Charlotte North Carolina Real Estate

charlotte north carolina real estate

charlotte nc real estate

The President's plan of $75 billion mortgage modification and foreclosure rescue doesn’t offer any lifelines for investor-owned homes. That leaves a big portion of the troubled Charlotte NC Real Estate housing market.

That portion includes vacant residences and troubled mortgages that continue to drag down prices across the Charlotte NC region, particularly in newer developments in suburbs.

10%-20% of Charlotte area homes are owned by investors, and there’s no immediate help for them in the governments new plan.

The plan allows homeowners to lower their mortgage principal to account for lost values. It also requires lenders that receive Troubled Asset Relief Program, or TARP, money to abide by the new requirements, which were scheduled to be released after press deadline March 4.

The plan is intended to help keep owner-occupants from losing their homes while stabilizing the ailing housing market.

Investors and speculative buyers in Charlotte North Carolina flooded the market during the housing boom. They acquired properties in the city and new suburbs intending resell them instantly at a profit.

Now, with the market tanked, many of those investment houses are sitting empty and facing foreclosure.

More than 50,000 homes are for sale in the Charlotte area, and over 25,000 of them are vacant. More than 11,000 of the vacant properties are bank-owned, and he presumes a large number of the others are owned by investors.

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