Lake Norman Foreclosure Homes
At the end of November 2011 there were 94 foreclosure, preforeclosure & short-sale properties listed in the Lake Norman area, a 21% decrease from the 119 foreclosure, preforeclosure & short sale properties for sale in October 2011. Prices range from $69,000 to $8,000,000 for a waterfront home in Mooresville.

21 foreclosure/short sale homes closed in November 2011. This was an increase of 40% from the 15 foreclosure homes sold in October 2011. The average home sold was a 3 bedroom/3 bath with 2,832 square feet and an average sale price of $319,985. The average sales price increased 1.5% from the previous months average sale price of $315,244. The average days on the market were 121, a 61 day decrease from October 2011.

28 foreclosure and short sale properties are currently under contract, an 0% decrease from October 2011.

Lake Norman Foreclosure Condos & Townhomes
At the end of November 2011 there were 15 foreclosure, preforeclosure & short-sale Lake Norman area condo/townhome properties listed, a 36.4% increase from the 11 foreclosure, preforeclosure & short-sale properties listed for sale in October 2011. Prices range from $92,000 to $307,900. The average unit is a 2 bed/2 bath with 1,197 square feet and an average list price of $165,739, up 2.8% from the October’s average list price of $161,209.

One foreclosure, preforeclosure or short-sale condos/townhomes sold in November 2011. This was an decrease of 0% from the one foreclosure, preforeclosure or short-sale condos sold in October 2011. The average sales price in October was $96,900, down 47.8% from the October average sales price of $185,500. Two foreclosure/preforeclosure units are currently under contract, down 33% from October.

If you would like to be added to the foreclosure properties email notification list and the Lake Norman area “Best Buy” list please visit our Lake Norman foreclosure website LakeNormanForeclosure.com.

If you need help stopping foreclosure on your Lake Norman property please give us a call at 866-LakeNorman.

Lake Norman Foreclosure Homes
At the end of October 2011 there were 119 foreclosure, preforeclosure & short-sale properties listed in the Lake Norman area, a 3.5% increase from the 115 foreclosure, preforeclosure & short sale properties for sale in September 2011. Prices range from $62,400 to $8,000,000 for a waterfront home in Mooresville.

15 foreclosure/short sale homes closed in October 2011. This was an increase of 66.7% from the 9 foreclosure homes sold in September 2011. The average home sold was a 3 bedroom/3 bath with 3,112 square feet and an average sale price of $315,244. The average sales price increased 30.6% from the previous months average sale price of $241,421. The average days on the market were 182, a 3 day decrease from September 2011.

37 foreclosure and short sale properties are currently under contract, an 8.8% increase from September 2011.

Lake Norman Foreclosure Condos & Townhomes
At the end of October 2011 there were 11 foreclosure, preforeclosure & short-sale Lake Norman area condo/townhome properties listed, a 21.4% decrease from the 14 foreclosure, preforeclosure & short-sale properties listed for sale in September 2011. Prices range from $92,000 to $295,000. The average unit is a 2 bed/2 bath with 1,134 square feet and an average list price of $161,209, up 3.9% from the September’s average list price of $155,178.

One foreclosure, preforeclosure or short-sale condos/townhomes sold in October 2011. This was an decrease of 50% from the two foreclosure, preforeclosure or short-sale condos sold in September 2011. The average sales price in October was $185,500, up 87.8% from the September average sales price of $98,750. Three foreclosure/preforeclosure units are currently under contract, down 25% from September.

If you would like to be added to the Lake Norman foreclosure properties email notification list and the Lake Norman area “Best Buy” list please fill out our MLS Autonotification Email Alert.

If you need help stopping foreclosure on your Lake Norman property please give us a call at 866-LakeNorman.

Lake Norman Foreclosure Homes
At the end of September 2011 there were 115 foreclosure, preforeclosure & short-sale properties listed in the Lake Norman area, an 8.7% decrease from the 126 foreclosure, preforeclosure & short sale properties for sale in August 2011. Prices range from $41,800 to $8,000,000 for a waterfront home in Mooresville.

9 foreclosure/short sale homes closed in September 2011. This was a decrease of 52.6% from the 19 foreclosure homes sold in August 2011. The average home sold was a 3 bedroom/2 bath with 2,816 square feet and an average sale price of $241,421. The average sales price decreased 26.7% from the previous months average sale price of $329,563. The average days on the market were 185, a 50 day increase from August 2011.

