July Real Estate Report on the OBX

If the month of July was any indicator, Outer Banks foreclosures will continue to be a large percentage of sold properties.  For the month of July, distress sales made up 29% of all residential properties sold in the Outer Banks.  Distress properties include short sales and bank owned homes.  Bank owned homes made up 20% of all sold residential homes for July.  This is a large number but a positive sign if the Outer Banks real estate market is going to continue to strengthen. 

For the market to continue to strengthen we need to see the distressed properties continue to clear out.  Once we are dealing with less distress sales we should begin to see prices stabilize and the market slowly return to normal.  A very positive sign was that we saw over 100 residential properties close.  If that should continue through the Fall, we should continue to see encouraging signs in the Outer Banks homes market. 

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