My work with pre-foreclosure sellers often leads to me receiving more than my fair share of interesting offers. Last week, a guy called offering to sell me a list of homeowners behind on their mortgage by 60+ days. This company was sold this data from a credit reporting agency and they are reselling along with names, addresses, and phone numbers.
Following the phone call, this company emailed me the results of a query showing how many homeowners in Mecklenburg and Union counties were 60+ days late on their mortgage. The results may surprise you.
Top 10 zip codes in the Charlotte & Mecklenburg County with homeowners behind 60+ days on their mortgage with balances exceeding $100,000:
- 28269 North Charlotte: 391
- 28277 South Charlotte: 269
- 28215 East Charlotte: 266
- 28216 Northeast Charlotte: 208
- 28213 Charlotte: 171
- 28227 Charlotte / Mint Hill: 171
- 28078 Huntersville: 167
- 28278 Southwest Charlotte: 155
- 28214 Northwest Charlotte: 150
- 28273 Southwest Charlotte: 136
Matthews 28105 would rank #12 on the list.
Zip codes with the newest late homeowners in Charlotte / Mecklenburg:
- 28206 Charlotte: 10
- 28204 Charlotte: 11
- 28207 Charlotte: 15
- 28208 Charlotte: 29
- 28203 Charlotte: 28
- 28202 Uptown Charlotte / Center City: 32
- 28134 Pineville: 27
- 28036 Davidson: 35
- 28211 Charlotte: 40
- 28217 Charlotte: 46
In Union County, the top 5 60+ days late with balances exceeding $100k are:
- 28110 Monroe: 250
- 28173 Waxhaw: 214
- 28079 Indian Trail: 205
- 28104 Matthews / Weddington / Stallings: 140
- 28112 Monroe: 93
Not every late homeowner represented in these figures will lose their home to foreclosure. In fact, many will either list their home for sale or apply for a loan modification.
This data was gathered by the third-party company and is nothing I am able to verify independently.
However, based on my experiences with foreclosure and short sale real estate, this makes sense. While I was expecting more defaulting homeowners in Uptown, the areas with the highest number of delinquent homeowners are also the areas with the newest construction.
The New Construction Factor
If you ever want to find a foreclosed home, just look in a newer neighborhood. The average home in foreclosure in the Charlotte area is less than 10 years old with most less than 8. When the foreclosure mess started, many builders had to lower their prices in order to compete with the banks selling homes at below-construction prices.
That instantly put the completed homes in an negative equity position as recent purchasers put the least amount of money down in order to purchase the house.
Now, saddle a shaky job market on top of that and now a hardship results in a foreclosure.