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Old 01-05-2012, 05:45 PM
 
1,112 posts, read 2,828,327 times
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So is the light at the end of the tunnel? or is it an express train coming towards us? In West Cary home building seems to be going gangbusters as builders have got the right price points. I was surprized to read the article on WRAL website about foreclosures increasing by half a percent to 1.87% in the last year for Raleigh - Cary, and to 1.96% for Durham - Chapel Hill.

Triangle mortgage foreclosures increased in October from a year ago, and, at the same time, more homeowners fell behind on their payments, according to numbers released Thursday by real estate tracking firm CoreLogic.

Housing foreclosures, mortgage delinquencies up across region :: WRAL.com
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Old 01-05-2012, 06:00 PM
 
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I have noticed a lot of new or renewed building activity. I can't help but scratch my head and wonder what it is these developers are seeing that I am not.
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Old 01-05-2012, 09:00 PM
 
Location: CARY
24 posts, read 59,654 times
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Quote:
Originally Posted by TVFL View Post
I have noticed a lot of new or renewed building activity. I can't help but scratch my head and wonder what it is these developers are seeing that I am not.
Probably nothing. But that never stopped them in the past from making foolish decisions.
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Old 01-05-2012, 10:56 PM
 
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Originally Posted by TVFL View Post
I have noticed a lot of new or renewed building activity. I can't help but scratch my head and wonder what it is these developers are seeing that I am not.
Maybe they are seeing a ton of people relocating and/or relocating to the
Triangle and in the market for new housing? Just my guess.
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Old 01-05-2012, 11:57 PM
 
Location: Morrisville, NC
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I'm not too surprised to see forclosures going up many banks have been holding back and it will take a long time to work through all of them.
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Old 01-06-2012, 04:34 AM
 
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Quote:
Originally Posted by OldMortgageGuy View Post
Maybe they are seeing a ton of people relocating and/or relocating to the
Triangle and in the market for new housing? Just my guess.
With over 13,500 homes currently on the market and banks finally getting around to the overdue foreclosures, there must be an awful lot of people relocating here to create a market for that many new homes.

The numbers do not seem to add up.
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Old 01-06-2012, 05:14 AM
 
Location: On the brink of WWIII
21,090 posts, read 28,569,484 times
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With each new drop in umemployment, we may see increase in foreclosures. People run out of unemployment--drop off the roles--lower the UE rate--increase foreclosure as they can no longer make the mortgage.
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Old 01-06-2012, 06:20 AM
 
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Quote:
Originally Posted by TVFL View Post
I have noticed a lot of new or renewed building activity. I can't help but scratch my head and wonder what it is these developers are seeing that I am not.
On NPR this morning they were talking about the housing supply being "down" and as a result new building projects have started to increase. The number of houses on the market sure doesn't seem down to me though
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Old 01-06-2012, 07:19 AM
 
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Housing inventory is down compared to the last few years, but that's more due to listings expiring unsold than sales (which are also lower than previous years). People selling used houses can afford to let the listing expire and wait to sell. Builders don't have that luxury - although I guess they can walk away and let taxpayers bail them out like they have so far so maybe they're not really that dumb after all.
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Old 01-06-2012, 07:50 AM
 
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The "new homes" and "foreclosed homes" seem like separate markets to me. Many people who move here don't want to buy a foreclosed home and all the baggage that comes with it.
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