In Mecklenburg County, distressed houses for sale accounted for more than 50 percent of the total home sales. This just shows the growing foreclosure epidemic. By MostlyForeclosures.com
In Mecklenburg County, distressed houses for sale accounted for more than 50 percent of the total home sales. This just shows the growing foreclosure epidemic.
The local real estate industry in Mecklenburg County has always prided itself for avoiding the fallout of the foreclosure crisis. But things certainly changed in the past years, especially when home sales activity for 2010 revealed that there were more distressed houses for sale sold compared to traditional home sales.
An analysis of the data from the county government showed 49 percent involved traditional sales between a seller and willing buyer. Meanwhile, 51 percent involved homes at foreclosure auctions, forced sales by owners and lender re-sale. And if you think that such home sales activity is unique for the said county, you will be surprised to learn that more foreclosures in North Carolina are sold.
This should not be in the least bit surprising considering that a lot of buyers are utilizing foreclosure listing in Wilson and of other counties and cities since it is convenient and practical.
In addition, it was also observed that the foreclosure crisis is spreading well beyond starter communities where homes are low priced to higher-end communities and subdivisions. Distressed houses for sale are responsible for the declining home prices in the area as well as for the tax values.
It is also important to mention that the growing number of unsold foreclosure homesis taking a toll on new home construction and traditional home sales. After all, more and more home buyers and real estate investors are recognizing the impressive profit potential of these distressed houses for sale and choosing to buy them instead, because of their cheaper prices.
Unfortunately, such real estate market condition will not bode well for the county’s economy. It is probably the main reason why the entire nation is suffering from a sluggish economy and having a hard time recovering from the mortgage collapse. Experts are even saying they do not expect any significant improvement this year.
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