Statistics on foreclosures are one of the things about which I get the most questions. That, and how do I maintain my Rubenesque proportions. (Answer: Lots of pizza.)
As has been stated many times in this blog, our area has not been as dreadfully impacted by foreclosures as others. And, thankfully, fewer have come on the market in the last couple of months than in the previous few. I won’t go as far as to say the tide has turned, but we must take our good news where we can.
In Guilford County, 69 houses that came on the market in November were listed as “foreclosures.” That’s fewer than in both October (82) and September (87)* All of this is down considerably from the August figure of 101. The highest month was June with 104.
And these distressed properties continue to sell. We currently have 399 single-family foreclosures on the market in Guilford County, of which 146 are pending (under contract). That translates into about 37% of foreclosure listings that will hopefully close and be removed from the inventory. And once inventories are reduced, things can begin to start to prepare to anticipate … getting back to normal.
Here’s how it all looks:
Single-Family Foreclosures, Listed/Pending/Closed*
Further, when we look at all foreclosure activity since January 1st of this year, the great majority of properties that were listed have been sold, and of those remaining on the market, more than a third are pending.
Active/Pending/Closed Single-Family Foreclosures Since 1/1/2008
And one more thing. Most properties listed are not foreclosures. About 6% are. That’s too many and still says there are plenty of families hurting out there, but most listings in the Greensboro area not foreclosures.
“Graphited”, it looks like this:
Foreclosures vs. Non-Foreclosures (Single-Family, all Guilford County)
The take-aways from this?
- Fewer houses have come on the market as foreclosures
- Most that have been listed this year have sold already
- The vast majority of houses are not in foreclosure
- Casey loves graphs.
* All data is my non-statisticiany breakdown of info pulled from the Triad MLS (Multiple Listing Service).
