While I'm reading and researching the "State-of-the-Market" around the country (as it relates to real estate news), there are numerous statistics which give us a better perspective as to what's really happening and where.
According to Reuters and RealtyTrac, the following states have the highest foreclosure rates:
According to Reuters and RealtyTrac, the following states have the highest foreclosure rates:
Nevada = 1 in every 43 households.
California = 1 in every 65 households.
Arizona = 1 in every 70 households.
Florida = 1 in every 78 households.
National average = 1 in every 600 households.
North Carolina = 1 in every 1000 households.
Foreclosures add inventory to the market, and increased inventory encourages price reductions, since it's the old "Supply and Demand" theory.
While North Carolina has also experienced an increase in foreclosures over 2007, we're fortunate that our statistics still remain well below the national average.
In fact, in the New Bern area (coastal NC), while we've experienced a 30% decrease in the number of home sales over the prior year, we still have maintained an appreciation rate of +.01%, which is much better than the US average of -6.8%.
View all homes for sale from the New Bern MLS service.
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