclosures left over from the recent housing crisis,” Daren Blomquist, vice president at RealtyTrac, said in a statement.

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