In the month of July the Outer Banks received very encouraging news that 101 properties were sold in the area.  July was the third consecutive month that saw over 100 closings.  Even more encouraging is the fact that this July was up 13 sales compared to 2008. 

Bank owned homes and short sales account for a large percentage of these transactions.  29 out of 101 sales were distressed properties.  Of the 29 distressed homes, 20 were banked owned.  Here’s a great source for the Outer Banks Foreclosure Report. 

Local Real Estate professionals feel the market will continue to improve, and distressed properties will continue to have a large impact.