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North Carolina is situated on the Atlantic Seaboard and has a total population of approximately 8,049,313 and a high rate of bank foreclosures. Off late, it has become a popular tourist destination with plenty of adventure opportunities in the Blue Ridge Mountains, Pilot Mountains, King’s Pinnacle and Great Smoky Mountain. The increase in tourism has not helped much in the face of growing number of foreclosure homes in the state and in Mecklenburg County, which is expected to be the most populous by 2010.
North Carolina enjoys a healthy economy with the total gross state product hitting $375 billion in 2006 and the per capita personal income was recorded to be $31,029. So what is the real reason behind such a high rate of Charlotte bank foreclosures? There are several culprits and the primary reason is the tough mortgage laws, which were enacted around a decade back.
It was an eye opener for the citizens in Mecklenburg County when they came across the court records, which show an increase in the foreclosure rates by almost 9.4% in 2007. Such a steep increase in the number of Charlotte foreclosure homes has been caused by the subprime mortgage defaults. To counter this rise in the number of North Carolina bank foreclosures, a new House committee has been set up. The primary function of this new committee is to analyze and examine the various reasons for the increase in foreclosed houses in the state and identify if North Carolina will need tougher mortgage regulations or will it suffice to implement some short term changes.
In fact, the future projection is that the foreclosure rates will keep on rising through 2008 and will be up by almost 10% to 20% and the number of North Carolina foreclosure homes will reach the 60,000 mark.
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