Foreclosure Rate In The Triangle Area Fares Better Than Other Major Metropolitan Areas

When the recession hit and the housing market bottomed out ,many Americans were left in a position that made it difficult to pay their mortgages, and foreclosure rates skyrocketed. Both the Raleigh-Cary and Durham areas saw an increase in foreclosures for 2010. However, the Triangle area is faring better than many other parts of the country. Realty Trac studied 206 markets and Raleigh-Cary posted the 70th lowest rate and Durham posted the 22nd lowest foreclosure rate.

Realty Trac recently released a report that showed that there were 5,359 pieces of property in the Raleigh-Cary area that received at least one foreclosure filing during 2010. Unfortunately, that number is up over 25% from 2009 in the Raleigh-Cary area. The numbers for 2009 show that 1.21 percent of residential properties in the Raleigh-Cary area, which makes up Wake, Johnston, and Franklin, received at least one foreclosure filing. The Durham area saw foreclosure filings rise by 13.62 percent with 1,318 homes receiving at least one foreclosure filing. That is only .61 percent of homes in the overall Durham area facing foreclosure. The good news is that the number is actually down 35% compared to the year 2008.

If you are looking to buy or sell a home in the Triangle area contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert and has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are a lot of questions about how the short sale process works and weather a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answer and would love to sit down for a confidential review of your options.

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