The Wilmington NC foreclosure market is in fact not very different from most other US cities. This area of the real estate market has quickly gained prominence amongst Wilmington’s realtors with many of them going the extra mile to study the intricacies involved in buying and selling foreclosures.
In these troubled economic times with a reduction in new properties being built as well as a general reluctance to buy existing properties, shown by a large majority of people, the foreclosure market is like a life line for the troubled realtors and their shrinking sales.
Oh off course most of the realtors I meet in Wilmington are still busily trying explain that Wilmington is a “special case” and therefore not at all like the rest of the country. These same realtors point to the fact that the Cape Fear region was listed as Number 6 in National Home Sales. Well special Wilmington, NC IT Services might be but as far as I know the banks and lenders are showing no more compassion here to borrowers than anywhere else in country.
However as I mentioned earlier there are also a number of very astute realtors who have taken the time to realistically evaluate the US housing market and like me have come to the conclusion that foreclosures and short sales will for the foreseeable future be a very large proportion of all sales. Actually the National Association of REALTORS stated that 30% of all sales in USA, in the last few months have been foreclosed, short sales or distressed situations and I have no reason to doubt that this esteemed organization included Wilmington NC in that count.
Source: http://www.kimkardashianfan.org/wilmington-nc-it-services-2/
via The News from http://kimklines.blogspot.com