Foreclosures in Town?
Posted by CityBlogNC on May 28th, 2007
Can anyone speak to the issue of foreclosures in Charlotte, North Carolina? Foreclosures are up around the country due to the sub-prime lending practices. Is there any foreclosure impact on real estate in Charlotte?
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Foreclosures area high in Charlotte as they are in the rest of the country. You are correct the effect is largely due to the sub-prime lending, but also the 100%ARM loans that have come due and are no longer affordable. We have seen even high end foreclosures in Charlotte. This town if very transient and with are largest industry in banking. Jobs are lost, employees are transferred and some houses don’t sell. This screams foreclosure as well.