Foreclosure rates on Winston Salem at 66.7% higher
If there is something more disastrous than famines and the hurricane Katrina then it is foreclosures and it seems like North Carolina bank foreclosures are constantly on the rise. If it goes on anymore like this then there will be in excess of 10,000 foreclosure homes in North Carolina to be auctioned. As a state, North Carolina enjoys a stable economy with the annual median income for a family being $56,517. But in spite of enjoying a strong economy, the state faces a high rate of bank foreclosures.
The foreclosure filings in North Carolina rose sharply in 2007 and were recorded to be 66.7% and experts are not too optimistic about 2008. There are many experts who believe that North Carolina will experience a new high in foreclosures in 2008 and the increase might be anywhere from 10%-20%. This means that more North Carolina foreclosure homes will get added to the current repository of homes and this might hit the real estate prices very badly. Already investors and homeowners are not buying property in neighborhoods that have seen a high rate of foreclosure in the recent past. As if this wasn’t enough to add to the woe of homeowners, deserted neighborhoods have started to experience an increase in the crime rate too.
Several counties of North Carolina were hit with some of the highest rates being recorded in Forsyth County in the Winston Salem MSA. According to the last reports, 2,067 Winston Salem foreclosure homes have been listed in the State foreclosure list, which is an increase of almost 92% as compared to the rates in 2006. Forsyth County in the Winston Salem MSA recorded a 102% increase compared to its rate in 2006 and is the major contributor for the high number of Winston Salem bank foreclosures.