The Stability of Raleigh Foreclosures amidst Economic Crisis

Buying homes on Raleigh foreclosures is reaping great benefits for opportunist buyers and investors. The gloom of the loss of homes by foreclosures on mortgage defaulters is perhaps ended. It has been seen that home sales have risen with Raleigh foreclosures going up to 8.4 % in May, 2009. Many buyers not in the affordable bracket can now realize their dreams. It is now wise to buy a home before the market stabilizes fully as there are still many mortgage defaulters and it is expected that foreclosures will continue for the coming months.

Raleigh in North Carolina is called the city of oaks and lies between the ocean and mountain ranges. In the past, the real estate market here had grown considerably due to a great economy. North Carolina is facing a crisis now that is forcing more and more foreclosures on homes. However, there is a refreshing scenario representation in the case of Raleigh foreclosures. What is seen here is so different from other cities within the state. One home out of nine hundred homes goes into foreclosure even when there is a prevailing spike in total rate of foreclosures being filed in the nation. 
There is great competition in the market for investing in homes on Raleigh foreclosures. This is due to low opportunities of buys of foreclosed homes available. Raleigh foreclosures are lesser in proportion to other cities and the cost of homes is higher too. The opportunities for a first time owner are enhanced with the benefits of tax rebates of $8,000 for buyers not owning a home in the last 3 years. There are three main steps in finding the optimum type of home to buy. These are:
•    Study listings of Raleigh foreclosures on the internet and determine the right property at an affordable price and in an area with need of buys
•    Determine rates of most of the homes on Raleigh foreclosure
•    Select the home with greatest return and also ensuring that this return on investment is as per your expectations
Banks and money lenders consider taking over of foreclosed property as a bad investment. To quickly nullify this effect on their finances, they sell these off on public and private auctions. The quotes and prices are low and many buyers come buzzing in to buy. Raleigh foreclosures have led to price value of houses fall by more than half like when a house originally costing the owner $474,000 was sold at $200,000 at an auction.
These auctions are very popular as would be buyers get a bargain of discounted prices and prime location on these foreclosed properties. Many buy homes on Raleigh foreclosures with the plan to resell them when the economy recovers. Some sad moments are also shared by them when they think of what distress other owners have been through to make it possible for present buyers to buy cheap homes on Raleigh foreclosures.

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR