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Foreclosed Duplex Homes for Sale Expected to Rise in County in 2011

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By : John Cutts    99 or more times read
The number of single family and multifamily foreclosures, including duplex homes for sale, is expected to rise further in 2011 in Cleveland County, North Carolina. According to housing industry analysts, the projected increase is partly due to the high level of underwater mortgages in the county.

Foreclosed homes in Raleigh and in other key areas of the state have remained high in the past few years, with Cleveland County being just one of the local markets recording steady increases in foreclosure numbers since 2006. In the past three years, analysts estimate that around 2,000 residential and commercial foreclosures have been posted in the county. However, 2006 has so far remained as the period when the area recorded its highest foreclosure total.

Although 2010 data for foreclosed homes in North Carolina in various local markets have already been released, Cleveland County has yet to get its complete housing stats for last year. However, local realtors stated that between 700 and 800 properties were foreclosed in the county in 2010. Most realtors are predicting further increases this year and until 2012.

It is not only the residential foreclosures that are rising in the county, according to local real property agents. They revealed that commercial properties and multifamily properties like duplex homes for sale have also increased last year and are likely to increase again this year. They revealed that thousands of Cleveland County property owners are paying for mortgages that cost more than the value of their homes.

This, analysts stated, is reason enough for most Americans to give up on their properties and let them become foreclosure houses for sale. The same is true for most Cleveland County homeowners. Local market analysts also stated that an increasing number of troubled homeowners are opting for bankruptcy before they get served with their foreclosure or eviction papers.

Despite the bleak outlook for the area's housing market, some analysts believe that there is still hope as sales of multifamily units like duplex homes for sale and luxury properties are showing some improvements. These transactions, analysts stated, may help offset the impact of bankruptcy and foreclosure filings expected in the region within this year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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