Raleigh REO

February 03, 2009.

There are currently 140 active foreclosures for sale in Wake County North Carolina.

Average List / Asking Price: $190,334

Average Price Per Square Foot: $84.63

Highest Price: $839,000 (6842 sq ft or $167 per)

Lowest Price: $37,000

There are currently 62 pending listings:

Average List / Asking Price: $203,793

Average Price Per Square Foot: $84.56

Highest Price: $1,329,900

Lowest Price: $35,000

If you would like more information on Marketing or Purchasing REO properties in Wake County NC please email me.

There are now 144 active foreclosures on the market in Wake County, North Carolina. Pending Foreclosures total 75.

The stand-out property this morning is this 3000 sq ft home in Bedford for $289,000. Less that $100 a sq ft. To put this into perspective 3500 sq ft home in the same development is listed for $475,000 (no doubt over priced but by $185,000)

There are currently 77 active listings in Bedford (it is huge) the average list price is $143 a sq ft! The average sold price is $133.00 a sq ft.

The average home sold in Bedford the last six months was a 3300 sq foot home priced at $471,000 and sold for $449,000.

This home is a deal.

Another Standout is a Cary Park home for $429,000. Over 3700 sq ft PLUS the unfinished walk up attic. $113 a sq ft. Really sweet deal for an owner occupant.

This home to the right is in The Charlestons at Bedford, great looking 2872 sq foot home with 3 beds and 2 baths for less than $100 a sq ft. Great deal at an asking price of $284,000. Buy it for under $275,000? 257 days on the market...fannie mae wants this sold, they haven't told me but I guarantee it.

If you would like more information or get on an email update of Foreclosures in Raleigh email me at stephenhoyt@gmail.com.

There are currently 149 active foreclosure listings in Wake County this includes Cary, Apex, Wake Forest, Holly Springs, Garner, Morrisville and Raleigh.

Almost every development is represented Carpenter Village, Bedford Falls, Wakefield, MacGregor, Cary Park, Sunset Ridge...

Currently there are 70 pending foreclosure listings in Wake County.

If you would like to be emailed all new Foreclosure Listings and price reductions email me what you are searching for and we will make that happen.

StephenHoyt@gmail.com

Inman News had a great article this morning confirming what we already know, a wave of REO's is coming.

Here are some of the stats that could indicate more foreclosure listings in Raleigh:

The value of REO property on the books of FDIC-insured banks at the end of the third quarter surged 21 percent from the previous quarter, to $23 billion. That total -- which includes single-family to four-family homes valued at $11.5 billion and another $1.5 billion in property purchased with FHA-backed loans securitized by Ginnie Mae -- represents a 134 percent increase from a year ago, according to the latest quarterly report from the Federal Deposit Insurance Corp.

Not convinced...

Repossessions by Fannie Mae and Freddie Mac grew by nearly 25 percent from the second quarter to the third quarter of 2008, hitting 15,196 homes, according to a recent foreclosure prevention report by the Federal Housing Finance Agency (FHFA). With Fannie and Freddie repossessing homes faster than they could sell them, the companies were left with 95,553 REO properties to dispose of at the end of September -- a 25.5 percent increase in just three months.

Freddie and Fannie have basically taken the last 60 days off to catch up, not releasing properties or moving forward on foreclosures, so they have "pent up supply".

Update on a blog I did on August 04, 2008 about a $1,414,000 foreclosure listing in Wakefield.

The home is now pending and I will definately post the sales price when it becomes available, for now I can tell you the listing price was reduced to $1,329,000 when it went under contract.

Just for fun I will throw out a sales price of $1,100,629. You have to love foreclosures!

See this foreclosure listing here.