Raleigh real estate update 2009

December 2, 2009 by · Leave a Comment
Filed under: North Carolina 
Downtown Raleigh, North Carolina as seen from ...
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Unlike several other cities and areas of similar size, Raleigh homes for sale continue to remain steady.  From the previous month, the price change of both homes for sale and foreclosures was zero percent, maintaining value at $225,000 and $132,900, respectively, according to Yahoo! Real Estate on November 16, 2009.  Interestingly, one-year market value change forecasts show a relatively stead home valuation at around $187,000 whereas many other housing markets have been subjected to erratic pricing or sometimes significant drops in property value.

For the time being, it appears that the majority of Raleigh real estate will be protected by recently-introduced legislation by North Carolina officials to keep struggling families in their homes.  The Associated Press reported on November 4, 2009 that the North Carolina Office of the Commissioner of Banks would “would halt foreclosures once homeowners request a loan modification. Now, lenders simultaneously pursue foreclosure while working with homeowners seeking to modify loan terms.”  Another reprieve for real estate in Raleigh is pending legislation that would “require the mortgage servicer to respond promptly to homeowners when they ask for assistance.”

According to the Winston-Salem Journal’s staff, a report filed on November 12, 2009, stated that foreclosure filings for October were up from the 2008 but down from the previous month.  Unfortunately, the Raleigh-Cary metropolitan statistical area’s number of foreclosed properties jumped 34.9 percent although this was reported to be a unique and isolated month of filings.  According to the displayed statistics, foreclosures in the area jumped to 537.  However, this isn’t all bad news.  Despite the jump in number of foreclosures, the Raleigh median price for foreclosed properties experienced no change, showing positive change in the local real estate market.

More importantly, the federal government’s decision to extend the tax credit for a longer period and to more people has brought hope to thousands of people looking to sell their homes in the Raleigh area.  David Bracken of the News Observe wrote on November 6, 2009 that “the number of people eligible for the new credit is large, and real estate agents hope it will increase sales of houses that are priced beyond the reach of most first-time buyers.”  The article also mentions that a large number of people are looking to sell urban homes in Raleigh so that they can purchase homes in cheaper areas of North Carolina and other nearby states.

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