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Just by spending some time in researching more about the number of foreclosure listings in North Carolina, you will soon realize that there is still an upward movement in the number of listings. But, the good thing from economic point of view is that there is decrease in the rate of foreclosure which is not as severe as it was in past. A year to year drop in the rate of foreclosure in November 2008 was 39% which came down to 22% in December. One worth mentioning thing is that Fayetteville foreclosures have played a role in these percentages.
The rise and fall in percentages is an integral part of real estate market in all regions. It is however significant to mention that there will always be a trend and reason behind the rise and fall. If you are an investor or a homebuyer and want to invest in / buy foreclosures in Fayetteville, you have to understand the factors affecting the number of foreclosures in here.
To understand this entire thing, you have to delve more into the details pertaining to real estate market. The most important thing in this regard is to consider the average and median price of homes in recent times. Following are the charts which are taken from Trulia.com to highlight the trend of average and median price in Fayetteville.
This graph makes it pretty clear that a decline in average listing price was there in the first quarter of 2009. Although the increase in average price on Feb 11 was impressive and price went up to $308K but the decline in price was also quite significant and price came close to $290K. After that, the decline in price was there but not as sharp as in the start of February. Also, the decline in average price per square foot was also there which was around 10.1% as compared to last year.
Along with average price, median price is also essential to consider and following is the graph for that.
Although you can see an increase in median price in the second quarter of 2008 but there was a decrease in median price when compared to last year. Actually, $160,000 was the median price for Dec 08 to Feb 09 which was actually a decrease of 8%. This median price has also affected the number of sales.
So, if you want to invest in Fayetteville foreclosures, you must never miss a chance to learn more about the market trends. In here, you can find the basic information but you need to conduct a thorough research before investing your money.
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