Charlotte Foreclosed Properties Slowed but May Rise Again
Charlotte foreclosed properties dropped in number in September, but may rise again if unemployment in the area situation does not significantly improve, based on data from the realtor association of Port Charlotte, Punta Gorda and North Port.
Total foreclosure postings in Charlotte in September dropped by 16 percent from August to only 312 units, the lowest number posted since November 2007.
Karen Rolland, head of the realtor association, said there have been signs that the Charlotte housing market is stabilizing, although there are still uncertainties concerning continued recovery.
Rolland cited the federal tax credit as one of the biggest factors in the improvement of the housing market and added that banks and homebuyers are making only home loans that borrowers can afford, unlike during the boom.
The September foreclosures have brought total postings in Charlotte for this year to 3,476, down from last year, but still higher than the level in 2007.
Jim Masch, head deputy clerk of Charlotte County, said that it is too early to celebrate. He said that he has seen foreclosures go down and then go back up the next month.
But realtor association chief Rolland said that Charlotte foreclosed properties have improved affordability levels and have helped bring national attention to Charlotte. Recently, the Money Magazine of CNN has named Port Charlotte as the best place for retirees because of its great home affordability and improving economic conditions.
Nearby Sarasota is also recovering from foreclosures although more slowly than Charlotte, with foreclosure postings in September dropping by only one unit from August to 693 units.
The unemployment rate in Charlotte also improved, although the level is still high. The September jobless rate dropped to 11.6 percent, compared to the August rate of 11.8 percent, based on data released by the North Carolina Employment Security Commission.
Unemployment rates fell in 76 of the 100 counties of North Carolina in September, with Mecklenburg falling from 11.3 percent in August to 11 percent.
However, despite the rate decline in Charlotte, the jobless rate is still high compared to past years. Moses Carey, chairman of the ESC, said that the latest rate is encouraging but companies are still laying off employees.
According to area economists, the unemployment rate in the Charlotte region has already reached its peak and recent job announcements are positive indications of a continued decline in the jobless rate.
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