Recently one of the hottest areas of the Outer Banks real estate market has been distressed and foreclosed home sales. Outer Banks distressed home sales include both bank owned homes and homes that are being sold as potential short sales.
In the month of July we saw a very encouraging statistic as 101 residential properties closed on the Outer Banks MLS. July was the third month in a row that over 100 homes closed on the Outer Banks MLS. This July was also up 13 sales when compared to July of 2008.
Bank owned homes and short sales are making up a large percentage of all transactions. 29 of the 101 properties were distress sales for a staggering 29%. Of those 29 sales, 20 homes were sold as bank owned. This was up from 18 bank owned homes sold in June.
It seems we will continue to see bank owned homes dominate the market until the distressed home inventory is cleared. This makes for excellent opportunities for those looking to take advantage of today’s real estate market. Many bank owned homes are easily converted into income producing vacation rental homes.
Our team can point you towards the best investments in the Outer Banks from foreclosures to oceanfront rental homes. Why wait any longer? Join our OBX Bank Owned Homes Newsletter.
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One Comments to “Outer Banks Foreclosure Report for July”
[...] Bank owned homes and short sales account for a large percentage of these transactions. 29 out of 101 sales were distressed properties. Of the 29 distressed homes, 20 were banked owned. Here’s a great source for the Outer Banks Foreclosure Report. [...]