Lake Norman Real Estate: Foreclosures and Unemployment Rates

In today’s real estate market, both here in the Lake Norman area as well as the entire country, economic data changes daily.  This is especially true of  the number of home foreclosures.  And it is particularly difficult to stay on top of our local numbers as they are not as readily available.

That is why I got pretty excited when I learned about  this interactive map on the  National Public Radio’s website: Interactive Map:  The Economy Where You Live.  If you click on the link a map of the United States will appear with the option to search three different numbers BY COUNTY: 

1. Foreclosure Rates
2. Unemployment Rates
3. Median Household Income

These numbers are updated regularly so you can keep track of trends by county not only where you might be buying but where you are currently living as well.

Today’s numbers for our four Lake Norman counties:

Iredell (including Mooresville, Troutman,Statesville):

• Foreclosures:  1 in 1662 (one out of every 1662 homes are currently in foreclosure)
• Unemployment rate: 13%

Mecklenburg (including Charlotte, Huntersville, Cornelius, Davidson):

• Foreclosures:  1 in 213
• Unemployment rate: 11.7%

Catawba (including Sherrills Ford, Terrell, Hickory):

• Foreclosures:  1 in 2479
• Unemployment rate: 14.9%

Lincoln (Including Denver, Lincolnton):

• Foreclosures:  1 in 1401
• Unemployment rate: 14.5%

While I have included which Lake Norman cities fall in each county, it is important to know that there are many other cities in these counties, especially Mecklenburg which includes the greater Charlotte metropolitan area.  It is clear that the more densely populated areas in Mecklenburg County are experiencing a much greater number of foreclosures than the other counties surrounding Lake Norman.

In a report released by RealtyTrac today, the foreclosure related filings in August were ranked by state, the worst being:

1. Nevada:  1 in 62
2. Florida: 1 in 140
3. California: 1 in 144
4. Arizona: 1 in 150
5. Michigan: 1 in 234

According to this report, one in every 357 U.S. homes was subjected to a foreclosure-related filing in August.

Overall, the Lake Norman area is doing considerably better than the country but the numbers are not currently trending in a positive direction. 

I plan on checking these maps on a regular basis to watch for changes!