North Carolina Foreclosures

The foreclosure rate in North Carolina has remained fairly consistent ever since this current economic crisis with the banks began. There has not been huge increases or spikes but it has rather remained fairly level with modest increases. This has kept the state of North Carolina on the low side of the middle of the foreclosure numbers in the United States and the economy experts expect that to continue to be the norm throughout the duration of this problem.

Certainly there are things that may cause that to change but for the most part, the numbers should remain fairly predictable and not have any suprizes. This is great news for the people living in the state but maybe less than good news to those looking to buy here.

The vast amount of foreclosures here have come due to financial overextensions and layoffs or job closures that were directly related to the economy and certainly is huge portions of the retail sector should fail and go out of business, then there will be an increase in the over all numbers and the percentages. However more often than not, the companies that might be in financial distress in retail tend to be the more exclusive upper crust stores and the majority of retail in the Carolinas does not fall in this category.

That being said, there is a somewhat wide variety of real estate here in the foreclosure system and that mix does not seem destined to change as the crisis deepens so there should be no trouble in locating a property that might be deemed as desirable.

The numbers for the month of December show North Carolina at 0.064 percent and just fewer than 2,600 new properties in foreclosure for the month, which is far and away below the majority of the rest of the country during that time frame.