Affordability Reaches Highest Level in 20 Years

Homes are more affordable to more families, according to the latest index for the first quarter of 2011 that shows affordability reaching its highest level in more than 20 years.

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. Continue reading Affordability Reaches Highest Level in 20 Years

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Buyers Better Hurry: Rates Reach New Lows

For the sixth straight week, fixed mortgage rates inched down, reaching new lows for 2011. The 30-year fixed-rate mortgage averaged 4.60 percent this week while the 15-year mortgage averaged 3.78 percent, Freddie Mac reports in its weekly mortgage market survey.

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. Continue reading Buyers Better Hurry: Rates Reach New Lows

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April 2011 Lake Norman Foreclosure Real Estate Market Update

Lake Norman Foreclosure Homes
At the end of April 2011 there were 103 foreclosure, preforeclosure & short-sale properties listed in the Lake Norman area, a 17% decrease from the 124 foreclosure, preforeclosure & short sale properties for sale in March 2011. Prices range from $27,209 for a double-wide to $1,499,000 for a waterfront home in Mooresville.

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. Continue reading April 2011 Lake Norman Foreclosure Real Estate Market Update

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March 2011 Lake Norman Foreclosure Real Estate Market Update

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. Continue reading March 2011 Lake Norman Foreclosure Real Estate Market Update

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February 2011 Lake Norman Foreclosure Real Estate Market Update

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.

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