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Raleigh, Durham, Chapel Hill, Cary The Triangle Area
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Old 07-29-2010, 11:53 AM
 
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I was listening to news on Radio earlier and one of the lead items was the 49% increase in home foreclosures in Raleigh and Cary to 3019 in the 1st six months of this year according to RealtyTrac. Not sure how the Realtors on here interpret this data and how it impacts on home prices.

If there is any good news it is that Durham foreclosures dropped 3% to 716 from this time last year, but still up 26% from the 2nd half of 2009

reading the N&O the Triangle data is in line with the rest of the country

RealtyTrac: Raleigh foreclosures soar; Durham’s don’t - Triangle Business Journal

Foreclosure activity up across most US metro areas - Real Estate News - NewsObserver.com (http://www.newsobserver.com/2010/07/29/602693/foreclosure-activity-up-across.html - broken link)
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Old 07-29-2010, 12:16 PM
 
Location: Raleigh, NC
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Maybe by next year I'll actually be able to afford a house in this area.
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Old 07-29-2010, 05:13 PM
 
Location: Raleigh, NC
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C'mon now...why should anyone be surprised? Prices dropped 10% from last year on average.
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Old 07-29-2010, 07:52 PM
 
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It must be due to all the fantastic job opportunities in the Triangle area.
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Old 07-30-2010, 06:45 AM
 
Location: Piedmont NC
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Sad, sad, sad.

The news has been reporting the steady loss of jobs in the general area. A number of the big groups in RTP have either shut down, or scaled back, A number of homes in my neighborhood are on the market because people have lost jobs. A few have been lucky enough to transfer.

A beautiful home at the back of this neighborhood sold for $200,000 less than what the original owners paid, and there were two others near the front of the neighborhood that the banks let go at very good prices this past winter.

I feel so sorry for homeowners caught in the situation.
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Old 07-30-2010, 07:14 AM
 
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Terrible. I am sure most people would need to sell if they lost their jobs. I have a cash reserve but not sure I would want to use it all up to pay my mortgage until I found a new job. Finding a new job may take 6 to 12 months. I would most likely sell and move into a small cheap apartment.
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Old 07-30-2010, 07:21 AM
 
Location: Asheville, NC
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Sadly, this is not only the case in the Raleigh area, it's all over. I was reading an article that gave the top reason why ppl aren't moving or can't. Foreclosures are up and ppl can't find work. Hopefully, things will turn around. For now, it doesn't look good.
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Old 07-30-2010, 07:41 AM
 
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Foreclosures On The Rise In NC - Wake County - MyNC.com
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Old 07-30-2010, 07:49 AM
NG2
 
Location: Raleigh, NC
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Generally -- Banks don't like to accelerate foreclosures in a local area because it is against their best interest to do so. If you have too many homes on the market selling for lower market values it hurts their own resale value for the foreclosed homes.

It will most likely be cyclical for the next 2-3 years.
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Old 07-30-2010, 09:07 AM
 
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I think this is the 2nd wave of forclosures that people were expecting. It took me almost a year to sell my house in Holly Springs. I'm glad I was in a lower price pracket, as houses under 225k sell a lot quicker than anything over 300k.

I applied for the home refinace plan thru Obama. But by the time I got approved, I already had an offer and just sold it. I ended up selling my home for what I paid for it, but I still lost $20,000 or so with all the improvements I made and just the closing costs.

I had to swallow my pride and cash out $10,000 from my 401k just to pay off my house. It's never been more demoralizing to have to bring money to the table as a buyer to sell your house. But I'm glad I did it and it was like a weight off my back to move on. I consider myself lucky to have only lost that amount of money. Some people are beyond help and are 50k, 75k, 100k under water in their home.

It's beyond sad what has happened to so many people. But a lesson has been learned and it's been a positive aspect for me. Never again will I over-extend myself and buy too much of anything. Cash is king and it's not about how much equity you think you have in your house. It's the greenbacks in the bank that mater.

I went from struggling to pay an almost $1700 mortgage to renting an apt for $700. It's amazing how much money starts to add up in your checking account when you're not over-extending yourself.

And I've never been happier.
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