After returning from a pleasant 6-day vacation on Ocracoke Island, NC (the southern-most island of the Outer Banks), I started perusing the real estate email-newsletters that I receive on a regular basis to see what's new over the last week.
While the distressed real estate market and the increased number of bank foreclosures seem to have taken over our local news over the past year, not all areas have been hit equally.
An analysist from PMI Mortgage Insurance Co. said that PMI projects a 40 percent or greater chance that prices will fall in 16 of the 50 largest areas during the next two years. All but three of those markets -- Las Vegas, Phoenix and Providence, R.I. -- are in California and Florida. They also said that the primary driver of the rise in risk scores was a continued increase in foreclosure rates, noting that California, Florida, Arizona and Nevada together represented 84 percent of the increase in foreclosures on homes with prime adjustable-rate mortgages during the first quarter of 2008. (Source: Inman News)
Fortunately for our real estate market here in Eastern North Carolina, while prices have not increased since the top of our market in mid 2006, we have only seen a slight depreciation rate on average, since that time.
To preview ALL properties on the market for sale in the New Bern area, just click on my website: http://www.newbernhomes.com/. We offer a tremendous amount of information to you for Free, and you can also sign up to receive notification about new property listings, as they come on the market!
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