Here’s an astounding fact: Distressed properties accounted for 45 percent of all home resales nationwide in October.
In contrast, foreclosure sales have comprised only a small part of Wilmington’s housing market, according to Susan Lacey, president of the Wilmington Regional Association of Realtors.
Foreclosures are concentrated in areas of the country where so-called exotic mortgages made up a big chunk of the lending, says Walter Molony, senior public affairs specialist for the National Association of Realtors. Loans such as option adjustable-rate mortgages and interest-only mortgages were concentrated in areas such as California and Florida but did not account for a substantial portion of the loans made in North Carolina, local and state banking figures say.
Sales of what are called distressed properties are enough of a factor here, however, that a local real estate agent has become the first in the area certified by the national Realtors group to help clients through the process of distress sales and, especially, via what are called short sales.
In a short sale, a lender agrees that an owner can sell his or her home for less than is owed on it.
It’s an alternative to foreclosure, says Melanie Cameron of Coldwell Banker Sea Coast Realty, who at the end of October received a National Association of Realtors designation as a distressed-property specialist. She is the first one in Southeastern North Carolina, according to Sea Coast, and one of only eight in the state, Cameron added.
That number is expected to grow.
“What we’re seeing is more inquiries by people about short sales. Many people who want to put their house on the market don’t realize they are in a short-sale situation,” said Tim Milam, president of Coldwell Banker Sea Coast.
People, especially those who bought at the top of the market and put little or nothing down, may have seen any equity they had evaporate as home values have fallen from boom-time levels. They may, in fact, find themselves owing more on the property than they can sell it for.
Distressed properties include foreclosed homes, and there’s a market here for that as well.
Search distressed properties here
In contrast, foreclosure sales have comprised only a small part of Wilmington’s housing market, according to Susan Lacey, president of the Wilmington Regional Association of Realtors.
Foreclosures are concentrated in areas of the country where so-called exotic mortgages made up a big chunk of the lending, says Walter Molony, senior public affairs specialist for the National Association of Realtors. Loans such as option adjustable-rate mortgages and interest-only mortgages were concentrated in areas such as California and Florida but did not account for a substantial portion of the loans made in North Carolina, local and state banking figures say.
Sales of what are called distressed properties are enough of a factor here, however, that a local real estate agent has become the first in the area certified by the national Realtors group to help clients through the process of distress sales and, especially, via what are called short sales.
In a short sale, a lender agrees that an owner can sell his or her home for less than is owed on it.
It’s an alternative to foreclosure, says Melanie Cameron of Coldwell Banker Sea Coast Realty, who at the end of October received a National Association of Realtors designation as a distressed-property specialist. She is the first one in Southeastern North Carolina, according to Sea Coast, and one of only eight in the state, Cameron added.
That number is expected to grow.
“What we’re seeing is more inquiries by people about short sales. Many people who want to put their house on the market don’t realize they are in a short-sale situation,” said Tim Milam, president of Coldwell Banker Sea Coast.
People, especially those who bought at the top of the market and put little or nothing down, may have seen any equity they had evaporate as home values have fallen from boom-time levels. They may, in fact, find themselves owing more on the property than they can sell it for.
Distressed properties include foreclosed homes, and there’s a market here for that as well.
Search distressed properties here
No comments:
Post a Comment