Foreclosure rates in Wilmington go up

Foreclosure rates in Wilmington go up

Posted by Doug Wahl - email

Wilmington, NC (WECT) -The latest numbers on the foreclosure rate in Wilmington has some bad news for the local housing markett.

Accmarketto a private firm that studies mortgages and foreclosures, the rate in Wilmington for the month of October (the latest month available) stands at 1.34 percent. That is an increase, from October of 2008 of 0.80 percent.

Foreclosure activity in Wilmington is lower than the national rate which was 3.02 percent for October 2009. But all indications are that the foreclosure problems in Wilmington will only get worse. The same study found that nearly five percent of all mortgages held in the city are at least 90 days delinquent. Last year that number was less than 2 percent.

The number of home owners behind in their mortgage payment is a critical factor to predicting the future real estate market. As one Wilmington Real Estate agent told us the increase number delinquent homes makes it very likely that more cheap property will be flooding the market in future months.

The recent study is bad news for local real estate agents. After sales increased in the summer months, many were hoping that the stagnate markett was heading for better days.

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