North Carolina was the first state in the country to put into place laws and rules against predatory and unfair lending practices. However, the government’s tough stance against unscrupulous mortgage lenders has not managed to curb the high rate of foreclosures that the state has been experiencing for the past three years.
The first quarter of 2008 saw North Carolina ranked 25th in the list of states ranking them by maximum number of foreclosures. While being behind 24 other states is a good thing in itself when you look at the broader picture, the state of the real estate market in North Carolina is nothing to be happy about.
During the period between January and March 2008, more than 10,000 North Carolina properties were in some stage of the foreclosure process. This is 26% higher than what it was during the same period last year, showing clearly that laws haven’t been very helpful in controlling North Carolina foreclosure rates.
The number of North Carolina foreclosures has been highest in the counties of Mecklenburg, Gaston, Wake, Guilford and Durham. These five counties account for almost 50% of the total foreclosures reported in the first quarter. All builders have stopped constructions in a state which is already featuring a glut of unsold foreclosed properties. Most banks and lenders are reeling with property acquisitions that nobody is ready to buy.
The only good news is that most experts predict that markets will stabilize by the end of 2008. While most homeowners are looking for a period of stability to set in, people who want to buy property in North Carolina need to move fast before the number of foreclosed properties goes down. The recent state of too much supply and too little demand is extremely favorable for buyers who can negotiate and get good properties at hefty discounts.
The first quarter of 2008 saw North Carolina ranked 25th in the list of states ranking them by maximum number of foreclosures. While being behind 24 other states is a good thing in itself when you look at the broader picture, the state of the real estate market in North Carolina is nothing to be happy about.
During the period between January and March 2008, more than 10,000 North Carolina properties were in some stage of the foreclosure process. This is 26% higher than what it was during the same period last year, showing clearly that laws haven’t been very helpful in controlling North Carolina foreclosure rates.
The number of North Carolina foreclosures has been highest in the counties of Mecklenburg, Gaston, Wake, Guilford and Durham. These five counties account for almost 50% of the total foreclosures reported in the first quarter. All builders have stopped constructions in a state which is already featuring a glut of unsold foreclosed properties. Most banks and lenders are reeling with property acquisitions that nobody is ready to buy.
The only good news is that most experts predict that markets will stabilize by the end of 2008. While most homeowners are looking for a period of stability to set in, people who want to buy property in North Carolina need to move fast before the number of foreclosed properties goes down. The recent state of too much supply and too little demand is extremely favorable for buyers who can negotiate and get good properties at hefty discounts.
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