34 foreclosure and short sale properties are currently under contract, a 6.25% increase from August 2011.

Lake Norman Foreclosure Condos & Townhomes
At the end of September 2011 there were 14 foreclosure, preforeclosure & short-sale Lake Norman area condo/townhome properties listed, a 27.3% increase from the 11 foreclosure, preforeclosure & short-sale properties listed for sale in August 2011. Prices range from $95,000 to $295,000. The average unit is a 2 bed/2 bath with 1,222 square feet and an average list price of $155,178, down 14.9% from the August’s average list price of $182,445.

Two foreclosure, preforeclosure or short-sale condos/townhomes sold in September 2011. This was an decrease of 50% from the four foreclosure, preforeclosure or short-sale condos sold in August 2011. The average sales price in September was $98,750, up 19.7 from the August average sales price of $123,000. Three foreclosure/preforeclosure units are currently under contract, down 25% from August .

If you would like to be added to the foreclosure properties email notification list and the Lake Norman area “Best Buy” list please fill out our Listing Alert form:  LakeNormanForeclosure.com.

If you need help stopping foreclosure on your Lake Norman property please give us a call at 866-LakeNorman.

14 foreclosure/short sale homes closed in July 2011. This was a decrease of 33% from the 21 foreclosure homes sold in June 2011. The average home sold was a 3 bedroom/3 bath with 3,402 square feet and an average sale price of $429,307. The average sales price increased 24.7% from the previous months average sale price of $344,223. The average days on the market were 135, an 18 day decrease from June 2011.

24 foreclosure and short sale properties are currently under contract, a 20% decrease from June 2011.

Lake Norman Foreclosure Condos & Townhomes
At the end of July 2011 there were 10 foreclosure, preforeclosure & short-sale Lake Norman area condo/townhome properties listed, a 16.7% decrease from the 12 foreclosure, preforeclosure & short-sale properties listed for sale in June 2011. Prices range from $89,900 to $295,000. The average unit is a 2 bed/2 bath with 1,135 square feet and an average list price of $166,970, up 4% from the June average list price of $160,575.

Zero foreclosure, preforeclosure or short-sale condos/townhomes sold in July 2011. This was an decrease of 100% from the two foreclosure, preforeclosure or short-sale condos sold in June 2011. The average sales price in June was $112,600, down 6% from the May average sales price of $119,750. Three foreclosure/preforeclosure units are currently under contract, down 25% from June.

If you would like to be added to the foreclosure properties email notification list and the Lake Norman area “Best Buy” list please visit our Lake Norman foreclosure website LakeNormanForeclosure.com.

See all Lake Norman foreclosure, short sale and preforeclosure home listings.
See all Lake Norman foreclosure, short sale and preforeclosure condo listings.

If you need help stopping foreclosure on your Lake Norman property please give us a call at 866-LakeNorman.

Lake Norman Foreclosure Homes
At the end of May 2011 there were 90 foreclosure, preforeclosure & short-sale properties listed in the Lake Norman area, a 13% decrease from the 103 foreclosure, preforeclosure & short sale properties for sale in April 2011. Prices range from $75,000 to $1,499,000 for a waterfront home in Mooresville.

Sixteen foreclosure/short sale homes closed in May 2011. This was an decrease of 24% from the 21 foreclosure homes sold in April 2011. The average home sold was a 3 bedroom/3 bath with 3,313 square feet and an average sale price of $334,087. The average sales price decreased $2,103 or .6% from the previous month. The average days on the market were 126, an 86 day decrease from May 2011.

Thirty-two foreclosure and short sale properties are currently under contract, a 0% decrease from April 2011.

Lake Norman Foreclosure Condos & Townhomes
At the end of May 2011 there were 9 foreclosure, preforeclosure & short-sale Lake Norman area condo/townhome properties listed, a 18% decrease from the 11 foreclosure, preforeclosure & short-sale properties listed for sale in April 2011. Prices range from $95,000 to $309,900. The average unit is a 2 bed/2 bath with 1,255 square feet and an average list price of $177,299, down 2.5% from the April average list price of $181,791.

