Raleigh, the city of oaks, is the capital of North Carolina. In terms of population, it is the 2nd most populous city in this state after Charlotte. Raleigh is one of the fastest growing city in the entire US and that’s the reason why people are willing to spend money to get a home in here but Raleigh foreclosures offer several opportunities to get home at discounted prices.
When it comes to foreclosures, you can find several nice opportunities to invest in. It is however relevant to mention that there is a decrease in foreclosures in recent months. This decrease in foreclosure filings is a common thing for the entire North Carolina but surely there are some cities where foreclosures are on an upsurge and Winston Salem is an example of this. Apart from this, there is a decrease in foreclosures in major cities. For instance, Charlotte-Gastonia-Salisbury MSA witnessed only 598 foreclosures in February this year as compared to the same period in last year. This was a decrease of 52%.
Same thing was evident in Greensboro-High Point MSA where there were only 369 foreclosures for the aforementioned period and that was a decrease of 26 percent. In the Raleigh-Cary MSA, a decrease was also quite clear but it was lesser than other areas. Here, the total foreclosure listings for the aforementioned period were 416, a decrease of 14 percent.
Though a decrease in Raleigh foreclosures is there but it is not as big as in other cities. What it means is that you can still find homes in Raleigh at discounted prices. But, before you invest in this real estate market, you have to educate yourself about the trends prevailing in Raleigh foreclosures. When you contemplate more on history, you will see that there was an overwhelming increase in foreclosures in past. For instance, a report presented by a real estate foreclosures service provider showed that foreclosures were doubled in the third quarter of 2007.
In fact, that was the time when there was one foreclosure for every 319 homes in this area. Also, the increase in foreclosures in Wake, Franklin and Johnston counties was around 105.7 percent as compared to the same period last year.
All this is to imply that the real estate market in Raleigh can change quickly. Also, Raleigh foreclosures can get affected by all these factors. But, one thing is for sure that a decrease in home sales or price can get better with time because of the strong economy of Raleigh.
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Written by Alex Rolim.
