Raleigh Foreclosure Update, August 14, 2009

Could the number of Raleigh Area Foreclosures be increasing? It looks like it may. There are currently 125 active foreclosure listings in Wake County, NC, the most I have seen. 14 listed in the last seven days, including townhomes in Scotts Mill and Haddon Hall in Apex that has not seen a lot of foreclosure activity.

There are also 64 pending (under contract) foreclosed homes in Wake County, again the most I have seen. The average sales price of foreclosures undercontract is $168, 287 for a 2001 square foot three bedroom, 2 bath home. This is only $80.71 a sq ft! The price per square foot is continuing to decrease.

The average price of a foreclosure listed in Wake County...$250,382. This is for a 2,286 square foot home with three beds and two baths, that comes out to $95.07 a square foot.

According to Money magazine the Raleigh Cary Real Estate Market has held its own very well over the last year only seeing a dip in price of less than 1%. ( My numbers look more like 4%) but still an outstanding performance compared to most parts of the country. I guess my point is these foreclosures are a great deal. The Scotts Mill Townhouses are BRAND NEW actually being finished by a builder as your read this for less thank $100 a square foot, and they are very nice. The first time buyer tax credit, current interest rates, the deals in the market place....in the Raleigh area it is a good time to buy.

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