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Too many foreclosures can bring property values down

More people consider buying foreclosed homes, survey says

More people consider buying foreclosed homes, survey says

PARKTON, N.C. — In May, real estate foreclosures across North Carolina were down 35 percent from a year ago, according to foreclosure firm RealtyTrac. One in every 398 U.S. homes received a foreclosure filing last month, and though you may not be worried about defaulting on your mortgage, other foreclosures could affect you.

Parkton's Acadiana neighborhood has a lot of foreclosed homes.

"(The homes) were selling at a very inflated price,” real estate agent Kathy Wood said.

Wood, who works for ERA Real Estate and is commonly referred to as the "Repo Queen," says a small number of foreclosures should not hurt property values.

"If I was to sell my house, an appraiser could not use the foreclosure down the street as a comparable, because he would have to compare it to other existing resales and not to foreclosures,” Wood explained.


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