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28 Percent Discount for North Carolina Bank Owned Properties

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By : John Cutts    99 or more times read
Buyers of bank owned properties in North Carolina in the first quarter this year enjoyed more than 28 percent in average price discount, based on a foreclosure sales report.

North Carolina foreclosed homes and pre-foreclosure homes were sold at an average price of $143,607, lower by 24.11 percent than the average selling price for nondistressed and nonforeclosed properties. Pre-foreclosures, meanwhile, were sold at an average price discount of 9.74 percent.

A total of 2,849 distressed and foreclosure houses on sale were purchased, accounting for 14.74 percent of all foreclosure homes sold during the quarter. These included sales of homes still in default, being sold at auction or already in bank repossession, but excluded transfers of units from homeowners to lenders through foreclosure.

The overall total of distressed homes and bank owned properties sold in the first quarter marked a drop of 35.2 percent from the same quarter in 2009 and a drop of 7.4 percent from the previous quarter.

Compared to other states, the percentage of foreclosure sales in North Carolina in the first quarter was low. This was expected as North Carolina was 35th among states in rate of foreclosure during the quarter, despite a surge in foreclosure postings both on a year-over-year and on a month-over-month basis.

In the first quarter, a total of 9,262 North Carolina homes entered foreclosure, marking a 55-percent jump compared to the total one year earlier. Nearly 75 percent of these homes or 5,284 units were real estate owned.

Based on data from a major foreclosure listings provider, there are currently 4,635 foreclosed homes for sale in Charlotte, NC, accounting for 31 percent of all homes for sale in the city. A total of 10,478 are pre-owned homes for sale and 19 units are new homes.

Just like during the first quarter, prospective buyers of bank owned properties in the current quarter are also expected to enjoy discounted prices, as the median price for all homes sold in May dropped by 3.5 percent over the year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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