Zero foreclosure, preforeclosure or short-sale condos/townhomes sold in May 2011. This was an decrease of 100% from the two foreclosure, preforeclosure or short-sale condos sold in April 2011. The average sales price in May was $0,000, down from the April average sales price of $119,750. Two foreclosure/preforeclosure units are currently under contract.

If you would like to be added to the foreclosure properties email notification list and the Lake Norman area “Best Buy” list please visit sign up for our Listing Alert.

If you need help stopping foreclosure on your Lake Norman property please give us a call at 866-LakeNorman.

Nearly 75 percent of all new and existing homes sold in the first quarter of 2011 were affordable to families earning the national median income of $64,400, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. The previous high was set in the fourth quarter of 2010 with 73.9 percent.

“With interest rates remaining at historically low levels, today’s report indicates that home ownership is within reach of more households than it has been for more than two decades,” says Bob Nielsen, chairman of the National Association of Home Builders.

The most affordable metro housing market in the nation? Syracuse, N.Y., in which 94.5 percent of all homes sold were affordable to households earning the area’s median family income of $64,300.

Other metro cities ranking high on the affordability index were Youngstown-Warren-Boardman, Ohio-Pa.; Indianapolis-Carmel, Ind.; Warren-Troy-Farmington Hills, Mich.; and Toledo, Ohio.

Meanwhile, the least affordable major housing market for the first quarter of 2011 was New York-White Plains-Wayne, N.Y.-N.J.

Source: “Housing Affordability Rises to Record Level, Tight Financing Continues to Constrain Sales,” National Association of Home Builders (May 25, 2011)

Meanwhile, the National Association of Home Builders reported this week that home affordability reached its highest level in 20 years, making the purchasing power for home buyers even better during this traditionally prime buying season.

Here’s a closer look at mortgage rates:

• 30-year, fixed-rate mortgage: Averaging 4.60 percent this week, it was down slightly from last week’s 4.61 percent average. Last year at this time, 30-year rates averaged 4.84 percent. The 30-year fixed rate mortgage hasn’t been under this week’s 4.60 percent average since early December 2010 when it fell to 4.46 percent.
• 15-year, fixed-rate mortgage: Averaging 3.78 percent this week, it also was down from last week’s 3.80 percent average. Last year at this time, the 15-year fixed-rate mortgage averaged 4.21 percent. It has not been under this week’s 3.78 percent average since late November 2010 when it fell to 3.77 percent.
• 5-year adjustable-rate mortgage: Averaging 3.41 percent this week, it was down from last week’s 3.48 percent average. A year ago at this time, the 5-year ARM averaged 3.97 percent.

Source: “Fixed Mortgage Rates Continue to Find New Lows,” Freddie Mac (May 26, 2011)

Twenty-one foreclosure/short sale homes closed in April 2011. This was an decrease of 13% from the 24 foreclosure homes sold in March 2011. The average home sold was a 3 bedroom/3 bath with 3,148 square feet and an average sale price of $336,190. The average sales price decreased $32,898 or 9% from the previous month. The average days on the market were 212, a 56 day increase from March 2011.

Thirty-two foreclosure and short sale properties are currently under contract, a 33% decrease from March 2011.

Lake Norman Foreclosure Condos & Townhomes
At the end of April 2011 there were 11 foreclosure, preforeclosure & short-sale Lake Norman area condo/townhome properties listed, a 0% increase from the 11 foreclosure, preforeclosure & short-sale properties listed for sale in March 2011. Foreclosure prices range from $81,810 to $375,000. The average unit is a 2 bed/2 bath with 1,227 square feet and an average list price of $181,791, down .2% from the March average list price of $182,228.

Two foreclosure, preforeclosure or short-sale condos/townhomes sold in April 2011. This was an increase of 100% from the 1 foreclosure, preforeclosure or short-sale condos sold in March 2011. The average sales price in April was $119,750, down 40% from the March average sales price of $200,000. One foreclosure/preforeclosure units is currently under contract.

If you would like to be added to the foreclosure properties email notification list and the Lake Norman area “Best Buy” list please visit our Lake Norman foreclosure alert.

If you need help stopping foreclosure on your Lake Norman property please give us a call at 866-LakeNorman.

Lake Norman Foreclosure Homes
At the end of March 2011 there were 124 foreclosure, preforeclosure & short-sale properties listed in the Lake Norman area, a 1.6% increase from the 122 foreclosure, preforeclosure & short sale properties for sale in February 2011. Prices range from $30,000 for a double-wide to $1,499,000 for a waterfront home in Mooresville.

