The Triangle Business Report published a story about the increase in foreclosures in North Carolina. The headline stated: RealtyTrac: NC foreclusure filings up 32%. Sounds pretty bad for the Tar Heel State. I do not dispute the fact that foreclosures are up for the month of August - I do take issue with the percentages.
I know articles are meant to have that "gotcha" effect. The problem is the way this stuff is reported and the true numbers. You know what they say about statistics. Outer Banks foreclosures are not published anywhere except in the local papers and the Dare County and Currituck County Courthouses.
The article today even went into details about the different reporting styles. They did quote numbers from the North Carolina Commissioner of Banks that reported a 10% increase. Here is an excerpt from the article with the details:
RealtyTrac’s numbers differ from those put out by the North Carolina Office of the Commissioner of Banks. While RealtyTrac counts every foreclosure filing, including multiple filings for a single household, the commissioner of banks’ office counts each household only once, no matter how many filings it has received. By that method, the commissioner of banks’ office said that North Carolina foreclosures increased by 10 percent in 2007, while RealtyTrac reported that foreclosures rose by almost 67 percent.
I would tend to think the Commissioner of Banks would be a little closer to the truth - but maybe not entirely. I believe timeshare foreclosures are probably added to the mix - I don't see a foreclosure on a time share unit the same thing as your beach house in Duck. Maybe since the government is now in the banking business big time - we might actually get some type of clear reporting in the future. I am not holding my breath...
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