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The Calm Before The Storm? Banks offering Short Sale Counseling, Real Estate Agents Offering Good Advice
Are we seeing the calm before the storm as far as sales moving properties?  Fortunately, we have seen an increase in the bottom line in our area of Weddington, Marvin, Indian Trail and the Union County area in sales.  Across the board, we are definitely moving properties and alot of them are distressed or pre-foreclosure, and even bank-owned.  Charlotte Observer, and I might add "observer" noted on the front page, with it's Front Page Headline stating "More Families Risk Losing Homes" letting us know that foreclosure homes shot up 44% the first month of 2009 until October compared with the first 10 months of last year, 2008.  I attended a focus group with one of our major banks where they told it's attendees that we are looking at a TSUNAMI on the forefront OF SHORT SALES & FORECLOSURES coming our way this year.  Mecklenburg County's foreclosure filing for Jan-Oct 2009 were 10,801 compared to last year Jan-Oct 2008 of 7,493, an increase of 44%.  The Mecklenburg unemployment rate is 11% much higher than our metro-sister city of Raleigh/Durham which is at 8.3% according to state figures.  Primarily, Mecklenburg County and the surrounding counties of Union, Iredell and Cabarrus count on the financial instutitions for employment opportunities and supporting businesses to the banking ... more

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