Category — foreclosure

The number of foreclosures dropped 2% in April from a year ago.  This is the first annual decrease that has taken place in more than five years according to a report released by RealtyTrac last week.

33,837 properties were foreclosed in April, which represents a 9% decrease from March.  According to the report, that equals about one in every 387 homes facing foreclosure during the month.

Been on the fence about buying a home in the Outer Banks?

Enjoy a day on the Outer Banks and explore the potentials of vacation home ownership.  The OBX Team will hold a foreclosure tour  on March 20th.  It will include breakfast, a tour of available foreclosures, and the opportunity to talk with local insurance, mortgage, and property management representatives about the unique opportunities of purchasing a foreclosed home.  

More Information on OBX Foreclosure Tour

In the US today, there are about 1.5 million foreclosures, and that number continues to grow.  Here are some great tips to keep in mind when buying a foreclosure as mentioned on www.CNNMoney.com

1. Don’t get caught up in a feeding frenzy

2. Contact lenders directly

3. Get pre-approved from the lender you want to buy from

4. Consider fix-ups

5. Hire a real estate attorney

6. Wait to make an offer

7. Tour properties with contractors

There are plenty of deals to be had on the Outer Banks.  Email sales@seasiderealty.com for more information on foreclosures on the Outer Banks

Below are some great statistics on the local Outer Banks real estate market for November provided by The OBX Team.

OBX housing market overall:

·         100 residential homes in the Outer Banks sold.

·         November had an increase of 5 and 3 units sold from September and October respectively.

·         An additional 42 homes sold November 2009 compared to November 2008.

OBX distressed sales (foreclosures and short sales):

·         Distressed sales made up 27% of the total sales

·         17 foreclosed homes were sold in the month of November, along with 10 short sales for a total of 27 transactions.

·         Down from distress homes being 34% of the total sales in the month of October.

 The OBX Team is a group of three Realtors from Coldwell Banker Seaside Realty that is ready to handle all of your buying and selling needs. 

The Obama Administration set guidelines for financially troubled borrowers to sell their homes last week.  The government created these guidelines to encourage the use of short sales. 

To put it simply using a definition from the Wall Street Journal, a short sale is a transactions in which the borrower with lender approval sells the home for less than what is owed on the loan. Short Sales are often less damaging to a neighborhood’s property values than a foreclosure would be.  The program makes it easier for borrowers to voluntarily transfer ownership of properties through a “deed in lieu” of foreclosure. 

This plan will award borrowers $1500 from the government if they sell their home for less than they owe on it.  This is the newest addition to Obama’s $75 billion foreclosure prevention plan. 

Call 252-261-3800 or email sales@seasiderealty.com to speak with a short sales specialist.

The amount of homes that are going into foreclosure has significantly decreased in October.  This will be the third month of decrease in a row for the number of foreclosure in America. 

The number of foreclosures has dropped 3% from September.  Government Programs have helped to relieve the amount of homes that are going into foreclosure.  For example, lenders are currently putting foreclosures on hold to wait and which borrowers will qualify for the Federal Loan Modification program.  Experts remain hopeful that the national average will continue decreasing over the upcoming months.

According to the NC Association of Realtors, Foreclosures in North Carolina during May dropped nearly 32% from the same month a year ago.

Foreclosure filings from April 2009 to May 2009 declined 16%.

Some more positive housing news!

Real estate foreclosures across North Carolina in May fell 16% from April and were down 35% from a year ago, according to foreclosure firm RealtyTrac. North Carolina now ranks 36th in foreclosure rates.

 Are you interested in buying a home in the Outer Banks, but are unsure of how to proceed?  If you are looking for a no pressure way to learn about buying a home in the Outer Banks, visit our weekly Homebuyers Seminar.  The seminar is being held weekly throughout the summer.  

     Come spend an hour, and learn about investment opportunities in the Outer Banks.  Two seminars will be offered weekly.  The Wednesday seminar will be held in the Kitty Hawk office of Seaside Vacations.  The Corolla seminar is being held on Thursday’s in the Corolla offices of Seaside Vacations.  Come on in, and learn about the benefits of buying a vacation or investment home in the Outer Banks.  

 Some Topics the Homebuyers Seminar will cover:

Today’s Outer Banks real estate market

Difference between short sale, foreclosure and bank owned

Steps in buying a vacation or investment home

Insuring your Outer Banks home

Managing your Outer Banks investment

Costs associated with owning a beach home.

**Just Added**: Buying a bank owned home or short sale  

Weekly Outer Banks Homebuyers Seminar

When: Every Wednesday in the Kitty Hawk offices of Seaside Vacations

           Seaside Kitty Hawk Office is located at 4820 N. Croatan Highway, Kitty Hawk NC 27949 

           Every Thursday in the Corolla office of Seaside Vacations

           Seaside Vacations Corolla office is located at 1070 D Ocean Trail, Corolla NC 27929

Time: 10 am.  

Who: Seminar is open to anyone who is interested in buying in the Outer Banks.

For Additional Information: Kevin O’Brien – 252 489 3706 – Kevin@seasiderealty.com

Bidding Wars are breaking out as a result of falling homes prices.

In most of the nation, the supply of unsold homes outpaces the demand, and as a result real estate values are falling.  A major trend contributing to this oversupply is the increasing volume of foreclosures on the market.

However, even with oversupply, reduced prices on many foreclosed homes are driving multiple bid situations. Many real estate brokers are reporting that they are receiving multiple offers on their listings.

Tamby Leonard of Santa Ana, California, says that she has been outbid four times since January when trying to buy a home for her family of five.  The more appealing bank-owned homes in her price range tend to be sold quickly to investors that are able to pay cash.

The Federal Finance Agency recently reported that home prices nationwide have risen 0.7% in February from January.  It is predicted that these bidding wars will continue until prices become more stable.