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In our market there is a perfect correlation to the build up of the real estate market in Charlotte and the order in which its falling out.

Immediately after the September 11 attacks, we saw the builder putting everyone with a pulse in a home. This was the time of some really bad underwriting, as well as the build up of the "everyone has a RIGHT to own a home" movement. Many of these homes were the first to go down... in NC these hit in 2006-2007. After the Sept 11, buyers we saw the invasion of the out of state investors. We had tons of sight unseen purchases from investors in NY, NJ, CA, AZ and FL.  Begining in 2007-2008 these made up a bulk of the foreclosures and REOs.. Following the out of staters, we saw our local investors step up... now they are Crashing and burning really hard...

In the last week I did almost 10 short sale consultations which covered nearly 30 different properies...

Most of the properties are Lot Loans with no structure... what are you all seeing happen to the lot loans in your area. I am pretty good at negotiating anything away, but these lot loans have been a bear...

I could use your insight... we have a lot of unfinished lots, and many of them are coming up for foreclosure very soon...

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Jaime Kosofsky

Attorney at Law