According to the new report from ATTOM Data Solutions, there have been 481 total foreclosures in Wake County through the end of August--a 425% increase compared to the same time last year. It's a return to pre-pandemic levels happening across the country.
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Wake County foreclosure rates are outpacing the national numbers. Foreclosures are up 187% compared to a year ago.
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However, analysts at ATTOM do not think the new numbers from the Triangle are cause for alarm.
The pandemic triggered a federally-mandated moratorium on foreclosures--which significantly decreased numbers in the past two years.
Now, with the moratorium lifted, rising foreclosure rates are a return to more typical numbers.
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"It's hard to believe that a 400% increase in foreclosure activity is not a problem. But when you go from one to three, it's a 200% increase," said Rick Sharga, executive vice-president of market intelligence at ATTOM. "So what we're seeing right now are percentage increases that are just extraordinarily high, but only because the numbers we saw a year ago were historically low. So, no cause for panic, at least not yet."
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For more perspective, take 2017. Wake County saw more than 2,600 home foreclosures that year. So far this year--481. Wake County is still on pace to be below the number of foreclosures it saw pre-pandemic.