Archive for November 7th, 2008

Charlotte Real Estate Facts for Today’s Market

November 7th, 2008 categories: Market Trends

Essential Facts for Today’s Charlotte Real Estate  Market

· More than 1000 banks closed in 1930 – three years before the FDIC was created

o Only 14 US banks have been taken over in 2008
· There are 76m households in the US that own their home
o 24m of these homes are free and clear
· There are 52m homes with mortgages
o 97.2% of these are not in foreclosure
o 93.8% of these homes are current on their payments

On a sobering note:
· Over 20% of homeowners with a mortgage owe more than their home is worth
· 40% of all foreclosures are non-owner occupied

How did we get here?
Decade Homes sold (High) Avg.# Homes Sold
1970s 3.9m 3m
1980s 4m 3.3m
1990s 4.9m 3.9m
2000s 7.1m 5.6m

Resale numbers – the above does not include new home sales.

Sources: Wall Street Journal, Moody’s Economy.com, RealtyTrac, NAR, Forbes.

Authored by Donna Johnston | Discussion: 1 Comment »