2024 Raleigh-Durham Foreclosure Overview

By Elias DaSilva | September 16, 2024.

Foreclosure cases in North Carolina surged by nearly 85% compared to the previous year.

In North Carolina, one in every 8,175 homes is currently facing foreclosure.

The state ranks 26th nationwide for its foreclosure rate.

Although foreclosure completions have reached their peak since March 2024, they remain less than half of what they were in January 2020, before the pandemic.

Foreclosure activity in 2024 is anticipated to stay below typical historical levels until the end of the year.

Programs that helped homeowners avoid foreclosure during the COVID-19 pandemic have ended, causing a spike in foreclosures in the Triangle area.

Durham County experienced a 150% rise in foreclosures, while Wake County saw a 66.67% increase from the last quarter.

In January 2024, 304 foreclosure notices were distributed in North Carolina.

Investor-owned properties in the state rose to 112 in January 2024, up from 93 in December 2023.

The foreclosure data from Raleigh-Durham real estate offers valuable insights for stakeholders in North Carolina’s real estate market, including investors, prospective homebuyers, and property sellers. These insights are crucial given the recent rise in foreclosure rates in the state.

This increase in foreclosures that we are seeing in North Carolina, especially in the Raleigh-Durham region, presents several scenarios for investors. On one hand, it offers them the opportunity to purchase properties at potentially reduced prices, as banks often try to sell foreclosed properties quickly, making it profitable for those interested in reselling or renting properties. On the other hand, a high foreclosure rate could indicate a slowdown in the real estate market, which could lead to a decline in overall property values and rental prices. Therefore, it is advisable for investors to conduct detailed market research and be cautious about the areas in which they choose to invest, as these trends will not affect all regions equally.