MECKLENBURG COUNTY, N.C.,None — The number of homeowners filing for foreclosure in Mecklenburg County is at its lowest point in nearly three years.
There are still a lot of homes in foreclosure in Charlotte, but the number of new people entering the foreclosure process is down, which is encouraging news.
In Mecklenburg County, foreclosures are not going away, but new information this week shows they are slowing down. That has caught the attention of Tony Smith, a local real estate agent.
"It's positive, very positive," he said.
Smith specializes in selling homes in short sales or foreclosures, so he noticed when the new state data showed a major change.
In October, 519 Mecklenburg County homeowners had foreclosure papers filed against them. That may be a large number of homeowners, but it's still 28 percent fewer than September – and less than half as many as October of last year.
In fact, it's a 32-month low.
"I know there's an inventory that's still there, but as a homeowner right now it would certainly be a positive time to put your house on the market because there's less competition," Smith said.
Last year, distressed sales accounted for one third of all home sales in Mecklenburg County. That number has dropped to about 20 percent.
RESOURCE: United Family Services
MECK CO: Foreclosure Resource Center
Henrietta Thompson, who helps homeowners modify troubled mortgages through United Family Services, said for all their bad press, she's seeing lenders more willing to help keep homeowners out of foreclosure.
"We have monthly meetings with a lot of the banks right here in Charlotte. They want to help homeowners keep their home," she said.
One month's numbers don't make a trend, though, and there is still a big backlog of homes already in the middle of foreclosure across Charlotte.
But experts said the drop in filing is encouraging.
Mortgage rates are at an historic low, but the cheaper borrowing costs have not helped boost the struggling housing market yet.
The average rate on a 30-year fixed mortgage dropped from 4 percent to 3.9 percent this week. It's only the second time in history the rate has fallen below 4 percent.