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Raleigh-Cary foreclosures up; MSA in middle of pack nationally
(Source: Triangle Business Journal)

The Raleigh-Cary Metropolitan Statistical Area finished middle of the pack in a recent survey of foreclosure rates in the nation's 100 largest MSAs.

Raleigh-Cary had the 51st highest foreclosure rate in the RealtyTrac ranking, which measured the number of homes entering some stage of foreclosure in the 2006 third quarter.

According to the study, Raleigh-Cary recorded 862 total foreclosures in the third quarter, or approximately one for every 382 households in the area. Foreclosure activity in Raleigh-Cary was up nearly 6 percent from the second quarter.

The Raleigh-Cary foreclosure rate was slightly better than the national foreclosure rate of one home for every 363 households.

More than 318,000 homes entered some stage of foreclosure during the 2006 third quarter across the United States .

The Charlotte-Gastonia MSA reported the highest foreclosure rate of North Carolina metros included in the report, with one foreclosure for every 250 households. Charlotte ranked 33rd highest on the list.

Greensboro-High Point -- the only other North Carolina metro on the list -- had the 16th lowest rate on the survey, with one foreclosure for every 923 households.

The Detroit-Livonia-Dearborn MSA in Michigan posted the worst foreclosure rate in the nation, with 10,316 homes entering foreclosure during the third quarter, or approximately one for every 80 households.

RealtyTrac is an online marketplace for foreclosures.