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High Foreclosure Rate Creating Opportunities for Buyers in North Carolina
By jason | May 1, 2008
While North Carolina, like any other state, has seen rising numbers of foreclosures in recent years that have hurt home values and contributed to a slowdown in the market, the situation in the state is nowhere near as bad as it is in other areas, and may present one of the best buying opportunities for investors out there.
The growing number of foreclosures in cities like Raleigh, Charlotte and Durham have been much hyped in the news, and rightfully so. People are losing their homes, and it’s having a big effect on the surrounding community, and the problem needs to be addressed. But investors can actually help the situation while also cashing in big when they buy foreclosed homes in North Carolina. Raleigh and Charlotte are cities with growing economies and populations. New businesses are moving there, job growth is high, and there is a high quality of life among residents. All of these things are adding up to make the foreclosure problem much less worse than it could have been, and contributing ton huge potential for foreclosure investments. Since property is still in demand here, buying foreclosures in North Carolina carries much greater potential for future profits than in areas that are more ravaged. While prices may not be as cheap as in those areas, the actual potential for value is much higher.
Excellent evidence is that while most cities saw an average drop in home values, Charlotte actually registered a 1.5% increase in home values despite its high foreclosure rate. It’s remarkable to have any kind of appreciation in value in today’s market, which in other regions has hit rock bottom.
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Topics: Foreclosures by State |