The North and South Carolina real estate market in 2009 and into 2010 is showing some stability.  There has been slight depreciation in real estate prices, but all real estate is locally driven.

In North Carolina, some markets are holding up well.  This is a result of not being unrealistically inflated during the real estate bubble.  While the Charlotte market has held on and actually appreciated in 2008, the recent banking industry job losses are taking their toll.  The Raleigh and Triangle area seems to have stabilized as this remains an area of job growth as covered in several national news outlets. The Triad continues to see declines in real estate prices as manufacturers continues to downsize.  The beaches are actually growing in certain areas.  The military growth in Jacksonville is showing that the market needs new and additional housing.  This is leading to a mini boom in that area.  Finally, the mountains seem to be holding prices with a very slow decline.

In South Carolina, the coast has taken its hit with Charleston real estate prices correcting downward.  And the Grand Strand has seen condo sales fall as financing for this type of construction continues to tighten.  Finally, the Upstate seems to be aggressively pushing to bring new jobs to the area which is helping real estate prices.

It is important to understand the markets and how they relate to North and South Carolina FHA loans. It is simply harder to get a mortgage loan in a market with the “Declining Markets” tag.  However, these markets tend to have higher numbers of foreclosures.  This can benefit FHA borrowers looking to buy FHA foreclosed homes. 

The key is to work with a mortgage lender that understands the markets in North and South Carolina and can help you maximize the benefits from your FHA loan.