We still have an over supply of bank-owned REO properties for sale on the local Triad housing market, and it looks like more are on the way.  The Winston-Salem Metropolitan Statistical Area (MSA) had 345 foreclosure filings in January, 2011.  This was an increase of 36.9% from January of 2010.   The number of filings was up 45 percent from December, 2010.  The MSA includes Forsyth, Davie, Stokes and Yadkin counties.  The Greensboro-High Point MSA filings were up 9.3 percent to 484. 

Forsyth County had 333 filings in January, which was up from 232 last January, and 211 in December.

However January foreclosure filings were down overall in North Carolina 3.9% from January of 2010 to 3040.  The Charlotte, Raleigh, and Durham MSA’s were all down.

If you are looking for an awesome deal on a foreclosure, request our FREE Foreclosure HOT List.  Foreclosure listings are available for Winston-Salem, Clemmons, Lewisville, Kernersville, Pfafftown, Forsyth County, High Point, Greensboro, Guilford County and other surrounding areas in the Piedmont Triad.  We have helped hundreds of buyers in the Piedmont Triad save 25%-50% off the market value of their homes.  That means instant equity and happy buyers!  Foreclosures in move-in condition usually don’t last long.  Don’t hesitate and miss out on your dream home!  Contact us today!  336.462.9544.

*Source: RealtyTrac, Inc.

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.

Foreclosures Can Be A Great Deal for "Instant Equity"

The AP has reported that Bank of America will halt foreclosure sales in all 50 states due to bank employees signing foreclosure documents without verifying information.  Last week they announced they would stop foreclosure REO sales in 23 states, but apparently the problem was worse than expected.  B of A claims they will review their foreclosure process during the next month before removing the halt.  Several other banks, including JP Morgan Chase, GMAC Mortgage, and PNC have received criticism for errors in their foreclosure paperwork recently.   PNC also announced today that they will halt foreclosures and evictions in 23 states to review their documents.

Bank of America Stops Foreclosures in All 50 States 

In the Triad area, there are currently 833 bank owned foreclosures listed for sale on the MLS (214 listings in Forsyth Co.).  In the last 30 days 214 foreclosures have sold ranging from $7525 to $849,900.  The median price of all foreclosure sold during this period was $65,000.  44 of those sold were in Forsyth Co.  The range of prices in Forsyth Co. were from $14,900 to $464,900.

If you are looking to buy an REO property, sign up below for our Foreclosure HOT List with fresh, bank owned foreclosure leads. 

Winston Salem Forsyth County Foreclosure HOT List!

UNCG’s Bryan School of Business and Economics and accounting firm Dixon Hughes reports in their Triad Business Index that foreclosures are up 5.7% from last year.  In July, 2010 there were 880 reported foreclosures.  The current overall inventory of homes is a 10 month supply.

Dixon Huges Triad Business Index

The housing market is not out of the woods yet.  Analysts expect the housing market to recover soon, however, the inability of homeowners to make their mortgage on time is holding down home prices across the nation.   About 8 percent of all homeowners in America are currently behind on their mortgage and endanger of foreclosure.  You can read the full article below.

Housing Woes Impede Recovery

If you are trying to stop foreclosure on your home, we can help.  We have helped many home owners in the Triad who are facing financial distress.  Contact us today if you need help.  We can help sell your home fast in Winston Salem and other surrounding areas of the Piedmont Triad.

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

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