Twenty-four foreclosure/short sale homes closed in March 2011. This was an increase of 4% from the 23 foreclosure homes sold in February 2011. The average home sold was a 4 bedroom/3 bath with 3,525 square feet and an average sale price of $369,088. The average sales price increased $50,832 or 16% from the previous month. The average days on the market were 156, a 39 day increase from February 2011.

Fourty-eight foreclosure and short sale properties are currently under contract, an 9% increase from February 2011.

Lake Norman Foreclosure Condos & Townhomes
At the end of March 2011 there were 11 foreclosure, preforeclosure & short-sale Lake Norman area condo/townhome properties listed, a 10% increase from the 10 foreclosure, preforeclosure & short-sale properties listed for sale in February 2011. Foreclosure prices range from $81,810 to $309,900. The average unit is a 2 bed/2 bath with 1,310 square feet and an average list price of $182,228, up 7% from the February average list price of $169,685.

One foreclosure, preforeclosure or short-sale condos/townhomes sold in March 2011. This was an decrease of 0% from the 1 foreclosure, preforeclosure or short-sale condos sold in February 2011. The average sales price in February was $200,000, up 110% from the February average sales price of $94,900. Two foreclosure/preforeclosure units are currently under contract.

If you would like to be added to the foreclosure properties email notification list and the Lake Norman area “Best Buy” list please fill out our Listing Alert.

If you need help stopping foreclosure on your Lake Norman property please give us a call at 866-LakeNorman.

Lake Norman Foreclosure Homes
At the end of February 2011 there were 122 foreclosure, preforeclosure & short-sale properties listed in the Lake Norman area, a 2% increase from the 120 foreclosure, preforeclosure & short sale properties for sale in January 2011. Prices range from $27,209 for a double-wide to $1,300,000 for a waterfront home in Mooresville.

Twenty-three foreclosure/short sale homes closed in February 2011. This was an increase of 53% from the 15 foreclosure homes sold in January 2011. The average home was a 4 bedroom/3 bath with 3,470 square feet and an average sale price of $318,256. The average sales price decreased $74,810 or 19% from the previous month. The average days on the market were 117, an 18 day increase from January 2011.

Fourty-four foreclosure and short sale properties are currently under contract, an 4% decrease from January 2011.

Lake Norman Foreclosure Condos & Townhomes
At the end of February 2011 there were 10 foreclosure, preforeclosure & short-sale Lake Norman area condo/townhome properties listed, a 43% increase from the 7 foreclosure, preforeclosure & short-sale properties listed for sale in January 2011. Foreclosure prices range from $90,900 to $309,900. The average unit is a 2 bed/2 bath with 1,418 square feet and an average list price of $169,685.

One foreclosure, preforeclosure or short-sale condos/townhomes sold in February 2011. This was an decrease of 50% from the 2 foreclosure, preforeclosure or short-sale condos sold in January 2011. The average sales price in February was $94,900, up 36% from the January average sales price of $70,000. Three units are currently under contract.

If you would like to be added to the foreclosure properties notification list and the Lake Norman area “Best Buy” list please contact us at 866-LakeNorman.

If you need help stopping foreclosure on your Lake Norman property please give us a call at 866-LakeNorman.

Lake Norman Foreclosure Homes
At the end of January 2011 there were 120 foreclosure, preforeclosure & short-sale properties listed in the Lake Norman area, a 3% decrease from the 116 foreclosure, preforeclosure & short sale properties for sale in December 2010. Prices range from $27,209 for a double-wide to $2,445,000 for a waterfront home in Cornelius.

Fifteen foreclosure/short sale homes closed in January 2011. This was an decrease of 46% from the 28 foreclosure homes sold in December 2011. The average home was a 3 bedroom/3 bath with 3,291 square feet and an average sale price of $393,066. The average sales price increased $47,096 or 14% from the previous month. The average days on the market were 99, a 39 day increase from December 2010.

Fourty-six foreclosure and short sale properties are currently under contract, an 12% increase from December 2010.

