As per data recently released by the State, North Carolina foreclosures have increased by 9% in 2008. Data that the Office of the State Commissioner of Banks released mentioned that there were 45,470 foreclosure properties in 2006; this number went up to 49,695 in 2007; and in 2008, this number stood at 53,995. This figure might have been worse if North Carolina hadn’t taken the steps it did to try and control the problem.
There is good news though, and it is that the foreclosure rate has slowed in the recent months. In November, 2008, there was a 39% year to year drop, and it went down a further 22% in December.
This, though, is chiefly being attributed to the new law that requires servicers of mortgages to give the home owners a minimum of 45 days notice period prior to initiating proceedings for foreclosure, and followers of the market are of the opinion that the North Carolina housing market might see many new foreclosures sometime soon.
At the same time, there is increased talk about the market seeing a bottom point within the next twelve months or so. With prices of homes in North Carolina lower than what they were sometime back, and with hopes of some stability in the market, many people holding onto their plans of buying homes are now thinking of buying homes that have been affected by foreclosure.
The reason, that foreclosure affected homes are being viewed upon as feasible options, is mainly the discounted prices at which they are usually sold. However, if you do wish to buy a foreclosure affected home, you must remember that not all foreclosure affected homes end up being good deals. Some of these homes can be in rather run down conditions and are best left alone.
This is why buying any foreclosure affected home warrants an inspection. An inspection of the house would tell you what’s working and what’s not. If you do not know what to look for and how, do not hesitate in taking the help of someone who has the professional capabilities to the job. Remember, there is plenty of help available if you need it.
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Written by Alex Rolim.
