Data recently released by RealtyTrac is full of good news for the Durham area. ReatlyTrac reviewed foreclosures on U.S. housing markets with at least a population of 200,000, and found Durham to be one of the U.S. healthiest cities to live in, in regards to low foreclosure rates.
In May of 2010 Durham had only 78 recorded foreclosures, which was a whopping 21.21 percent decline from April, 2010. Year after year the decrease in foreclosures in Durham has been impressive with a decline of 56.42 percent. The current foreclosure rate for Durham has improved to 1 in every 2,772 homes. With this type of foreclosure rate per home rate, it makes Durham the top best places over the other five North Carolina metro areas. The area that encompasses Durham, Orange, Chatham, and Person counties saw a decrease from 18th in most foreclosure in April to being 12th in May.
The Raleigh-Cary area is also fairing well when it comes to foreclosure rates. There was a noted decrease by 11 percent from the month of April to May. However, with a total of 590 foreclosure notices sent out, it was still an increase of 35.63 percent over May 2009. Raleigh-Cary ranks 128th out of 203 metro areas ranked for foreclosure rates with 1 and every 609 homes facing foreclosure.
Out of all the counties in the Triangle area, Wake County fared the worst. One in every 673 homes was facing a foreclosure. Orange County posted the lowest with 1 in every 6,131 homes facing foreclosure.
Even though home foreclosures are down in the Durham area that does not mean that there is not a deal to be had. If you are looking to purchase a new home or sell your existing home contact Marti Hampton and her team at RE/MAX One Realty to find the home of your dreams.