As we consider how the greater Charlotte Real Estate market performed for 2012 there are many factors to consider. In this particular Blog Post I am gong to focus strictly on Charlotte Foreclosures. I compare single family homes that were sold by banks, HUD, Fannie, Mae, Freddie Mac and the VA in the Carolina MLS which is Charlotte NC and all of our surrounding Counties.
First let's compare Charlotte Foreclosures sold in 2012 compared to 2010 and 2011. I think the easiest way to get a feel is as a percentage of our overall market sales. The Foreclosure Homes sold in the greater Charlotte region has been trending downward. In 2010, foreclosures consumed 28% of our single family home sales; in 2011 it was 23% and in 2012 it was 22%.
Statistically there was not much of a change from 2011 to 2012 but it is trending downward. So what does this mean to you? As the foreclosures continue to decline, the overall market values will increase (less discounted homes). I have also noted a recent trend in foreclosure listings. Many foreclosure listings are being listed at above market value when they are first coming on the market! This is odd but technically makes good sense from the seller's perspective. As the foreclosure price is slowly reduced, the seller is assured they obtained the highest possible value. This does technically help everyone and the economy as a whole.
I follow Charlotte Foreclosure Homes for Sale and document monthly the trends. I noticed that in 2012 that in January foreclosures consisted on 28% of the sales and in December it was only 22%. This is a dramatic reduction! The trend for the year is downward.
What does this mean for 2013? The presidential election is over, health care is law and taxes are now known. Business can now make intelligent decisions on hiring. This is going to be a huge factor in our economy and definitely dictate the trend. The recent trends are positive for home appreciation and interest rates are still very low. "If" you are in a position to purchase a home, now is the time. Charlotte Homes for Sale remain a great opportunity. We have a great climate, conveniently located to the beach and mountains and a vibrant business community. Welcome to Charlotte NC!
