2006 Wake Co. Housing units:325,613
From year 2000: 65.9% of that 325,613 is home ownership where the owner lives in the dwelling
That would be 214, 579 owned homes.
State & County QuickFacts - US Census Bureau
3,570/214579 = 1.66% of the total number of homes are in foreclosure
Of that, it is not known exactly how many are investment properties.
Figuring the median price approximately $240,000 that would be $856,800,000 in property currently in some type of foreclosure.
Kinda not too good for the local economy.
From what I gather, this does not include surrounding communities, Knightdale, Wake Forest, Garner, Apex, Zebulon, Holly Springs, or Fuquay-Varina.
Speculators are buying these foreclosures at 60-65% of their worth if updated and rehabbed. They pump in 10-20% in new floors, paint, frilly trim, windows, kitchen, etc, then put them on the market at top dollar and make 20-30% profit on the sale.
The realtors, lenders, attorney’s are all still making money and the rehabbed homes are killing appreciation and demand of the surrounding homes that are in average condition and not updated to the hilt.