Number of Raleigh Bank Owned Homes for Sale Rises- By: Allana Castro
The month of June saw the number of Raleigh bank owned homes for sale continuing to rise. The metro areas of Durham-Chapel Hill and Raleigh-Cary both recorded foreclosure rate increases for the month of June. Mortgage delinquency rates also rose in both areas for the same month.
In general, foreclosure rates and bank owned properties in North Carolina remain in high numbers for June, although the area is doing relatively better when compared with nearby states. Locally, Raleigh-Cary has a foreclosure rate of 0.99% for June 2010. This translates to a rise of 0.15% points when compared with June 2009. However, when compared with May 2010, the figures are practically the same.
Meanwhile, bank owned foreclosed homes in Durham-Chapel Hill represent a foreclosure rate of 1.08% of outstanding mortgages. This translates to a percentage point increase of 0.24 when compared with June 2009. However, it actually represents a decline when compared with May 2010 when the rate of foreclosure was at 1.09%.
Despite the rise in the number of Raleigh bank owned homes for sale, the area still performed better than the national housing market during the month of June. Both Durham-Chapel Hill and Raleigh-Cary recorded lower increases in foreclosure rates for the month, with the national average at 3.06%, a rise of around 0.44% when compared with June 2009.
Meanwhile, statewide figures saw North Carolina recording a 1.46% foreclosure rate for June 2010. This represents a reasonable increase from the 1.11% foreclosure rate of June 2009. When compared with statewide statistics, the two metro regions can be said to have performed better during June 2010.
However, loan delinquency rates rose in both metro areas during the month in focus. Raleigh-Cary has 4.34% of its outstanding mortgage payments delayed by at least three months. It is a marked increase when compared with the same month of 2009 when delinquency rate is at 3.28%. In Durham-Chapel Hill, delinquency rate is at 4.60%. This represents an increase when compared with the June 2009 delinquency rate of 3.62%.
Despite the continuous increase of delinquency rates and Raleigh bank owned homes for sale numbers, the two metro areas in focus can be said to have performed relatively well during the first half of 2010. This trend is expected to continue for the rest of the year.
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