Many people relocating to Charlotte NC need to understand what has changed in the mortgage industry. The main change are the 100% financing loans. There were a wide variety of loan programs that creatively produced "no money down" home mortgages. This days are gone (at this time). We are back to FHA loans for many of these buyers.
FHA loans are Government guarantee loans but require only 3 1/2% down payment. These Government has a lot of red tape (I believe this is called job creation) and additional closing expenses and time to actually close on your new Charlotte NC Home. Will the other home realty loans be returning? Not likely.
The 2nd mortgages (the "20" for an 80/20 home mortgage) only gets its money after the first mortgage is paid off. Due to the recent national real estate depreciation many home owners are discovering they owe more than the home is actually worth. In the event that their personal income changes they are unable to sell their home and pay off the mortgage. Frequently the homes are going to foreclosure.
The depreciation comes right off of the "2nd mortgage holders" proceeds. Now factor in closing costs and the 2nd mortgage holder tales the beating. The 2nd mortgage holder is typically an investment firm and sells the "2nd mortgages" as investments on the stock exchange. Now you can follow why the stock market is also in decline. All of the investors (including your 401k or IRA) is subsidizing the bad paper/2nd mortgages.
Now that you are already subsidizing the collapsing housing market, consider how we got here. Your wealthy Uncle (Uncle Sam) forced lenders to make these loans and were guaranteeing these loans with the future tax payer revenue.
First the Government pretends it understands the financial algorithms and think they are better equipped to assess risk. They then dictate to private companies to whom and when they are to do business. So much for the "free market". Now our Government is about to help us out again. Hold on tight because it will hurt. You may not personally feel this immediately but be reassured you will.
The great thing about Charlotte is that Charlotte NC Homes For Sale continue to flourish. There are areas that have deeper discounts than other. Keep in mind that real estate values are based on demand. You are better off purchasing in an area that still had the most appreciation to be assured of future value. Purchase wisely. I am here to help.