Charlotte Real Estate, Foreclosures, Short Sales

Our economy will continue to face hard times as the year progresses.  The economy lost 324,000 payroll jobs in the first five months of the year and the unemployment rate rose 0.5% during that time period.  The congress and the Administration have realized the seriousness of our housing situation and has been working on stimulus legislation aimed at helping existing and new home sales.

Will the Housing Stimulus Pass?

A temporary $8,000 tax credit for first-time home buyers could jump-start home sales and help to stabilize both house prices and mortgage credit quality. Other important provisions should provide relief for mortgage foreclosures and strengthen key components of the mortgage finance system to include FHA, Fannie Mae and Freddie Mac.

Sales of new homes fell by 2.5% in May, however sales of existing homes rose by 2.0% in May.  It's pretty clear that the rise is due to the strong sales of foreclosed properties.  The rise of foreclosed properties is making it harder for new home builders and existing homesellers to sell their home each month.  Lenders are beginning to release homes at fire-sale prices, making it even harder for builders and homesellers to get the attention of first-time homebuyers and investors.

Pricing Gap Still Wide for Charlotte Real Estate Area Home Sellers and Buyers

Charlotte area real estate agents are still working to close the pricing gap between home buyers and sellers.  While there are some sellers still not wanting to budge on price during this change in our housing market, some home sellers are very motivated and are looking to negotiate deep discounts because they must sell.

Below are graphical snapshots of existing and new home sales:

If you are looking for a great deal from a Charlotte area builder, view these homes below:

If you are looking for a great deal in purchasing an existing home from a motivated seller in the Charlotte real estate and surrounding areas, view homes below.