HATTERAS ISLAND FORECLOSURES REVISITED
We believe that foreclosure activity on Hatteras Island is certainly important, but it is by no means of crisis proportions. Approximately 22 properties that are either listed for sale, are under contract, or were sold this year are foreclosed properties (three tenths of one percent of the total number of real estate parcels on Hatteras Island). While the number of properties entering foreclosure has been fairly constant since the first of the year, we are anticipating that the number of foreclosure filings will increase as adjustable rate and “exotic” mortgages reset over the next few years. Declining prices may also contribute to the increase as more owners potentially find their properties worth less than what they paid for them. However, we do not expect that foreclosure activity on Hatteras Island will become a predominant factor in the real estate market. We are confident that the majority of owners in distress will be able to work out some mutually agreeable solution with their lenders. We also believe that actions by both the lending institutions and by the federal government will, over time, have a muting effect on foreclosures. Lenders do not want to own properties, and the government does not want to see millions of individuals and families lose their homes.
If any of our readers find themselves in a problematic situation with their mortgages, please seek guidance and counsel at the earliest possible point from trusted advisors like your lender, attorney, accountant, and Realtor. In most cases, there are a variety of options that are available to help you avoid foreclosure. One specialist who follows foreclosures very carefully recently expressed the opinion that 7 out of 10 property owners who face foreclosure have never sought assistance of any kind. Whether this estimate is accurate or not, the need for knowledgeable assistance cannot be overstated.
As you read the newspapers and listen to the television, keep in mind that foreclosures are a meaningful issue at the local, national, and even at the global level, but in the end, all real estate is local, and those are the statistics that you want to acquire and understand in order to make well-reasoned decisions. We will do our best to keep you informed about the environment concerning distressed properties on Hatteras Island.
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November 22nd, 2009 at 10:45 am
We have had the best luck with refinancings by going to the major lenders in the area where the property is located. Herer on the Outer Banks, Wells Fargo and Chase would be good sources to explore.
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