The high number of properties under residential and land foreclosure listings in Mecklenburg County, North Carolina, had a huge impact on real estate sales in the region in 2010. Despite the decline in the percentage of real estate sales accounted for by distressed properties last year, the figure remained high.
Properties under listing of foreclosure in Charlotte and in the rest of Mecklenburg accounted for 17% of the total number of residential properties sold in the area in 2010. A total of 2,160 foreclosed homes were purchased by buyers last year in the county, with the average selling price of foreclosures in the region pegged at $135,956. The percentage and the total number of foreclosed property sales declined last year compared with 2009 figures.
Although houses under North Carolina home foreclosure listings remained considerable in 2010, the housing market of the region performed relatively better than the previous year. In 2009, a total of 3,363 foreclosed properties were sold in Mecklenburg, accounting for 21.6% of all houses sold during that year. The average selling price of foreclosed properties during that period was $128,178.
The figures for 2010 showed that despite the big amount of homes available on residential and land foreclosure listings, the real estate market of the county is recording some improvements as evident in the higher average selling rate for distressed properties and the lower percentage of foreclosure sales. For the fourth quarter of last year, 359 foreclosed properties were sold, declining from the 461 recorded in the 2009 fourth quarter.
The average selling rate of properties in home foreclosures list that were sold during the fourth quarter was $129,430, considerably lower than the 2009 fourth quarter average price of $142,173. Foreclosed homes accounted for around 15.3% of total residential property sales in the county during October-December 2010, representing a decline from the last quarter of 2009, when 17.6% of total sales were attributed to foreclosures.
For the whole state, properties found in residential and land foreclosure listings remained high last year, with almost 9,000 homes falling under foreclosure during the year. Analysts are hoping that home sales will improve this year and that more non-foreclosed properties will be sold to push the average price higher.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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