The Winston Salem Journal has reported that 2010 is becoming a record year for North Carolina foreclosures.  Several consumer advocacy groups are reporting the NC foreclosure filings could set a record, but eight counties have already broken annual records.  The counties include:  Ashe, Davidson, Davie, Randolph, Surry, Watauga, and Yadkin.   The article says that five others:  Alamance, Forsyth, Guilford, Rockingham, and Stokes will set records before year end.

More NC Homeowners Have Lost Their Home in 2010

That being said, the market needs buyers and real estate investors to buy up these distressed properties to help improve the market.  There are many good foreclosure deals currently on the market for sale.  Don’t hesitate to contact us if you are currently in the market to buy or would like our FREE Foreclosure HOT List.  We can also help if you are facing foreclosure and would like to know your alternatives.  Contact us today @ 336.462.9544 .

The mortgage mess keeps spreading across the nation like composted manure in a fertilizer spreader.  Now officials in 49 states are supporting a probe into the foreclosure proceedings of many of the nation’s largest banks and requesting a foreclosure moratorium.  Most of the problem is in relation to bank employees processing thousands of foreclosure documents without reading them, forging signatures, and falsifying social security numbers.  Some pundits in Washington don’t agree that we need a foreclosure moratorium.  Part of the challenge is foreclosures are handled at the state level, and are different in every state.

Some economists are saying the housing market is recovering…even though it is at a snail’s pace.  They were predicting by third quarter 2011, the market would be more in line.  Now the same economists are saying a stop in foreclosures could hurt the overall recovery.

This writer tends to believe that a foreclosure moratorium will stabilize prices for the short term, because there will be less inventory.  CNBC commentary is reporting at this moment that figuring this mess out could take months and months.  Going forward, and once banks start to release this shadow inventory, it will depress prices again.  However, if the recession is truly over, jobs should begin to pick up since they are a lagging indicator.  If that’s the case, then hopefully, there will be more buyers with jobs who can purchase the increase in inventory.  Nevertheless, it looks like it may be another year or two before we get back to some sense of normalcy.  Referring back to the initial simile, let’s hope the this “manure” has the same effect that it does over a crop planted field:  an increase in results!

Click the following link for more information on How to Buy a Foreclosure Home.

The Associated Press reported yesterday that the foreclosure trend is slowing. They claim the end of the crisis is in sight.  That may be the case, but it will most likely be a slow, steady process.  The report is basing there theory on cities like Las Vegas, Phoenix, and Miami having a decline in delinquent mortgage payments.  However, there are statistics that show the housing market is still troubled because of the high number of distressed properties.  More than 15% of homeowners have had a late mortgage payment, which is a record.  Even more troubling is almost HALF of those people are three months or more behind which is up form the average of 20%.  These numbers indicate that many more homes could face foreclosure.

Read the full article

If you are looking for the Triad Foreclosure HOT List to receive fresh, foreclosure listings by email every morning sign up at the following link.  Sign Up for the Triad Foreclosure HOT List

Buena Vista Foreclosure 843 Wellington, Winston Salem, NC 27106

Buena Vista is one of the most desirable neighborhoods in Winston Salem. You don’t get an opportunity to buy a foreclosure in this neighborhood very often (currently the only foreclosure).  This home has a totally re-modeled kitchen with new cabinets and granite counter tops, and is near move in ready. (Kicking all the spiders to the curb is job one! Ha! Spiders love an empty home).  The home has plenty of room with over 3000′ of heatable space. There are 3 bedrooms, 4 baths, .57 acre, finished basement, and lovely hard wood floors.  This REO (bank owned) property has been recently reduced $20,000.  It’s priced at $329,900 and is over $50,000 below tax value.

There are currently 87 listings in Buena Vista with a median price of $425,000.  16 homes have sold here in the last 6 months with a median sales price of $317,500 and an average “days on market” of 87 days.  Give me a call if you need a buyers agent and would like to view this property.  Call/text me at 336-287-4423.

Google Map (with street view) of 843 Wellington, Winston Salem in Buena Vista

The list price for 5478 Kingsbridge in Winston Salem has just been dropped $10,000 to $219,900.  This 4 bedroom home has plenty of room and is in a great school district.  This brick home was built in 1989, is on .35 of an acre, and over 3200′.  The home does need some work, however comparable homes in the neighborhood are worth $250k – $275k. Call Tony at 336-287-4423 if you would like to see it.

Wonderful custom built brick home with many special details. Master on main level, four bedrooms plus a bonus room upstairs. There is a screened porch overlooking the patio and large yard.  Priced at $567,500 with a tax value of $677,300.  This foreclosure won’t last long!  Call Tony Green, Real Estate Agent at 336-287-4423 to see this home or make an offer.

7359 Henson Forest

544 Hicks Rd. Lexington.   List price recently reduced to $404,900.  This is a bank owned foreclosure home, which has over 5000′ with 8.5 acres of land and a modern design in a quiet area.  The home has 5 bedrooms, 4 baths and was built in 2000.  Call Tony @ 336-287-4423 to find out more about this property.  Please click the link at the end of this sentence if you would like to be added to the Foreclosure email HOT list.

544 Hicks Rd., Lexington NC Foreclosure

NOTICE: This property is sold.  May 15, 2009

This is a fantastic buy in High Point listed for $157,500.  It is near move in condition and has been reduced from the original list price of $177,800.  The home is approximately 1900′, 4 bedrooms and 2 baths on .35 of an acre.  The home was built in 2001 and also has a nice size storage building in the backyard.  Contact Tony at 336-287-4423 or tony @ benhamrealestate.com to see this home priced below market value.

High Point Home for Sale on Wood Cove 27265

NOTICE:  This Property is no longer available (3-18-09)

Here is a great investor deal on a foreclosure in Winston Salem, NC.  It’s a 3 bedroom, 2 bath, and approximately 1100′.  It needs $8k – $10k in repair, and the ARV is $110,000.  Call Tony if you are looking for a good deal in Winston Salem.  336-287-4423.

If you ever pick up the newspaper or watch TV, you obviously know there is a plethora of foreclosures on the market currently.  With a flood of foreclosed homes, it drags down prices in any given market.  The more foreclosures there are in a market, the more likely that prices will fall or continue to fall.  This is also one of the causes for a “Buyer’s Market.”  In a market, where there are many bank owned properties, it is important as a buyer to know the secret tips to buying a foreclosure.  I recently wrote an article on How To Buy A Foreclosure that was submitted to Squidoo.  See the link below.
 http://www.squidoo.com/winstonsalemforec…