The number of foreclosures in North Carolina was down in the first quarter of 2011. That's according to a report from RealTrac, a firm that tracks foreclosures. But the number is down due to a logjam of foreclosures for lenders, not because there are fewer people going into foreclosure. Banks are being investigated for lending practices that led to the mortgage meltdown. Daren Blomquist with RealTrac says the seemingly good news is artificial.
Daren Blomquist: "I think we're definitely going to see the numbers start to jump higher at least in the second half of 2011 as banks do adjust to the new reality and ramp up on the foreclosures."
The report shows foreclosures in North Carolina are down 27 percent in the 1st quarter of 2011 from the previous quarter. And they're down 12 percent from a year ago.