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A recent RealtyTrac report shows that substantially fewer people had their homes repossessed in August. A total of 76,134 troubled borrowers lost their homes in August, down 12.7% from July.
According to the report, there are a couple of possible explanations for the decline in bank repossessions, or REO’s. It could be that the government-led mortgage modification programs are finally gaining some traction. But it could also be that the banks are still delaying repossessions of these properties.
Purchases of new homes in the U.S. increased 9.6 percent in July, adding to signs that the economy is continuing to rebound from the worst recession since the 1930s. The number of houses on the market dropped to the lowest level in 16 years.
The gain in sales, together with rising purchases of existing homes and stabilizing prices, indicate the housing slump may be ending. Last month’s pace was the highest in 10 months. The median price of a new home decreased 12 percent nationally to $210,100 from $237,300 in July 2008. Sales of new homes were down 13 percent from a year earlier.
Charlotte is known for its fantastic weather, close proximity to the mountains and beaches, and offers Southern hospitality unlike anywhere else. Known as the “Queen City of the South”, Charlotte manages to maintain a small town atmosphere while quietly offering all the luxuries of a major cosmopolitan area – often at a lower cost of living than comparable cities.
Charlotte’s earliest influences are rooted in its Scotch Irish settlers and German colonists. In fact, the city owes its name to German born Queen Charlotte, wife of England’s King George III, and the county to her birthplace of Mecklenburg .
Convenience of travel continues to propel business and tourism to higher and higher levels in the Queen City . Charlotte is a major distributor hub and is at the center of the largest consolidated rail system in America . Charlotte/Douglas International Airport provides national and international service, acting as the largest hub for USAirways flights.
Sales figures for the month of May reflect a continuation of the market trends that we experienced through the first quarter of this year.
(Statics for entire CMLS residential sales for the period 5/06/09 through 6/5/09)
Although closings are up 7.8% from April, the average sold price decreased slightly over 1% from the previous month, indicating that we are not quite out of the woods in terms of price erosion.
New listings, withdrawn, and expired listings remain constant for the month. Active listings increased by 387 units, or 1.4% from April, showing a declining rate of increase in new inventory.
So, it appears that the Charlotte residential real estate market continues to nose up in monthly sales at the expense of average sales price per home. All other factors seem to be holding their own. It also appears that pent up demand is starting to venture into the market and helping to ease the over inventory of available homes in the Charlotte area.
Chuck Webb, Wilkinson & Associates, Charlotte Home Guide
In the early 1900s, Plaza-Midwood grew from several developments that were started by various interests. But challenges slowed its growth. In Dilworth and Elizabeth, bridges were built to carry the trolley over or under railroad tracks. But Plaza-Midwood commuters didn’t have a bridge, and a busy track at Central Avenue meant frequent waits. Plaza-Midwood residents also had to transfer to a separate streetcar line that was battery powered, unlike the electric lines that served the other neighborhoods.
Business Week recently released their list of America’s Top 10 Affordable Suburbs. Among the top 10 are 2 Charlotte area communities that have long become synonymous with affordable housing, great lifestyle, and easy access to Charlotte and it’s many activities. Cornelius, located 30 miiles north of Charlotte on the shores of Lake Norman, was listed at number 7, and Fort Mill, just 22 minutes south of the city across the South Carolina border, came in at number 10.
