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Fewer foreclosures, increased new home sales fueling housing market

WILMINGTON, NC (WWAY) — Foreclosure rates are down and continue to fall in Wilmington. Meanwhile new home sales are up across the country.

Reports show foreclosure rates in our area in April 2012 were at 2.67 percent. Just one year later, the rate dropped to 1.72 percent.

“The tide is turning, and it is getting much better than it was a few years ago,” realtor Michelle Clark said.

The rate of foreclosure in Wilmington is lower than the national rate of 2.65 percent. Real estate agents say this is because foreclosed properties are drying up.

“The opportunities that there were before are gone or going,” Clark said. “I shouldn’t say they’re gone. There are still some foreclosures, there will always be foreclosures, but the steals, the opportunities, the abundance of them is gone.”

Michelle Clark said this will help bring the real estate market back. For real estate agents, this is good news.

“It’s actually shifting,” realtor Joe Capellini said. “It’s been a buyers market for years. It’s actually shifting to being more of a sellers market.”

And with new home sales up across the country, Capellini says good things are on the way for our city as well.

“When you start seeing more and more houses going up, that means the real estate market is healthy, the job market is growing, people have jobs, they want to buy houses, or certainly, they can stay in their houses, and you’ll see fewer and fewer foreclosures,” he said.

There’s more good news on the housing front. The US Department of Commerce said today new home sales last month were at the highest level since July 2008.

More: continued here

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