Increase in the number of Charlotte foreclosure homes
The New Year of 2008 started on a low note with the total number of bank foreclosures across the US reaching a new high in 2007. The rate jumped higher and was recorded to be 79% more than in 2006 and it was no different for North Carolina, which is situated on the Atlantic Coast. As a result of this high, a huge database of foreclosure homes has been created in the state of North Carolina by the end of 2007. The main reason attributed to such high homes in foreclosure is that several homeowners fell behind when it came to making mortgage payments.
As of 2008, North Carolina has quite a strong economy with the total gross state product measured at $375 billion while the per capita personal income is at approximately $31,029. In spite of such a strong economy, North Carolina saw around 37,426 filings in 2007. By the end of 2007, North Carolina was ranked 18th in the US and some of the major North Carolina foreclosure homes were reported in Mecklenburg County. The rate of foreclosure in North Carolina by the end of the last quarter of 2007 was 66% higher than what was recorded in 2006 and 135% higher as compared to the rates in 2005.
Due to such high rates, homeowners in different counties were severely affected and so was the real estate market, which saw a dip in the overall sales. As opposed to the national average of 79%, North Carolina recorded 67% and this has contributed to the existing repository of Charlotte bank foreclosures. The worst effected areas include Mecklenburg County with a 51% increase, Guilford County with a 131% increase and Wake County with a 68% increase. Charlotte foreclosure homes are a reality that many existing homeowners would not want to experience in 2008. The fact of the matter is that experts believe that there will be many more North Carolina bank foreclosures in 2008 and this is bad news.
More Resources