Detroit, Final Four, and Real Estate

Right now I am in Detoit, Michigan for the NCAA Final Four. Go Heels! While here it is obvious to see how much Detroit is economically suffering. The people are friendly and the city is in much need of the tourism here for the weekend.

Foreclosed homes in Detroit are selling from $1.00 to $10,000 and foreign buyers are snapping them up, according to a report in the Chicago Tribune. Real estate agent Michael Shannon recently sold 30 homes in one day to one buyer. A trio of U.K. investors has bought a half-dozen and plans many more. "I thought it would be quite good fun to have a look," said Darren Veness, an investor from Brighton, England.

Detroit has been hit hard by the economic downturn and currently has one of the lowest home ownership rates in the country. Veness and his colleagues "have considered other U.S. cities," says the report, "but so far Detroit is it. For them, it's simple: The homes are cheap and plentiful."

....source realtor.org...

GO HEELS!!!!!!!!!

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Housing Relief Website Launch

MakingHomeAffordable.gov, the new web site launched March 19 by the Obama Administration, offers tools and calculators to help borrowers determine if they're eligible for loan modification and/or refinancing program.

Features include detailed information on the program, self assessment tools, a calculator to estimate reductions, resources to find free counseling, and a checklist of required documents.

If you are facing foreclosure you should check this site out.

If you have more questions please email me at JessicaRiffle@SeaCoastRealty.com

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NC Foreclosures

Foreclosure numbers by NC city are below. Looks like Wilmington isn't as hard hit as other NC cities. That is a good sign of our stronger real estate market. There are many factors that keep Wilmington at the top of places to buy, invest, and live lists published year after year. The projected growth and industry are here. The University of North Carolina grows in size year after year. We have many people wanting to relocate to the coast at all different ages. This will keep the coastal area of Wilmington strong for many, many years to come. The information below is from realtytrac.com.

Raleigh - 611 foreclosures
Charlotte - 2,141 foreclosures
Greensboro - 730 foreclosures
Wilmington - 143 foreclosures

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Dramatic Slowdown Foreclosures

For the first time in months, the January 2009 foreclosure filings decreased 10 percent, according to RealtyTrac. Foreclosures were reported on 274,399 U.S. properties during the month, a 10 percent decrease from the previous month but still up 18 percent from January 2008. The report also shows one in every 466 U.S. housing units received a foreclosure filing in January.

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Call me @ 910.352.1043. Email me @ jessicariffle@seacoastrealty.com