Foreclosures in Town?
Posted by CityBlogNC on May 28th, 2007
Can anyone speak to the issue of foreclosures in Banner Elk, North Carolina? Foreclosures are up around the country due to the sub-prime lending practices. Is there any foreclosure impact on real estate in Banner Elk?
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This area is a resort vacation destination. Most buyers are vacation , 2nd and third home buyers. The shift in the economy has trickled to the high country, with less buyers in the market. However 2008 is off to a good start with buyers coming back in.
It is a buyers market and there are some great buys from vacant land , townhomes and residential homes. I beleive that we will see this area picking up in early summer as the summer crowd heads back. As for foreclosures, we really don’t see many in this market as there seems to be more work here than in other areas.