Low Sales Not Foreclosures in Charlotte the Problem

By: Joseph Smith


While the rest of the nation is seeing huge increases in mortgage defaults, foreclosures in Charlotte are relatively mild. However, low home sale numbers are still causing problems for the city’s real estate market.

All over the rest of the south, foreclosure rates increasing at double digit rates. That’s not the case in Charlotte. Although foreclosures in Charlotte have gone up, the increase is only a tenth of a percent. Only 0.8% of mortgages in city have gone into some stage of foreclosure. In the rest of the country, the average is one home out of every 452. Although the low rate of foreclosures in Charlotte may be good news, not everything about the real estate market is so jolly.

The dark cloud around Charlotte is the dramatic decrease in home sales. Sales have dropped by 35% just from last year. That’s compared with a national drop of only 12%. Of course, part of the problem could be the continuing high prices in the real estate market. While the mounting economic crisis and huge foreclosure numbers have caused prices to plummet in some areas, Charlotte home prices have only fell by 1.5% compared to 8% across the country.

Since foreclosures in Charlotte are not increasing at the rate of the rest of the country, many people who already have homes are holding on to them tightly. Unfortunately, thanks to the credit crunch many others won’t be able to secure their own property even if the prices do continue to fall.

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Joseph Smith has been educating buyers on the finer points of www.foreclosuredeals.com/lview.php?st=NC&cn=Mecklenburg&city=Charlotte&propType=1" target="_blank"> Charlotte Foreclosure Homes purchase at ForeclosureDeals.com for over four years. Click here to visit and read more advice on finding Foreclosed Homes.

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