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Despite Foreclosure Tax Credit, NC 2010 Foreclosure Filings Rise

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By : John Cutts    99 or more times read
Last year, foreclosure tax credit was offered by the federal government as part of their program to reduce the growing problem in the housing sector. The millions of foreclosed homes in the market have certainly affected home values and home prices to a point where the federal government needed to step in and cushion the blow.

But despite such efforts, the number of homes listed as house foreclosures for sale in Charlotte has grown by 37 percent last year and its foreclosure rate is at one filing for every 50 households. On the other hand, the state’s unemployment rate dropped significantly to 10 percent last November. At present, Charlotte is considered the 33rd biggest metropolitan area in the US for it has grown in the last 10 years by over 30 percent.

The increase in the number of homes for sale in North Carolina, particularly Charlotte, is not isolated. There are also other metro areas which exhibited the same trend despite the foreclosure tax credit. On top of this list is Spartanburg, with one filing for every 60 homes and a filing rate that increased 228 percent.

Next on the list is Albuquerque in New Mexico, with a foreclosure filing increase of 60 percent; Myrtle Beach, in South Carolina, with a rate increase of 44 percent; and Savannah, Georgia, which posted a 37 percent increase in foreclosure filings.

Las Vegas remains to have the worst situation, in terms of foreclosure rate. The cities mentioned above actually surprised many analysts since they were not expected to be among those places which will be adversely affected by the foreclosure mess. Looking at these cities closely, it can be observed that they have one thing in common – a growing unemployment rate, which can explain why mortgage default was inevitable.

Experts believe that the foreclosure tax credit has somehow helped the industry, especially for first time homebuyers who wanted to buy foreclosed homes for the savings it would allow them to enjoy.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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