Parade of foreclosure homes

RALEIGH (WTVD) -- There are few signs pointing to a quick recovery for our area's housing market.

Tuesday, Raleigh based Saint Lawrence homes filed for Chapter 11 bankruptcy. And Thursday, a new study came out showing 10 percent of homes sold in the Triangle in the fourth quarter were foreclosed homes.

Foreclosed homes have become so widespread; real estate agents in Raleigh are planning special tours.

Jeanna Reeves, a realtor with Remax United, says they have seen so many foreclosure listings that they've decided to put together a tour for prospective buyers at the end of the month.

"We just want to turn the market back around, sell some of these foreclosures and get our market back where it needs to be," Reeves said.

Reeves says she knows of almost 400 foreclosure listings. Despite a weakened Triangle housing market, she says there are still people ready to buy.

"A lot of it has to do with the interest rates," she said. "It has a lot to do with it and the lending institutions are making it harder to buy a house, but there are people out there who have money."

Reaves says you'll find more and more high-end homes going under foreclosure. You'll even find some homes in the millions.

However, she does have one warning for prospective buyers.

"You've got to be able to have accessibility, funds to do work because sometimes foreclosures are really in bad shape," Reeves said.

The tour will cover north Raleigh and starts February 21 at 10 a.m.

In order to go on the tour, you must reserve a spot by contacting Jeanna Reeves at jeannas@remax.net

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