No matter the area, Ashville, Cape Hatteras, Charlotte, Fayetteville, Greensboro, Raleigh or Wilmington or anywhere in between no area in North Carolina has been spared the results of skyrocketing foreclosures which was created by the national mortgage crisis and the reduction of property values across the country. Every price range has been affected and no region has been undamaged by risky mortgages provided to people who could not afford their payments.
You should be buying foreclosure properties now. The stock market is unpredictable but people will always need a roof over their heads. This makes real estate in general and foreclosures in particular especially good investments during times of financial uncertainty.
Read more about how to buy foreclosures and educate yourself on the communities you are most interested in buying a foreclosure and start shopping here for the foreclosure home that meets your needs. If you are facing a pending foreclosure call a local real estate professional and determine what types of options you have. Your options will depend on your particular situation. Other variables in North Carolina include where your home is located, density of population, which can vary widely in the state, how much is owed on the home and how much the particular home is worth.
North Carolina is the 10th most populated state in the United States with the majority of its population living in one of the three metropolitan areas. Metrolina, The Triangle and Piedmont Triad. Population pockets in North Carolina are in these major metropolitan areas as well as spread out over a state that ranks 28th among all of the United States.
The unemployment rate in North Carolina is approximately 10% higher than the national average This unusual high number of foreclosures is caused mainly by the recent influx of new residents has created an unusually high number of new mortgages that are based on purchase prices that reflect the inflated prices during the recent housing boom.
Most foreclosures in North Carolina occur in the Durham, Cary, High Point, Winston- Salem, Ashville, Cape Hatteras, Charlotte, Fayetteville, Greensboro, Raleigh and Wilmington. These cities also represent the largest and most densely populated metropolitan areas of North Carolina. Population being the most common factor in the forecasting the number of potential foreclosures.
Q. Does this mean that people in these areas don't pay their bills or that there are no jobs in these Cities?
A. No, this is because these Cities are the most densely populated in the entire state of North Carolina, concurrently the higher the population the more mortgages and the more foreclosures.
Q. Does the high number of foreclosures mean that people have given up or are leaving North Carolina?
A. No. North Carolina, is not unlike every other state in the country regarding real estate prices sinking under the pressure of foreclosures which were initiated by risky loans to unproven borrowers.
Q. Does this mean that the average home in North Carolina has lost more of its value than in other places?
A. Possibly. People are more likely to let their home go to foreclosure and walk away the higher the percentage of lost equity and the more upside down they are on their mortgage. Recent initiatives have also created an environment which has placed the majority of the blame on the banks and removed the financial stigma of being foreclosed on.
Q. Why would North Carolina be affected by a higher number of properties losing their value?
A. With a higher than average number of people moving to North Carolina the number of foreclosures also increases but must be put in context with the rest of the narrative of the national real estate crisis.