The Good and Bad of Pitt County Foreclosures

There are two sides to the coin in Pitt County reo properties - although the numbers have remained unchanged in comparison to the wave in the rest of the country, the figure is much higher from what it was ten years ago. The position in Pitt County is better compared to the rest of the state also but that is little comfort for individuals losing their house, home and hearth.

Richard Lane of Prudential Prime Properties judiciously commented that foreclosures should not be taken lightly as these are serious events. Whenever the number increases there is “cause for concern.”

According to data collected from public documents it appears that Pitt County saw 360 foreclosures during the first six months of 2007. The lenders dismissed half of these, 122 went up for court auction, 33 became bankrupt and 24 still remain active in the files.

The banks foreclosed upon 376 units during the first half of this year, 2008. The lenders voluntarily dismissed 141. 93 went up for court auctions. There were 16 bankruptcies and 126 remain mentioned as active on the related files.

The figures of Pitt County calculate to a foreclosure rate of 1:796 according to RealtyTrac. During the same time period the foreclosure rate in North Carolina read 1:383 making it rank 26th in the national positions.

Pundits lack unanimity when it comes to locating the prime causes for this foreclosure crisis. This makes solution hunting difficult. It is little wonder then that nobody can accurately predict when this epidemic is going to peak, slowdown and then fade out. Even if random forecasting is done there are few takers as the nation grimly suffers. In Pitt County the experts are more upbeat and optimistic.

James Kleckley of Bureau of Business at East Carolina University commented, “If you look at the number nationally, they tend to congregate in certain areas, like California and Florida.” But in North Carolina there has been only a modest increase in reo properties. According to Kleckley a peep into the local economy gives an insight into the local housing picture. One cannot draw an invariable conclusion that just because things are happening across the nation it is also going to happen locally. He added, “We’re all tied together but we’re all different.”

Figures compiled by Center for Responsible Lending show that the county has witnessed a jump of 145% in foreclosures since 1988.