Single and Multi Family Foreclosures Rise in Durham

The number of multi family foreclosures and other foreclosed residential properties increased in Durham and in the rest of the North Carolina Triangle region last year, but remained at a level that is healthier than most U.S. markets. Both the metro areas of Durham and Raleigh-Cary posted higher foreclosure-related filings numbers in 2010.

Foreclosures in Durham reached a total of 1,318 in 2010, representing an increase of 13.62% when compared with 2009 levels. However, when compared with 2008 figures, the number of households that received filings last year actually decreased by 35%. The area posted a foreclosure rate of 0.61% last year, with one household out of every 164 in the metro receiving at least one filing in 2010.

In general, North Carolina foreclosures were lower than majority of states in the U.S. in 2010. Durham ranked 22nd last year among metro areas with the lowest foreclosure rate for the period. Data for the metro area covered Durham, Person, Chatham, and Orange counties. Meanwhile, the Raleigh-Cary region also posted higher foreclosure numbers in 2010 compared with year-ago levels, but remained way below the foreclosure rates posted by majority of metropolitan areas in the country.

Residential foreclosures, including multi family foreclosures, totaled 5,359 in Raleigh-Cary last year. The figure represents a 25% surge when compared with figures recorded in 2009. The metro region had a foreclosure rate of 1.21% in 2010, ranking the area 70th out of 206 U.S. metro regions in terms of lowest rate of foreclosure. One household out of every 82 received a foreclosure-related filing in Raleigh-Cary last year.

Bank foreclosed homes and other foreclosed properties data for 2010 covered the counties of Franklin, Johnston, and Wake. Both the housing markets of Durham and Raleigh-Cary were considered to be in very good positions compared with majority of the metropolitan markets of the U.S. Of the 206 housing markets surveyed in the U.S., 149 posted higher foreclosure activities last year compared with 2009.

Both North Carolina metro areas also recorded better foreclosure numbers than the nationwide average. Single and multi family foreclosures at Durham and Raleigh-Cary are expected to continue rising this year, but analysts are optimistic that both metros will remain in the lower half of the nationwide ranking for foreclosure rates.