he decision by lenders to pause foreclosure proceedings in the COVID-19 pandemic continued a dramatic drop in foreclosure filings during October.
According to a report released by Attom Data Solutions, the five-county Winston-Salem metropolitan statistical area had just 36 filings, down 81.1% from 191 a year ago,
However, the pace did pick up compared with 19 in September.
During October, there were 19 filings in Forsyth County, nine in Davidson County, five in Stokes County, two in Yadkin County and one in Davie County.
By comparison, the Greensboro-High Point MSA had 61 filings during October, down 75.2% from 246 a year ago, but up 23 in September.
Gov. Roy Cooper signed an executive order in March in which he urged banks, credit unions and other lenders “not to charge customers for overdraft fees, late fees and other penalties.”
“It’s a little surprising to see foreclosure activity increasing in spite of the various foreclosure moratoria that are in place,” said Rick Sharga, executive vice president of RealtyTrac, an Attom company.
“It’s likely that many of these properties were already in the early stages of default prior to the pandemic, or are vacant and abandoned, which makes them candidates for expedited foreclosure actions.”
The Charlotte area had 88 filings in October, down from 602 a year ago, but up from 61 in September.
The Durham-Chapel Hill area had 17 filings, down from 80 a year ago, but up from 11 in September.
The Raleigh-Cary MSA had 38 filings, down from 202 a year ago, but up from 16 in September.
Officials with the Winston-Salem Regional Association of Realtors have cautioned that information about delinquency and/or underwater loans can affect the real-estate market by undermining consumer confidence.
Attom also released this week its latest report on how opportunity zones, which debuted in May 2018, are affecting housing markets in certain urban areas.
Opportunity zones are economically distressed census tracts qualified to receive private investments through a new vehicle known as opportunity funds. The goal is connecting those tracts with investors, offering tax credits and other tax incentives to get investors involved.
All but one of the 11 Forsyth tracts are in the central part of Winston-Salem. They account for more than 25,000 residents. They are among 47 in the Triad and Northwest North Carolina, and 252 statewide.
The two Forsyth tracts reviewed by Attom for the third quarter are:
Tract 14, which contains Whitaker Park, a 1.7-million-square-foot former R.J. Reynolds Tobacco Co. plant. The campus is part of a high-profile renovation project being undertaken by Whitaker Park Development Authority Inc. and mixed-use developer Chris Harrison.
The average home sale price was at $62,500, up from $52,000 in the second quarter, but down from $77,500 a year ago.
Tract 17, which contains Lakeside Villas multifamily housing development. The average home sale price when the opportunity zone program began was $146,750.
It has since fluctuated, reaching a low of $55,000 in the third quarter, compared with $84,000 in the second quarter and $105,750 a year ago.
“Home prices in opportunity zones around the country continued rising in the third quarter, riding the wave of a nationwide boom that has defied the economic damage from the widespread coronavirus pandemic,” said Todd Teta, Attom’s chief product officer.
The increases point toward signs that some of the country’s most distressed communities have great potential for revival.
“At that same time, though, prices remain depressed in opportunity zones, and a notable number actually dropped in the third quarter — a potentially very troubling indicator.”
Source of article: https://journalnow.com/business/local/triad-foreclosures-remain-sharply-down-due-to-pause-by-lenders/article_fc02a514-2454-11eb-a8c1-f7511bd15e51.html
