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Foreclosed Fixer Upper Houses, Distressed Homes Highest in Guilford

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By : John Cutts    99 or more times read
The counties of Forsyth and Guilford recorded some of the highest foreclosure rates in the North Carolina Triad region last year. The ratio of households against foreclosed property numbers in the two counties, including foreclosed fixer upper houses, recorded some of the biggest numbers in 2010 compared with other markets in the region.

Foreclosed homes in Greensboro, NC, and in the rest of Guilford County totaled 4,101 last year, giving the county a ratio of one household for every 53 being under some form of foreclosure in 2010. This is the highest foreclosure rate among the counties in the Triad area during the period, according to data presented by the Justice Center from Raleigh.

Statewide, North Carolina foreclosure homes had a ratio of 63 for every one household. The figure includes foreclosure filings for both commercial and residential properties, but majority are for residential-related foreclosures. Analysts reported that multifamily and apartment foreclosures also increased in the whole state last year, showing the extent of the housing market crisis' impact on the area's working families.

Meanwhile, Forsyth also had a high foreclosure rate last year, with the county recording a total of 2,396 foreclosures in 2010, including foreclosed fixer upper houses and other residential properties. This means that one household out of every 66 in Forsyth was under some form of foreclosure last year. Despite the high levels of foreclosures in both Forsyth and Guilford, the counties of Union and Mecklenburg, which are outside the Triad area, did worse, with one household out of every 34 in both areas under foreclosure last year.

Realtors are hoping that sales of foreclosed houses this year will improve to lower the inventory of distressed homes in Triad counties like Forsyth and Guilford. Another county that had a high foreclosure rate last year was Davidson, with one household out of every 63 under foreclosure in the area in 2010.

Montgomery, on the other hand, had the lowest foreclosure rate in the Triad last year at one household out of every 143 residential units. The number of foreclosures in the whole state, including foreclosed fixer upper houses, is expected to remain much the same in 2011 as last year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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