Lake Norman Foreclosure Condos & Townhomes
At the end of January 2011 there were 7 foreclosure, preforeclosure & short-sale Lake Norman area condo/townhome properties listed, a 13% decrease from the 8 foreclosure, preforeclosure & short-sale properties listed for sale in December 2010. Foreclosure prices range from $99,900 to $215,000. The average unit is a 2 bed/2 bath with 1,526 square feet and an average list price of $169,685.

Two foreclosure, preforeclosure or short-sale condos/townhomes sold in January 2011. This was an increase of 0% from the 2 foreclosure, preforeclosure or short-sale condos sold in December 2010. The average sales price in January was $70,000, down 39% from the December average sales price of $180,000. Two units are currently under contract.

If you would like to be added to the foreclosure properties notification list and the Lake Norman area “Best Buy” list please visit our Lake Norman foreclosure website LakeNormanForeclosure.com.

If you need help stopping foreclosure on your Lake Norman property please give us a call at 866-LakeNorman.

Twenty-eight foreclosure/short sale homes closed in December 2010. This was an increase of 33% from the 21 foreclosure homes sold in November2010. The average home was a 3 bedroom/3 bath with 2,920 square feet and an average sale price of $345,970 The average sales price decreased $40,648 or11% from the previous month. The average days on the market were 138, a 15 day increase from November 2010.

Fourty-one foreclosure and short sale properties are currently under contract, an 18% decrease from November 2010.

Lake Norman Foreclosure Condos & Townhomes
At the end of December 2010 there were 8 foreclosure, preforeclosure & short-sale Lake Norman area condo/townhome properties listed, a 11% decrease from the 9 foreclosure, preforeclosure & short-sale properties listed for sale in November 2010. Foreclosure prices range from $94,900 to $260,000. The average unit is a 2 bed/2 bath with 1,456 square feet and an average list price of $175,462.

Two foreclosure, preforeclosure or short-sale condos/townhomes closed in December 2010. This was an increase of 200% from the 0 foreclosure, preforeclosure or short-sale condos sold in November 2010. The average sales price in December was $180,000. Two units are currently under contract.

If you would like to be added to the foreclosure properties notification list and the Lake Norman area “Best Buy” list please visit our new LakeNormanForeclosure.com.

If you need help stopping foreclosure on your Lake Norman property please give us a call at 866-LakeNorman

Traditional 30-year fixed mortgages cost 4.83% on average, for the week ended on Thursday, with a discount of 0.7 point. Though still below year-ago levels, those rates jumped significantly from the previous week’s 4.61% rate and the 4.17% low hit in early November; 30-year fixed rates haven’t been this high in seven months.

Freddie Mac’s chief economist, Frank Nothaft, attributed the rise to inflation concerns on bullish economic data.

“For instance, the growth in retail sales excluding automobiles in November was twice that of the market consensus forecast,” said Nothaft. “Industrial production showed the biggest gain in November since July, according to the Federal Reserve Board. And consumer sentiment, as measured by the Thomson Reuters/University of Michigan index, rose to a six-month high in December.”

Inflation speculation has also been stoked, ironically, by the Federal Reserve’s quantitative easing program. The Fed is buying $600 billion worth of long-term Treasury bonds to keep long-term rates low, and once again pledged this week to keep its key rate target – which now stands at 0% to 0.25% – depressed for an extended period of time. However, the market has been concerned that the Fed’s free-money policies will boost prices in the near-term.

The cost of other types of mortgages also climbed this week, according to Freddie Mac, with 15-year fixed rates up to 4.17% from 3.96% last week; 5-year Treasury-indexed hybrid adjustable-rate mortgages up to 3.77% from 3.60%; and 1-year Treasury-indexed hybrid adjustable-rate mortgages up to 3.35% from 3.27%.

– Written by Lauren Tara LaCapra in New York.

Please keep in mind that a 1% increase in interest rates costs you (the borrower) 10% in buying power. Or, an increase in 10% to your monthly payment.

For example, at 5.159% APR your payment would be $1,073.64 on a $160,000 loan. If interest rates rose and your APR went up to 6.169% your payment would be $1,199.10, an 11.7% increase!

Another way to look at it is at 5% your principal and interest payment on a $223,538 loan would be $1,200. If rates rose to 6% and you were only approved for a payment of $1,200 you could only afford a loan of $200,150 vs $223,538 when interest rates were lower, or 10.5% less purchasing power!

Contact us now while rates are still good!