Maya Galletta, member of the Raleigh Association of Realtors board of directors, discusses the impact of rising foreclosures on the Triangle housing market.
THE REAL ID OR ABOUT >> BUT ONE THING THAT HAS RETURNED TO PRE-PANDEMIC LEVELS, FORECLOSURES, THAT’S ACCORDING TO NEW NUMBERS FROM A REAL ESTATE DATA COMPANY, FORECLOSURE PROCEEDINGS. MORE THAN QUADRUPLED IN WAKE COUNTY THIS YEAR AS COMPARED TO LAST YEAR, UP 425 PER CENT IN DURHAM COUNTY. LAST MONTH’S FORECLOSURE STARTS JUMPED 75% YEAR-OVER-YEAR. AND IN FAYETTEVILLE, THAT RANKED IN THE TOP 10 METRO REGIONS FOR THE RATE OF FORECLOSURE PROCEEDINGS THIS YEAR. JOINING US TONIGHT TO TALK ABOUT THOSE STARTLING NEW NUMBERS. RALEIGH, REGIONAL ASSOCIATION OF REALTORS BOARD MEMBER MYATT COLLETTE. THANKS SO MUCH FOR JOINING US. WITH FORECLOSURES UP MORE THAN 400% IN WAKE COUNTY ALONE. WHAT DO YOU THINK IS CONTRIBUTING TO THE SPIKE? >> I THINK FIRST OF ALL, IT’S IMPORTANT TO REALLY BE ON THE HEADLINES RIGHT? AND 400% OF ONE. IT IS 4. SO IT’S IMPORTANT TO SEE THAT HE THEN AT THESE 481 FORECLOSURE PROCEEDINGS, IT’S NOT BAD. AND WHEN WE THINK ABOUT THE FACT THAT WE ARE BACK TO SPEAK AND EMMETT LEVELS, BUT I CAN SAY IS IT’S NORMAL. WE ARE BACK TO NORMAL. WHAT’S CONTRIBUTING TO IT? I BELIEVE THAT A LOT OF PEOPLE LOST THEIR JOBS. THEY STILL HAVEN’T BEEN ABLE TO FIND A JOB. I BELIEVE PEOPLE JOBS THAT MAYBE ARE NOT COMPATIBLE TO THOSE JOBS, THAT THEY HAPPY FOR THEM AND HAVE NOT BEEN ABLE TO HAVE SHOT. >> BUT THAT’S GREAT PERSPECTIVE. YOU KNOW, THEY SAY ABOUT STATISTICS. SO THANK YOU FOR THAT. HOW IS THE TRIANGLE COMPARING TO THE NATIONAL TREND WHEN IT COMES TO FORECLOSURES? >> NATIONALLY, WE ARE. WE ARE WAY WAY THE LAOS. I WAS DOING SOME RESEARCH I BEFORE THIS. AND I MEAN, WE ARE WAY BELOW NOT EVEN COMPARED TO SOME OTHER AREAS. SOME OF OUR MEMBERS STATEWIDE ARE DRIVEN BY CERTAIN COUNTIES. BUT THE TRIAL ITSELF IS VERY LOW COMPARED TO THE NATION. >> WHAT DO YOU HAVE AS THE BEST ADVICE FOR PEOPLE FACING FORECLOSURE ON THEIR HOMES? >> DON’T LET THEM TAKE THAT. THERE ARE SO MANY OPTIONS. ALL YOUR REALTOR. THERE’S LOTS OF US OUT THERE THAT ARE WILLING TO HELP. WE HAVE. WE ARE PRETTY MUCH IN THIS AREA. THERE’S NO REASON THAT WE SHOULD LET THE BANK TAKE YOUR HOME. YOU SHOULD BE ABLE TO GET OUT OF THERE AND MAKE SOME MONEY AND NOT LET IT AFFECT YOUR CREDIT AS MUCH AS THAT. WHAT? >> WELL, THAT’S GREAT TO KNOW. I THINK PEOPLE PROBABLY DON’T REALIZE THEY THINK I’M BEHIND ON MY MORTGAGE PAYMENTS. I DON’T HAVE A CHOICE. SO I HAVE TO GIVE IT BACK TO THE BANK. >> NOW YOU DON’T. YOU DON’T NEED TO CALL A REAL ESTATE PROFESSIONAL AND WE NEED TO LET US HELP YOU GET OUT OF THERE. AND THERE’S A LOT OF PEOPLE LOOKING FOR HOMES. WE STILL HAVE LESS INVENTORY THAN WE ACTUALLY NEED. THERE ARE PLENTY OF PEOPLE THAT WOULD BE MORE THAN HAPPY TO HAVE YOUR HOME. >> WHAT DOES THE REAL ESTATE MARKET LOOK LIKE IN OUR AREA ARE RIGHT NOW. WE WERE TALKING ABOUT IT BEING SO HOT. IT COOLED OFF A LITTLE BIT. WHAT DO YOU SAY FOR THE NEXT COUPLE OF MONTHS? >> YOU KNOW, IT’S COOLED OFF SOME, BUT I THINK WE NEEDED IT. I DON’T THINK THAT WAS SUSTAINABLE TO KEEP GOING THE WAY THAT WE WERE GOING. YOU KNOW, SOME PEOPLE ARE ON THE SIDELINES FOR NOW. WE’RE GETTING USED TO THESE NEW INTEREST RATES. I BELIEVE, YOU KNOW WHERE, YOU KNOW, PEOPLE NEED TO COME OUT. PEOPLE ARE GOING TO HAVE TO BUY HOUSES, PEOPLE GET JOBS. PEOPLE HAVE BABIES. THERE’S SO MANY THINGS THAT CONTRIBUTE TO THE MARKET ARE OUT THERE. I THINK PEOPLE NEED TO LET THE FEAR GO AWAY AND COME BACK OUT. >> ALL RIGHT. YOU MADE US FEEL
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