Bank Owned Foreclosed Homes And Government Foreclosure Properties

Monday, October 5th, 2009

The foreclosure wave is still pretty strong in the United States. In fact, it has been found in some reports that one in every five homeowners owes more than the present value of the home. Situation of High Point foreclosures is not entirely different and there are quite a few homes available for people to get at discounted prices.

Although there are lots of areas where foreclosures are rising but the Guilford County is in the top-ten list of areas having most number of foreclosures. If you check the track record of this particular area, you will find that the foreclosure rate for the Greensboro-High Point Metropolitan area was quite low. In fact, this area had the lowest rate of foreclosure in the nation, according to a survey conducted by real estate foreclosure listings provider. That was the time when only one household was into foreclosure out of 923 households.

However, things are no longer the same and you can find an increase in the High Point foreclosures. This increase in foreclosures is due to the people who have fallen short of their mortgage payments in recent times. Homeowner`s association dues and property taxes have also contributed towards the increase in foreclosures.

Also, the foreclosures have increased due to the decrease in home value. To highlight this particular point, the following graph is taken from the Trulia.com.

This graph is used to show you the trend currently existing in the real estate market pertaining to average listing price. You can clearly see that there was a decrease in average listing price right from the Feb 18, 2009. This was the time when price was $209K. But, there was a clear decline in price from Feb 18 till Feb25. A decline in price was also there after this particular point but it was not as steep as before. But, price again started to go down on a rapid pace after this particular point and reached to $205K on Mar 11. Also, there was a decrease of 5% in the average price for a square foot in High Point.

This clearly suggests that there is a decrease in average price which is the reason why people are forced to allow their homes go into the foreclosures. So, you must have gathered the reasons why there is an increase in High Point foreclosures.

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