Mecklenburg County, NC Foreclosure Data
Foreclosure Insights Delivered Directly
Nationwide, foreclosure increases have followed the end of the government’s foreclosure moratorium after the pandemic. Real estate data is now showing that areas like Mecklenburg County, North Carolina are experiencing greater growth in the number of foreclosures. ATTOM’s real estate data has revealed that housing markets across the state continue to experience an increase in housing demand, even as foreclosures trend upwards.
For example, of areas where 500 properties or more were in foreclosure, Mecklenburg County experienced the fifth-lowest vacant rates in comparison with the national average.
Wages vs. Prices
The median household income in Mecklenburg County is $69,072 and the median home price is $271, 500. This is a substantially higher number than the rest of North Carolina. Not surprisingly, these factors contribute to the foreclosure increase in the county.
Mecklenburg County, North Carolina is located in the southwestern area of the state. It has a population of 1.1 million, and the largest city in the county is Charlotte. Other cities within the county include Huntersville, Mint Hill, Pineville, Matthews, and Cornelius.
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Important Foreclosure Data Points for Mecklenburg County, NC
Foreclosures in Mecklenburg County, North Carolina are dependent on various factors and investors should be aware of these foreclosure data points before considering the region for their investment. Here are a few key insights to keep in mind.
First, foreclosures are typically priced much lower than the market price we see on average. Buying foreclosures as an investment produces a much greater ROI than buying at market price. Lenders are much more likely to let go of properties for less than their value to regain their investment costs.
Second, it’s important to consider the location of the foreclosed property before making a purchase. As we’ve looked at, Mecklenburg County is home to Charlotte, which is one of the fastest-growing cities in North Carolina. You can dive deeper into these insights by using the following strategy.
Comparative Market Analysis
Comparative market analysis allows you to estimate the value of properties you’re looking at based on similar properties in the area that were recently sold. These properties that share similar features are referred to as real estate comps. Check out these factors for at least three real estate comps and adjust for the differences with the property you’re interested in. This helps you get a more holistic and accurate picture of your market value given the foreclosure price as well. This helps you understand if the price point is reasonable and that you’re getting a good deal.
Additional data points to consider in any area that you’re interested in buying foreclosed properties include:
- Default Notices
- Auction Dates
- HOA Foreclosures
- Bank-Owned REOs
Access The Latest Foreclosure Data for Mecklenburg County, NC
If you’re interested in accessing the latest data regarding Mecklenburg County, North Carolina foreclosures, turn to ATTOM’s latest foreclosure data insights. You can access a complete report regarding Mecklenburg County upon request.