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Over the years, the largest city in North Carolina has been taking the brunt of increasing number of foreclosure homes. With an estimated population of 695,995, Charlotte is one of the major financial centers in the US and home to several Fortune 500 companies. It has a median family income of $56,517 annually and the unemployment rate has fallen down to 4.7% in the state of North Carolina. But all these facts and figures don’t sound or look good when it comes to the increasing number of bank foreclosures.
In 2007, Charlotte was ranked 14th in the list of US cities that has extraordinarily high delinquency rates. In the third quarter of 2007, the foreclosure rates in North Carolina had jumped by 83% and the rate was one in 1,131 homes. These high rates have ensured there are many more North Carolina bank foreclosures available for auction. You can click here to check some of the North Carolina foreclosure homes.
There are different types of Charlotte bank foreclosures available in different counties including Mecklenburg County. As an investor, you will get some of the best prices on any of the Charlotte foreclosure homes and the discounts can be as high as 25%. Bank foreclosures will include REPO homes, government foreclosures owned like HUD or VA homes, and other distressed properties in different parts of Charlotte.
You can look at the brighter side of these foreclosed homes, which is that all those people who couldn’t afford a top property in an up-market area can now easily bid and purchase such properties through auctions. The person who bids the highest will get to buy the foreclosure homes. This is also an opportunity for investors who can buy a distressed property, work on their look and style and sell them at a higher price or even rent it out. So there’s a whole world of opportunity to be taken advantage of in North Carolina!
HUD Fair Housing Equal Opportunity