A new state law requiring lenders to give homeowners 45 days notice before filing a notice of default drove down foreclosures in North Carolina in September.
RealtyTrac Inc. of Irvine, Calif., says there were 2,477 properties with foreclosure filings in the state, or one for every 1,627 households, during the month.
That’s down by 27 percent from September 2007, RealtyTrac says.
RealtyTrac tracks default notices, auction-sale notices and bank repossessions. The company says that the downturn in North Carolina’s foreclosures came from a 66 percent decline in notices of default, which mortgage companies issue to borrowers as the first step in the foreclosure process.
State lawmakers passed a bill in July that requires mortgage servicers to give 45-day notice before starting foreclosure proceedings.
Across the country, RealtyTrac says, foreclosures increased by 21 percent in the 12 months ending in September. One in every 475 U.S. housing units received a foreclosure filing in September.
Nevada, California and Arizona posted the top statewide foreclosure rates in the country. North Carolina ranked 35th among all states.
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