Foreclosures on the Outer Banks

The Outer Banks Sentinel published an article about the current state of foreclosures on the Outer Banks.  Here is an excerpt from the article:

Adding to the financial squeeze is a 78 percent increase in the number of foreclosures in the county. Between Aug. 31, 2005 and Aug. 31, 2006, there were 217 foreclosures. From Aug. 31, 2006 to Aug. 31, 2007, the number jumped to 387.

I am not sure if those numbers include the large number of timeshare foreclosures.  It is my understanding that the number of foreclosures year to date (excluding timeshares) to be close to 200 properties.  More details to follow...

Comments

[Greg Cremia]

Not only did the writer for the Sentinel not take into account the timeshares he did not mention that with around 40,000 properties in Dare County the number of foreclosures is less than 1%. Plus the lenders are putting the foreclosed properties up for sale at market rates and getting the price. There are very few deal out there.

[Ronnie Roach]

Greg,

I agree that the facts were on the light side. It is not easy to find the true facts about forelcosures.

[John Dean]

One of the most distictive features of all the foreclosures we are seeing is that they have one or more glaring and fatal flaw. The Kill Devil Hills effort to condemn illegal duplexes highlights this. In addition, many are less than complete remodel efforts. The amount of foreclosures for sale that are actually a deal is tiny - I agree with Greg. People are walking away from homes they should have been warned about by their brokers. We are also seeing an incredible proportion of these defaults that were sold "dual agency." I have wondered if this may lead NC to reconsider its position on one broker representing both buyer and seller. The foreclosures tend to make me think these buyers often overpay or aren't fully informed about the material facts of the proeprty condition. On Hatteras this problem of foreclosures really concentrates around dual agency sales. Makes you wonder!