Projected $450 million loss to foreclosures in Greensboro for 2008
Well the economists are predicting more doom and gloom in 2008 for Greensboro, Winston-Salem and areas throughout the state of North Carolina.
Hardest hit areas predicted are:
- $1.2 billion Charlotte Gastonia Concord area
- $590 million Raleigh Cary area
- $450 million Greensboro High Point
A comment in this story was made about how many of these foreclosures will be homeowners and how many would be from investors who had flipped houses for a profit. Put aside for the moment the fact that if an investor flipped the house and took their profit it would be the new homeowner losing the house (not unless the investor held the financing).
What seems to be missing is the builders. Have you taken a drive around Greensboro lately?
Everywhere there is a little patch of land builders are slapping up condos, townhomes and single family homes all the while only hoping someone will buy them.
So I ask you could not a large portion of this projected loss be due to builders who cannot handle their own loan commitments?
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Sphere: Related ContentTags: foreclosures, foreclosures in NC, greenboro real estate, greensboro area homes, mortgage financing
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on Friday, November 30th, 2007 at 8:26 am and is filed under Financing News, Real Estate News.
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