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Foreclosure Homes for Sale in Jamestown, North Carolina

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By : John Cutts    99 or more times read
More than 100 foreclosure homes for sale in Jamestown, North Carolina will be sold off in a public auction at the county courthouse of Guilford County in Greensboro this month, according to the Jamestown News.

The foreclosed homes are part of a development by Portrait Homes called Bordeaux Retreat at Jamestown. Prices for the townhouses start at $166,000 while prices for the villas start at $200,000. Just like in most public auctions, the residential units are sold off on an as-is basis. Cash deposits will also be required. The trustee for the sale is William Weatherspoon Jr. of Raleigh-based company Weatherspoon and Voltz.

The auction of the Bordeaux houses is just one of many public auctions held to sell off foreclosed properties in housing developments in the Greensboro and Jamestown area over the past months.

The boom years enticed home builders in North Carolina to construct a lot of single-family homes, townhouses, villas and condos as homebuyers snapped them up using home loans easily provided by lenders.

In 2006, Portrait Homes started building the 125-unit Bordeaux townhouse and villa development in Jamestown despite warnings from critics that the Greensboro and Jamestown area is already overbuilt. But others praised the development, citing the achievements of Portrait Homes in the residential development sector. Portrait was the second biggest home builder in the area and its parent firm Pasquinelli had been operating in North Carolina for more than 50 years.

But when the subprime lending sector started collapsing last year, the credit markets dried up, business and personal debts soared, home building stopped and foreclosure homes for sale flooded the market.

Among the first home builders in the area that collapsed first were Sandra Anderson Construction and Pierce Homes, which had been building homes for many years. The residential projects of Portrait Homes soon followed the fate of Sandra and Pierce, falling into foreclosure one after the other. These were Robyn's Glen, McAlister Place, The Avenues, Tuscany Place and McAlister Woods. The Bordeaux Retreat, where only around 23 units were sold, was subsequently foreclosed.

In a report on foreclosures nationwide in October, North Carolina posted nearly 3,500 foreclosures, marking an increase in foreclosure rate by more than 7 percent from October last year. The pace of foreclosure in the state slowed slightly compared to September, but the total number of homes that entered listings of foreclosure homes for sale reached 1,690 units.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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