New Hanover and Bwk among top 10 counties facing foreclosure - WECT, weather & sports Wilmington, NC

New Hanover and Brunswick among top 10 counties facing foreclosure

NEW HANOVER, NC (WECT) – North Carolina's New Hanover and Brunswick County are among the top ten counties facing foreclosures, according to North Carolina's Justice Center.

[Click here to learn more about foreclosures from the Justice Center]

Michael Otelsberg , a broker with Century 21, said foreclosure makes up 30 percent of sales, despite the high number of people trying to salvage their homes in recent years.

So far, the state is facing some 70,476 foreclosures and it is projected to break last year's filings in late November, according to the Justice Center.  The advocacy group said Monday its projection is based on an analysis of current foreclosure filings across the state.

"We're looking at the average worker who is losing their homes - not because of the desire to live on a higher scale, but because they've lost their jobs and their income has been cut," explained Linda Smith.  "Unless the unemployment rate improves, I don't know where the end will be."

Otelsberg believes the foreclosure hike will likely clear in the next year.  Once banks flush out and review foreclosures, the market will see a bump in home prices and the housing market will reach equilibrium.

"People who are, believe it or not, are in foreclosure really just want it to be over with," said Otelsberg. "They want it just to come to an end."

As of the end of September, nearly 53,000 foreclosures had been filed. Bill Rowe, the group's advocacy director says North Carolina should surpass last year's record total of 63,000 foreclosures by the end of this month.

Copyright 2010 WECT. All rights reserved.  AP contributed to this report.

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