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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According to the sources quoted in the Winston Salem Journal:

Existing home sales are down 11% in the Triad area and down 20% throughout the state of North Carolina. In addition they state that average sales prices of homes in the area have dropped 7%.

Will the buyers again begin ruling the day. Hard to say with all the “mortgage reform” action going on.

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You can view some of the Mortgage Reform and Anti-Predatory Act of 2007 as Rep. Keith Ellison tries to show how the act would actually benefit consumers.

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• Projected $450 million loss to foreclosures in Greensboro for 2008 (0)
• Existing-home sales down 11% in Triad and 20% statewide (0)
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Yeah or OH NO!

Congress.org

On Thursday, by a vote of 291-127, the House passed H.R. 3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007, sponsored by Representative Brad Miller. The bill would enact standards on

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Tags: foreclosures, HR 3915, mortgage financing, Mortgage Reform and Anti Predatory Lending Act of 2007

Related posts

• It's a Real Estate Boom for First Time Home Buyers (0)
• Projected $450 million loss to foreclosures in Greensboro for 2008 (0)
• Existing-home sales down 11% in Triad and 20% statewide (0)
• Rep Ellison on mortgage reform (0)
• Mortgage Reform bill somewhat clarified (0)