North Carolina has had over 5,000 foreclosures causing more auctions to occur. The recession has been the main factor to why there are so many foreclosures and an increase in auctions. Raleigh, North Carolina has had their second auction in three months by the REDC, one of the largest real estate auction firms in the country.

In December there were 46 foreclosed properties in North Carolina that went up for auction. In February there were more than 63 foreclosed properties that went up for auction. There were 15 properties located in Durham and at least 5 in Raleigh. Some homes have been sitting in inventory for more than two years. A home that was valued at $600,000 several years ago is now going for less than $300,000.

When attending an auction, the potential buyer needs to be educated on the home they are interested in buying. These buyers should go look at the homes before attending the auction to know which ones they are interested in. Some homes are so broken down that they are going to need a large amount of work. Thousands will have to go into it before it is in livable condition. Therefore, the potential buyers may be able to purchase the home for only several hundred dollars, but the condition of the home will require thousands to repair. All homes auctioned are sold as is.