The Outer Banks real estate market is feeling the pinch of the economy along with everybody else and we are seeing foreclosures show up here and there. The down fall has not been as dramatic here as it has been in some other parts of the country but Outer Banks real estate prices have fallen to 2003 levels and lower.

The advantage of having solid summer rental income and an affluent clientle has helped  the real estate market on the Outer Banks weather the storm fairly intact. Still, foreclosures are here and there are deals available for those brave souls willing to ignore the media's doom and gloom picture.

The interest rates have never been better and there are loans available. Don't believe all of the stories about the banks not lending money. If your credit is good and you can afford the downpayment and monthly mortgage payments then there are home loans available with low interest rates.

To help follow what is going on with Outer Banks foreclosures and short sales I have compiled some information outlining some of the peculiarities when dealing with foreclosures and bank owned real estate. You will also find a list of Outer Banks foreclosures currently on the market. Buying foreclosed houses is not hard as long as you know what to watch out for and you can't beat the deals.