Housing recovery deepens, despite foreclosure report - WBTV 3 News, Weather, Sports, and Traffic for Charlotte, NC

Housing recovery deepens, despite foreclosure report

Posted: Updated:

A new Charlotte-based report from Realty-Trac says foreclosures spiked 30% here last year.

But real estate experts like Edwin Wilson say that doesn't mean the housing recovery is stalling.

Quite the opposite.

"Last year, around this time, somebody flipped the light switch back on,"  he says.

The real estate market has been improving locally by leaps and bounds - we're talking double-digit gains. And perhaps even more importantly, we're seeing sustained evidence of the turn-around: 11 straight months of positive housing news.

So what's with the upswing in foreclosures then, and what do they mean for you?

First, experts say we need to understand that the lion's share of last year's foreclosures were not a result of fresh problems. A wave of long-standing properties were simply flushed out of the system in 2012 after long bank or court-driven delays.

And second, those foreclosures are now actually proof of recovery, because they're selling like hotcakes. Wilson just sold one in five days for good money.

"It was owned by Freddie Mac, so it was a true bank-owned foreclosure and it quickly found its buyer," he says. "This is a great example. It came on the market late November, early December. Was under contract within a week at or near list price."

Jason Murphy renovates foreclosures, and he says his business is picking up too. "Exponentially," he says. "We're getting calls constantly."

Murphy is working now on a short-sale purchased for about $115,000. When he's done with it, he thinks it'll sell in "the upper three hundred range," he says.

Wilson doesn't doubt it. He says the market has truly changed.

"There weren't people looking and it was really tough," he says. "Now you have multiple offer situations on houses like this where people are fighting over them. And prices have stabilized and are coming up because of that."

Copyright 2013 WBTV. All rights reserved.

Powered by WorldNow