North Carolina Foreclosures Concentrate in Urban Areas
North Carolina foreclosures have increased at a lower rate than the nearby states of Georgia and Florida. However, at the current time, more than 23,000 foreclosed homes are available for purchase in the state.
The stronger banking system in the state and the presence of high tech areas of employment have had a favorable effect. North Carolina’s banking system is second only to New York City’s with several large banks and corporations headquartered there. Unemployment, however, continues at a rate nominally higher than the national rate.
During the last month, the prices of foreclosed home rose in the following North Carolina cities:
* The price of Winston Salem foreclosures rose by 1.0%. Winston Salem has over 1,200 foreclosures available on the market with an average sale price of $110,800.
* The price of Wilmington foreclosures rose by 9.7%. There are just over 400 foreclosed homes available in Wilmington at this time, with an average sale price of $156,400.
* The price of Gastonia foreclosures rose by 18.5%. In southwestern NC and near Charlotte, the number of foreclosed homes available for sale is just over 300 and they have an average sale price of $102,300.
On the other hand, the price of foreclosures fell in the following cities during the last month:
* The price of New Bern foreclosures fell by 23%. New Bern has had a very small number of foreclosures, so an individual house can have a significant effect on the average price change. The average sale price was $159,000.
* The price of High Point foreclosures fell by 7.2%. Nearly 500 foreclosed homes are available with an average sale price of $126,500.
* The price of Concord foreclosures fell by 9.1%. Also near Charlotte, Concord has a limited number of foreclosed homes for sale, with just over 200 units and an average sale price of $166,800.
North Carolina is known for the quality of its institutions of higher education, which include the Universities of North Carolina, North Carolina State University, Duke, Wake Forest and a host of other schools. North Carolina is also known for its beach communities on the Outer Banks where locals can enjoy deep-sea fishing, boating, and more summer ocean front activities.
For the potential homebuyer looking for a place to purchase a house, looking into North Carolina foreclosures is a good approach. With mortgage interest rates continuing below 5%, and the aggressive pricing of foreclosed homes, the cost of buying a home compares favorably to the cost of renting.
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