We wanted to take a moment to address the foreclosure market in the Wake County area and dispel some common myths about this niche.
The February 2009 issue of the TARR Report, a Triangle Area Residential Realty Report that studies data from the Multiple Listing Service, Realtor.com and Wake County Revenue Department, shared that foreclosed or financial institution owned homes only account for only 2.5% of our homes for sale. This is a considerably low percentage compared to other metros and only further supports the fact that foreclosures are not taking over our market.
- Out of $8,500 residential homes currently for sale in Wake County only 225 are classified as foreclosed or bank owned.
- Over the past 13 months, 4.5% of Wake County’s closed homes have been title transfers from the Trustee to the financial institution.
- White Oak township (Apex and Western Cary) has seen the least amount of foreclosure activity where as the Little River, Eastern Wake, St. Mary, Garner and Mark Creek townships have the majority amount of foreclosure activity.
- These stats do not include short sale or other distressed property sale situations.