Outer Banks Foreclosures
Published November 2, 2007 by adminThere was an article in a local paper recently that proclaimed a 78% increase in property foreclosures on the Outer Banks. This article was picked up by all the national syndication and was seen everywhere. I was surprised by this because I don’t see all that many popping up for sale in the MLS. I talked to some lenders and they concurred that this seemed to be an inflated number.
I did a search through the MLS and I found some properties that are bank owned, which means they were foreclosed on and now the banks own them. They were mostly priced at market value and some were under contract at market value. Apparently the original owners had borrowed so much against the houses and the outstanding loans were so high that the lenders were unwilling to sell at much of a discount.
The other day I had some time to kill so I read the local paper all the way to the back page. There I found the foreclosure announcements. 18 properties were being advertised by the bank’s attorneys as going into foreclosure. I started to think the article predicting doom and gloom in the Outer Banks real estate market might be true until I looked at the properties being foreclosed on.
15 of the 18 foreclosure notices were for timeshare units. The sales and/or foreclosures of timeshare units has absolutely nothing to do with the real estate market on the Outer Banks. I don’t even think timeshare can be called real estate. There is no deed and you don’t own anything so how can it be lumped in with real real estate.
I wish these reporters would do some actual investigating before they publish articles that might affect the welfare and economy of an area.
Update January 7,2009
Foreclosures have hit the Outer Banks. Click here to view Outer Banks Foreclosure properties and houses for sale.
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