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North Carolina Foreclosed Homes For Sale

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Stop Foreclosure North Carolina

Without a doubt, 2007 was one of the worst real estate years many had seen in quite some time. In fact, many people have begun to compare the current market crash to the crash of the 1980s. While it does not appear that prices will improve this year, there are indications that the market may begin to experience some recovery next year. This could mean an improvement in prices which have appeared to be in free fall for the last few months. One of the reasons that it is anticipated that prices will begin to improve in 2009 is the fact that many experts have anticipated the market will bottom out in 2008. At first glance, this can certainly seem to be frightening news but, it is important to keep in mind that the market really cannot begin to recover until it does bottom out.

In understanding the recovery of the market it is important to look at the factors that resulted in the current real estate market slump. There are actually several factors that led to the current slump. One of the most important factors is the fact that prices in several areas throughout the country doubled between 2000 and 2005. In some cases, those prices even tripled. As a result, there were a record number of people who were unable to afford homes, especially first-time home buyers. As the number of buyers able to purchase real estate began to dwindle, resulting in price and sales declines throughout the country.

As headlines have proclaimed recently, subprime loans also contributed to the recent debacle. During the last few years, a large percentage of the number of loans that were made was issued to buyers with credit scores that were below average. Additionally, a large number of loans were made to buyers with minimal down payments. Approximately two years ago real estate prices stopped rising. At this time, a number of buyers who had snapped up houses in red hot markets suddenly discovered that the balance of their mortgage exceeded their home's values.

The rate of defaults began to escalate at this point. Before long, foreclosures also began to increase as a direct result. As more and more foreclosures hit the market, the inventory in many markets began to spiral out of control. As more homes hit the market, prices began to drop even more. To make matters even worse, economic growth began to stall and massive layoffs in many areas further fueled defaults and foreclosures.

While it has taken some time, assistance is now being provided to homeowners; which is anticipated will help to stave off the increasing rate of foreclosures. Overall, this is anticipated to help stabilize the rapidly rising inventory of homes for sale throughout the nation.

It is important to keep in mind that while headlines appear to be constantly blasting news about the softening market, there are actually some markets in the country where prices have continued to rise rather than decline. On average, real estate prices nationwide are approximately 5% less than they were last year; however, many of the metro areas in the nation are still experiencing price increases. This is largely due to first-time home buyers who can still afford to purchase properties and retiring homeowners who are selling their home sand then either moving into a retirement community or purchasing smaller properties. These markets include Salt Lake City, Utah; Charlotte, North Carolina; Beaumont, Texas and Bismarck, North Dakota.

About the Author:

Heather Seitz is a national real estate investor, trainer and publisher and has worked with top advisors worldwide. To get current and accurate real estate investment tips and advice, visit http://www.RealEstateRant.net and find out how you can get $852.90 in FREE real estate investing information delivered to your front door.

Source - Why the Real Estate Market May Turn Around Next Year

Stop Foreclosure North Carolina

North Carolina Foreclosed Homes

Question: I live in Long Beach and would like to buy a forclosed house.....where do I find them at?

I'm always hearing about people buying foreclosed homes for much less than what the home is worth. I just moved to Cali from North Carolina for a new job, but I am now paying $900 a month for rent for a studio apartment. I know home prices out here are ridiculous, but I figure I could probably buy a 1-bedroom apartment or condo. So how do I find foreclosed homes or apartments??

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Answer: This was on channel 7 yesterday.

By Ric Romero(KABC) -- The fallout in the housing market continues to hit many Southern Californians hard. Prices are declining and the number of foreclosures continues to rise -- that's creating an opportunity for bargain hunters. But don't buy a property just because it seems like a steal.
Many people are staying on the sidelines in this declining housing market. But bank-owned foreclosures are tempting. Foreclosed homes are often priced well below the market rate. But that doesn't mean they're a good investment.
At a packed house in Temecula, first-time home hunters and savvy investors were hoping to buy one of the roughly 80 foreclosed homes on the auction block. All are bank-owned properties.
At this auction, the winning bidders were required to put down five percent of the purchase price in cash, or $2,500 -- whichever is greater. The deal must close within 30 days.
"These have been on the market for a while, it sells to the high bidder. Although banks do have to approve the offers, by selling a lot of property in a short period of time they're able to sell a lot less than in the traditional real estate market," said David Webb, an auctioneer for Hudson & Marshall.
Banks must approve all winning bids at the auction, and the properties are sold as-is, so there's no guarantee about their condition.
"We decided to do some upgrades, like designer paint and crown moldings, and some things you don't normally see in houses this little," said Colleen Rutledge, who bought a foreclosed home.
Rutledge of Fallbrook bought a two-story Perris home as an investment at a foreclosure auction for $250,000, plus a $12,000 commission. She spent about $25,000 more fixing it up, putting in granite countertops, a hardwood floor and stainless steel appliances.
With similar properties selling in the low-to-mid-300s, Rutledge thought she'd make a quick profit. She initially listed it for $369,000 when it was the only foreclosed property on the block. Now the home next door, and several others on the block are in foreclosure, and prices continue to fall.
She's lowered her price several times and now has it listed for $274,000. She says she'll be lucky to walk away with any profit.
Rutledge admits she got caught up in the foreclosure auction frenzy.
"You really do have to know your numbers, know what your maximum bid is, and you're done when you're done," said Rutledge. "And you got to know what you're getting into or you'll lose a lot of money, unfortunately."
Many experts are predicting prices will continue to fall, so a foreclosure bargain today may not seem like a great deal tomorrow if the housing slump continues.
Foreclosure auctions are held frequently in Southern California.
For more information on foreclosure auctions:
PEMCO, Ltd.
PEMCO, Ltd. is the real estate management company contracted to administer the property management and sale of all HUD Homes.

http://www.hudpemco.com/

Hudson & Marshall
The auction schedule for Hudson & Marshall.

http://www.hudsonandmarshall.com/calendar.asp

Countrywide Home Loans
An online tool below to search for Countrywide owned properties in your area.

http://http://my.countrywide.com/

RealtyTrac
RealtyTrac's database of properties includes thousands of bank-owned homes, foreclosure auctions, VA foreclosures, trustee sales, HUD foreclosures as well as pre-foreclosures.

http://www.realtytrac.com/states/california.html

Downey Savings Properties for Sale
Downey Savings is selling residential property acquired -- such as through foreclosures or deeds in lieu of foreclosure.

http://www.downeysavings.com/ffs

HSBC Property Search
Click the "Select Location to Search" box to view all of the states for which HSBC has current property listings.

http://www.us.hsbc.com/1/2/3/personal/home-loans/properties

HomEq Servicing
An online tool to search by state for available REO properties in:

http://www.homeq.com/reo/reoProperties.do

Ocwen Properties for Sale
Search Ocwen for commercial properties, residential properties, and VA properties.

http://www.ocwen.com/reo/

Premiere Asset Services
Premiere Asset Services (PAS) has helped more than 30,000 homebuyers nationwide realize their dream of homeownership through the purchase of foreclosed properties.

http://www.pasreo.com/reo/

South Charlotte North Carolina Foreclosure Home Tour