Foreclosures on Rise at Charlotte-Gastonia-Concord

Charlotte-Gastonia-Concord area foreclosure has been found to increase in the month of August as compared to the figure last year during the same period. The foreclosure rate in the month of August among the mortgage loans stood at 0.80 percent. This shows an increase of nearly 0.10 percent from August, 2007. Previous year, it was 0.70 percent.

In August, the total number of existing and new foreclosure filings in Charlotte-Gastonia-Concord area real estate was 2435. The foreclosure activity in this area is low in comparison to the national rate of foreclosure that stood at 1.6 percent in August, 2008. This shows a 0.8 percent difference.

The rate of mortgage delinquency in Charlotte-Gastonia-Concord area has also gone up. Nearly 2.80 percent of mortgage loans in August were delinquent for over 90 days. It was 2.30 percent during the same period in 2007. Thus it shows an increase of 0.50 percent. The prices of home in this area have gone down in August as compared to what it was last year during the same time. The price have fallen by -0.31 percent. Currently, the median price of home is $176,500 in this area. The price of home nationally has fallen by 7.83 percent whereby the median price stands at $203,900.

The lowest median price in Charlotte-Gastonia-Concord area has been arrested in zip code 28016 and the highest home prices have been found in zip code 28036. The sales activity of single-family homes in the area have gone down by -50.88% percent in August as compared to the figure last year during the same period. Foreclosure has had a really bad effect on the real estate of this area. The home sales of both new and existing homes have gone down with 1972 sales transactions in August of 2008, which was 4015 in August of 2007.

Taken into consideration the total transaction activity, the sale activity in August for the new houses was 498. This is lower in comparison to the figure last year during the same period. It was 1474 during that time. Across the country, the sales activity has dipped down by -34 percent. The lowest number of sales has been found in zip code 28026 and the highest number of sales has been found in zip code 28277 in the month of August. In order to save the economy of the Charlotte-Gastonia-Concord area, proper steps have to be taken quickly to prevent further foreclosure of properties.

Popularity: 5% [?]

Bookmark to: