SURVEY SAYS: High Point parents give school system better marks. 1B
January 24, 2010 126th year No. 24
PLUGGING LEAKS: Thomasville plans improvements to sewer system. 2A
www.hpe.com High Point, N.C.
DEACS SEND MESSAGE: Wake Forest deals Virginia its first ACC loss. 1D
Getting houses
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MOVING! MOVING!
WHO’S NEWS
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Before you read...
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First in a two-part series on High Point’s new Neighborhood Stabilization Program, which makes it easier for first-time homebuyers to purchase foreclosed homes.
Goal: Sell foreclosed properties BY PAM HAYNES ENTERPRISE STAFF WRITER
DON DAVIS JR. | HPE
Jonathan Nance (from left) and Joseph Taylor talk with Realtor Carol Ferrell at a foreclosed home on Blain Street. Nance and Taylor represent a Charlotte investment group that is buying foreclosed and short sale properties.
Area has been hit hard BY PAM HAYNES ENTERPRISE STAFF WRITER
SERIES BREAKOUTS
GUILFORD COUNTY – Housing markets across the country saw a staggering increase in foreclosures in 2009, including Guilford County. Thanks to high unemployment rates, which peaked at 12.1 percent in High Point last year, along with sub-prime mortgages and an overall sluggish economy, hundreds of foreclosed homes have continued to stagnate on the area housing market. There are about 196 foreclosed properties currently on the market in Greensboro, and 93 in High Point, according to Realty Trac, publisher of a yearly report on the country’s housing market and a leading source in foreclosure listings. Foreclosed properties can cause problems for buyers and sellers, according to local Realtors. Not only do they drag down the value of homes around them, but they can serve as an eyesore to local neighborhoods and may require too many repairs for most buyers to fit into their budgets. “Buyers are asking themselves, ‘Do I want to get a deal and a fixer-upper, or do I want to buy the resell?’” said Tony Jarrett, regional vice president of the Allen Tate Co., about buyers looking at foreclosed properties. “Foreclosures are dropping prices of other properties dramatically.” That effect may be found in High Point’s home sales report for December, compiled by the Triad Multiple Listing Service. Homes in November sold at an average price of $135,343, while the average home sale price in December dropped to $122,502. The average foreclosed property in High Point sells for $113,400. That’s where the Neighborhood Stabilization Program, which offers first-time homebuyers up to $7,500 in down payment assistance in the form of a deferred loan and up to $20,000 for repairs in the form of a deferred and forgiven loan, comes in. The incentive, offered to buyers who have not owned a
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TODAY: Program aims at getting foreclosed homes off the market MONDAY: Homebuyer enjoys benefits of new program
home within the last three years to purchase and fix up a foreclosed property, may be one way to get those properties off of the market, said Ken Wall, president of the High Point Regional Association of Realtors. “These funds are available (to buyers) to help stabilize neighborhoods,” Wall said. The program also may be important because more foreclosures currently are in the works, Jarrett said. “Foreclosures are still coming into the market,” he said. “We’re going to continue to have price pressure from them in 2010.” phaynes@hpe.com | 888-3617
SONNY HEDGECOCK | HPE
Foreclosed home at 1600 E. Lexington Ave. will be sold at auction.
YOUR COMMUNITY. YOUR NEWSPAPER.
With more than 350 physicians representing over 30 specialties, High Point Regional Health System offers an ever-widening array of quality services. Not just care, Total Care. For more information, call 336.878.6888 www.highpointregional.com 510308
HIGH POINT – The foreclosure market in High Point may have a healthier future thanks to the effects of a new program the city has put into place. High Point received $2.6 million from the state for a Neighborhood Stabilization Program, FIXING or NSP, FORECLOSURES in October. After High Point’s months of Neighborhood o r g a n i z - Stabilization ing and Program fine tun- ■■■ ing the program, the first house was sold on Jan. 15 under the program, which is designed to assist communities in the redevelopment of abandoned and foreclosed homes. “The idea behind it obviously is to help get some foreclosures off of the market,” said Ken Wall, president of the High Point Regional Association of Realtors. Wall, with Providence Realty, sold the first home under the program. Call it High Point’s own version of the First Time Homebuyer tax credit. The program offers two features for eligible first-time homebuyers who are purchasing a foreclosed property, including up to $7,500 in down payment assistance in the form of a three-year deferred loan as well as a deferred and forgiven loan up to $20,000 for repairs to the home. The program is unique in the sense that it focuses on revitalizing areas in the city that have large amounts of foreclosed properties, said Ed Price, who operates Ed Price and Associates Realtors. “If you can get foreclosures off the market, it will raise the value of everything else,” Price said. “Foreclosures bring down the prices of homes all across town.” The money allotted for repairs to the home can be used to fix problems in heating and air conditioning units, vinyl siding or carpet. The repairs are handled by the city of High Point. The city
SELL, 2A
Ryan Hoskins received the Duke Energy Advocacy/Quality of Life Award from the ArchdaleTrinity Chamber of Commerce. The award was established to recognize an individual, group or organization that seeks to improve the quality of life or speaks in a larger setting on behalf of the Archdale-Trinity community.
INSIDE
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LIFE JOURNEY: “Survivor” star comes to grip with his faith. 1E OBITUARIES
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Aleise Alexander, 90 Jean Cloutier, 87 Beulah Greene, 93 Alice Hedgecock, 97 Louise Heeb, 83 Lena Longtin, 93 Creola Stiles, 71 Linda Stone, 64 Obituaries, 2B
WEATHER
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Rain likely High 57, Low 48 6D
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