North Carolina Foreclosures are an Attractive Option for First Time Homebuyers
Photo by Dave Dugdale
The number of North Carolina foreclosures is definitely far less than the amount of foreclosures in surrounding states. Georgia has almost four times as many foreclosed homes, while all of the remaining surrounding states have a larger number of foreclosures than elsewhere on the market. Right now, there are 19,870 North Carolina foreclosures available, with an average listing price of $157,000.
There are areas in the state of North Carolina where the price of foreclosures has risen. They include:
* The price of Reidsville foreclosures rose 10.5 percent last month. There are currently 44 foreclosures on the market with an average price of $117,500.
In many other areas of the state, both the number and price of foreclosures have recently fallen:
* The price of Greensboro foreclosures fell by 4.0 percent during the last month. There are currently 977 foreclosures on the market with an average selling price of $66,500.
* The number of Huntersville foreclosures fell by 11.1 percent during the last month. There are currently 184 foreclosures on the market with an average selling price of $224,000. Huntersville is a suburb of Charlotte.
* The number of Matthews foreclosures fell by 12.5 percent last month. There are currently 188 foreclosures on the market with an average selling price of $197,000. Matthews is also a suburb of Charlotte.
* The price of Graham foreclosures fell by 3.9 percent last month. There are currently 116 foreclosures on the market with an average selling price of $145,000. Graham is east of Greensboro.
* The number of Wilmington foreclosures fell by 5.4 percent last month. There are currently 413 foreclosures on the market with an average selling price of $101.000. Wilmington is in North Carolina’s beach area.
* The number of Monroe foreclosures fell by 8.7 percent last month. There are currently 141 foreclosures on the market with an average price of $156,900. Monroe is a suburb of Charlotte.
With high-tech industries and major universities, North Carolina has become the heart of the “New South.” The Research Triangle in the north central part of the state is world renowned for its major educational facilities at universities such as Duke, UNC and NC State. There are also a large number of major software and technology firms in the Research Triangle.
North Carolina’s geography varies from the Great Smokey Mountains in the west to beach communities on the Atlantic Coast. Among the most notorious residents of the state were Edward Teach, better known as Blackbeard the Pirate, who regularly used Ocracoke Island as a base. Today’s prices and low interest rates make the purchase of a North Carolina foreclosure an attractive option for many first time homebuyers.
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