Wednesday, March 6, 2013

Charlotte is a hot market for bank-owned homes

Charlotte is among the top places to buy a bank-owned homes, according to the latest research by analytics firm RealtyTrac.

The firm studied more than 900 metropolitan areas to find the top markets for buying bank-owned homes and short sales this year, according to its foreclosure and short sales report released Wednesday.

Charlotte, Greensboro and Winston-Salem made the list of best areas for bank-owned homes.
California cities dominated the best short sale buying list.

In Charlotte, sales of bank-owned real estate rose 109 percent in the fourth quarter compared to a year earlier. Such homes sold for an average $111,260, a 43 percent discount off nondistressed sales, and took 144 days on average to sell.

Bank-owned homes in Greensboro sold for an average $85,333, or a 40 percent discount, while homes in Winston-Salem sold for an average $72,356, or a 49 percent discount.

“Short sales are on the rise as a better alternative to foreclosure in many areas — good news for buyers and investors in markets where short sales are closing more quickly at solid discounts,” said Daren Blomquist, vice president at RealtyTrac. “But buying from the bank may still be a better option in other markets because of increasing REO inventory, deeper discounts and shorter times to close.”

See the best markets for buying short sales here.

See the best markets for buying bank-owned real estate here.

Read the full report here.


Anonymous said...

This is nothing to be proud of. Just an indication of the poor economy in this city and the number of people who are financially squeezed.

Anonymous said...

People that were in over their head with their homes, should not have qualified (no doc loans), bad lending practices and a government that demanded everyone have a home and make it so, they said. Leads to a market correction and we start over again. Hopefully, expensive lesson learned.

Anonymous said...

You haven't seen anything yet. You should run a total foreclosure number against the REO sales and you'll see how much bad real estate remains in the bowels of the banks locally.