The State Of The Charlotte Foreclosed Homes Market
While much of the country was affected by increasing foreclosures rates
, the number of Charlotte foreclosed homes did not rise very rapidly. The relatively stable foreclosed homes market in the region has been attributed to an economy that hasnt dipped as dramatically as other parts of the country. However, fanatical experts predict that more foreclosure homes will be seen in Charlotte in the final quarter of 2009, as the bank problems start affecting the region as well.As well, Charlotte has been somewhat protected from large numbers of foreclosed properties because the local market did not see the housing boom other states saw a few years ago. Therefore, the drop in housing prices in the region was not as dramatic. As economic woes continue, however, analysts predict more foreclosure properties in the Charlotte area.
More robust foreclosure listings in Charlotte might be good for local investors. Local real estate investors may be able to enjoy lower cost foreclosures and more real estate choices just as the economy starts to improve again. Unemployment rates in the Charlotte area have increased recently, which may fuel larger numbers of foreclosures. Experts and investors also predict that the foreclosures market will affect the local housing market, as distressed homeowners sell under market value to avoid foreclosure and to compete with foreclosed houses on the market.
The Charlotte Habitat for Humanity organization has already started to take advantage of the low-cost foreclosure homes in the area. The organization has purchased a foreclosure property and has renovated it, selling it at cost to a client. The Charlotte Habitat for Humanity spends 25% on such a project than on building a new home. As a result, the organization plans to earmark stimulus money for more such projects. They will purchase and renovate 15 more Charlotte foreclosed homes in the near future.
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