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As one will always tries to stay on top of my local Outer Banks Real Estate market, it is important to pay attention to what is happening nationally. This week a majoy announcement was made on the national scale. It is the bailout of government sponsored entities Fannie Mae and Freddie Mac. The bailout of both these institutions had been rumored for some time. The continued decline of US housing prices and the increase in foreclosures made this a more imminent problem.
Here is an excerpt from a local Outer Banks property management website on what seems like the lack of foreign investment in Outer Banks Real Estate. I have to agree, it does not seem that foreigners have found the value of investing in the OBX. This is a surprise considering the increasing tourism revenues that are being found.
According to the NAR, foreign investment in US property is becoming a growing trend. From May 2007 to May 2008 the NAR estimated 150,000 to 190,000 homes were sold to foreign investors. North Carolina did not make a top state according to the NAR. That is not surprising from what I have seen on the Outer Banks. I personally have not seen a rash of foreign investment along the island. The typical investor would seem to fit the profile for Outer Banks home buyers.
Full Article: Outer Banks not big on foreign investment
It seems as this summer which was long thought of by many to be a bust is turning out to be much better than expected. The prime Outer Banks vacation season is now almost over and it for many it was a great year. Unfortunately, for many in the Southern beaches the beach driving injunction has drastically hurt business. One has to wonder what effect the beach driving has had on Outer Banks real estate. We will have to wait for the official numbers but it seems as if 2008 was a good year after all.
As an Outer Banks Property Manager, I always try to find local events that are going on.
This information is provided by the Outer Banks Visitors Bureau. http://www.outerbanks.org
May 30 - August 18
Backstage Tours - The Lost Colony
Waterside Theatre, Roanoke Island. The ultimate insider treat! Perfect for groups or individuals. The 45-minute walking tour includes exclusive views of the theatre, costume shop and props. Tours are nightly at 6:30 p.m. and limited to the first 50 guests. Reservations required. Tickets are $5 per person. For tickets: (252) 473-3414 or thelostcolony.org
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I specialize in Outer Banks real estate. Today's real estate market is especially great for buyers as their are bank owned and potential short sales available.. If you are looking to learn more ab
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