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House Foreclosures for Sale in Charlotte Still Unsettling

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By : John Cutts    99 or more times read
House foreclosures for sale in Charlotte are still affecting home prices, real estate taxation and new home construction despite improvement in home sales and a slowdown in foreclosure activity in North Carolina.

In January, the average price for homes sold in Charlotte was $200,592, a drop from the $211,705 average sales price in December, although an increase from the $189,048 average in January 2009, based on data from the Charlotte Regional Realtor Association.

The number of homes sold also decreased to 1,363 units in January this year from the 1,527 units sold in the previous month of December, although it marked an increase of 8.3 percent from total sales in January 2009.

Pending home sales, however, increased to 1,833 units in January, a 25-percent jump from the 1,466 homes in pending purchase contracts in December.

House sales in the final months of last year also showed improvements on a quarter-over-quarter basis. Based on a report from MetroStudy, home sales in Charlotte climbed up to 1,939 units in the final quarter, up by 100 units from the previous quarter.

House foreclosures for sale also put a downward pressure on the ability of residential and commercial developers to pay their taxes. According to tax records at Mecklenburg County, where Charlotte is located, over $70 million in taxes remain unpaid by thousands of delinquent property owners across the county.

The county said that 38,323 tax bills are still to be paid as of February 1 and that many taxpayers in default are real estate developers, commercial real estate owners and residential builders who have a lot of unsold home lots. A large number of the unpaid bills also cover properties that have gone into bankruptcy or foreclosure.

In 2009, the pace of entry of Charlotte foreclosed homes for sale into the market stepped up by almost 10 percent from 2008, with nearly 11,000 units going into default or foreclosure. Across Mecklenburg County, total foreclosure filings reached 12,774.

Last month, North Carolina posted more than 3,100 foreclosure filings, which marked a drop of 11.4 percent from the previous month, but still marked an increase of 33 percent compared to January 2009. Compared to other states, however, North Carolina has a much better housing situation as it ranked 37th in the foreclosure chart in January.

Nevertheless, the number of house foreclosures for sale in the state was still relatively high at 1,923 units.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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