As you have probably heard, foreclosures are abound in the real estate marketplace across the United States. According to Realtytrac, California had the highest rate of foreclosure in November 2010 – 57,378 foreclosure properties or one in every 233. North Carolina has far less foreclosures, but in November there were 4,083 foreclosed properties or one in every 1,029 units.
Once a home goes to the foreclosure auction, if a home buyer or real estate investor does not purchase the home, it usually becomes bank owned or real estate owned (REO) property. Often REO property is sold below normal “market value” and it can be a good investment for those willing to take the extra time and make the additional effort that is required in this type of home purchase.
How many listings fall into this and other “discounted” real estate categories in the greater Raleigh, NC area?
As of this week there are a total of 16,062 residential listings in TMLS – this includes all the surrounding counties including Durham, Johnson, Orange and Wake. Of the total,
1405 (8.7 % of the total real estate inventory) that fall into the categories of Bankruptcy, HUD/VA owned, REO – real estate owned (by bank or lender), sales subject to court approval, and Short sales which require lender approval.
Specifically in Wake County there are a total of 7,642 residential listings. Of these, 733 (9.6 % of the Wake County real estate inventory) are in Bankruptcy, HUD/VA owned, REO – real estate owned (by bank or lender), sales subject to court approval, or Short sales requiring lender approval.
Want to see what is available? You can search for active foreclosure properties on the Marti Hampton website. Raleigh NC Foreclosure Search
Click the foreclosure tab at the top of the map.
Want help finding the best deal? Contact Marti or her team today.