Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Well I know it's a national problem, but I didn't realize that Charlotte took such a hit. It is nowhere like that where I live in New England (Mass.), and not all of New England is in great shape economically. I just wondered if some huge industry closed in Charlotte. FranktheTank gave me a clue.
What is the major industry there now?
Banking, Healthcare and Energy...oh and Banana's.
Charlotte wasn't hit any harder then any other region IMO. I think the reason for the foreclosure rate was due to people moving to Charlotte in droves before the collapse.
Peak to trough Charlotte has taken way LESS of a hit then many other metro areas.
You can't compare it to a huge region ("New England") or even a state ("Mass"). What metro do you live in so we can help formulate some comparisons for you?
Peak to trough Charlotte has taken way LESS of a hit then many other metro areas.
You can't compare it to a huge region ("New England") or even a state ("Mass"). What metro do you live in so we can help formulate some comparisons for you?
First, what is the population and the characteristics, then we might be able to compare with some similar size city here.
OK I just looked up your population and now it all makes sense. I have not been to Charlotte and didn't realize the size of the city and its population. I don't know why but I thought Charlotte was way smaller than this. Wow. Now I understand the number of foreclosures. Question answered, thanks all.
OK I just looked up your population and now it all makes sense. I have not been to Charlotte and didn't realize the size of the city and its population. I don't know why but I thought Charlotte was way smaller than this. Wow. Now I understand the number of foreclosures. Question answered, thanks all.
Yeah I think those numbers are a bit off. 617,590 is the population within the city limits of Boston, but 2.3 million is the population of the entire CSA of the Charlotte area. The population of the entire Boston CSA is 7.6 million.
However, the population of the city limits of Charlotte is actually slightly larger than Boston's, at 731,424. But Charlotte has 6x the land area of Boston. As a result, there was much more room for building, and I think the higher number of foreclosures is due to more new construction, as I think it's safe to assume that there were many more new communities being built in Charlotte than Boston right before the bubble burst, so more houses being built = more houses that can get foreclosed on.
The Charlotte Real Estate market has always baffled me.
Thirty years ago Charlotte was a truck stop on the way to Atlanta, yet property was overpriced even then. The growth of the Charlotte metro area since only fueled the overpriceing of real estate. Granted growth and success would increase the value for obvious reasons but there is a supply/demand issue going on.
Even when the economy was booming in the 90's and not losing all momentum until the housing bubble burst around 2006/2007, there were way too many houses built in our area to sustain the population. Property values have held reasonably well since the recession started, but the number of foreclosures may be a peak into the future of what may be our own housing bubble specific to Charlotte. There is just a massive over supply of housing in the Charlotte Metro area.
You could drive around in countless new neighborhoods in the Charlotte area when times were booming economically and see many empty/unsold houses. Now you drive around in a lot of those same areas and see entire neighborhoods basically empty.
The Charlotte Real Estate market has always baffled me.
Thirty years ago Charlotte was a truck stop on the way to Atlanta, yet property was overpriced even then. The growth of the Charlotte metro area since only fueled the overpriceing of real estate. Granted growth and success would increase the value for obvious reasons but there is a supply/demand issue going on.
Even when the economy was booming in the 90's and not losing all momentum until the housing bubble burst around 2006/2007, there were way too many houses built in our area to sustain the population. Property values have held reasonably well since the recession started, but the number of foreclosures may be a peak into the future of what may be our own housing bubble specific to Charlotte. There is just a massive over supply of housing in the Charlotte Metro area.
You could drive around in countless new neighborhoods in the Charlotte area when times were booming economically and see many empty/unsold houses. Now you drive around in a lot of those same areas and see entire neighborhoods basically empty.
Too many houses.
Well why would there be any demand right now for a house in an empty neighborhood? I think someone had posted an article on here awhile ago about the "new ghetto" or something, which was about relatively new construction that's basically turned into low-income housing. Unfortunately, that may be the case in some areas. But it's likely that the construction on many of those homes wasn't very good to begin with. Nonetheless, there IS still a demand for new construction, as evidenced by the many threads on here inquiring about it. And despite what many people say in response to those inquiries about "why would you buy a new home when you can get a slightly used one for less," many builders do offer prices that are competitive with the resales in the area. If there was a "massive oversupply of houses" I don't think that would be the case. And hopefully by now the builders that have remained in business after the bubble bursting are those that actually know what they're doing.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
