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Bank Repo Homes and Foreclosure Numbers to Set Record in NC

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By : John Cutts    99 or more times read
By the last week of November, the total number of foreclosed real estate and bank repo homes for 2010 in the state of North Carolina will be higher than the total number of foreclosures recorded in 2009. At least, this is what the nonprofit organization, N.C. Justice Center, has predicted. If this comes to pass, the state will then break the record of last year and create a new one.

Fayetteville repo homes and foreclosure figures in almost all areas of the state continue to rise and are on track to prove the Center's prediction. The nonprofit expects over 70,000 foreclosure-related filings to be posted by November 23 of the current year, which will break the record set in 2009 when 63,286 filings were posted.

According to the Center, the forecast shows that there is further need for the state to continue the Housing Trust Fund and other programs designed to protect homeowners from possible loss of properties to foreclosures and repo homes in North Carolina. They added that effective anti-foreclosure initiatives are needed in the state more than ever.

Filings for bank repo homes and foreclosures in mountain counties are already at 3,918 and are expected to reach 5,224 by the last week of November. Among the Western North Carolina counties, Buncombe has the highest ranking in terms of foreclosure filing totals at 14th, with the county posting a total of 1,108 filings for 2010 so far.

The Center predicts that Buncombe will have total filings of 1,477 by the end of the month which is way higher than the 1,168 posted for the whole of 2009. The only counties in the Western area of the region that are expected to have fewer offerings for people who buy repo homes for sale and foreclosed properties compared with 2009 are Cherokee and Jackson.

In terms of projected filings for foreclosures per capita, Western counties Clay, Cherokee and Jackson are all expected to make it to the top ten counties with the highest foreclosure rates for the full year. Housing analysts stated that the state would have broken the 2009 record of bank repo homes and foreclosed properties if not for the moratorium that halted the sale of foreclosures for a few weeks.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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