The Durham real estate market is in a complicated situation – key indicators seem to indicate that the market is recovering, but the lingering effects of the recession continue to plague some hard-hit areas in the North Carolina City. According to an April 7, 2010 article in the News Observer, “Foreclosure filings in the Triangle slowed some in March but total filings for the first three months are still up 56 percent compared to the same period last year. Filings in Durham, Johnston, Orange, and Wake counties totaled 2,386 through the first three months of 2010, the N.C. Administrative Office of the Courts reports.” The piece continued to state that “Triangle filings have been up 72 percent compared to last year through the first two months. The four-county region accounted for 14 percent of the 17,552 foreclosure filings in North Carolina through the first three months of the year.”

This gradual recovery for Durham real estate, along with some concerted government relief efforts, however, has not been enough for some families. According to an April 11, 2010 article in the Charlotte Observer, “Recent changes to the federal foreclosure-prevention program were billed as helping the unemployed, but in the long run, they actually make it harder for people without jobs to keep their homes.” The piece, composed by Stella M. Hopkins, continued to note that “When the new rules go into effect, unemployment benefits will no longer count as income for determining whether a person qualifies for a long-term reduction in their mortgage payments. So for people with no income other than unemployment, there will be no loan modifications – the chief tool for preventing foreclosure.”

Some other North Carolina markets, which are in many ways similar to Durham homes for sale, have been seeing an increase in recent sales volume, according to an April 14, 2010 article in the Tidewater News. This piece, written by Gwen Albers, found that “Sales of existing homes in the Isle of Wight and Southampton counties and City of Franklin more than doubled from February to March. Nine homes were sold in February and 22 in March.”

Durham, situated in North Carolina, is the county seat for Durham County. It’s widely thought of as the cornerstone for the Research Triangle area in the state, as well as being recognized as the 4th greatest city in Carolina when it comes to population. In 2005 the population for the city was recorded as 1,509,560 and has continued to enjoy consistent grow since then.
Durham was established back in 1853, when the state needed a place where a railroad depot could be setup. A county physician named Barlett S. Durham had both his home and his medical practice set up along the railroad’s route, and decided to donate some of his land to the depot, which is why it was named Durham Station.
Before the Civil War, Durham grew quite slowly; however once the war came to a close the population started to grow quickly, with the city receiving its official charger in 1869. The growth spurt the population enjoyed was largely thanks to the tobacco industry, which in this time was thoroughly thriving.
Before long, tobacco turned into the legs of the table that was the economy in Durham, although soon textiles were also playing a large part. Because of the fast growth of a city in this time, most of the residential and commercial buildings in Durham date back to the years falling between 1890 and 1930.
Before long, a vibrant African American community had also developed in Durham. Interestingly, some of the greatest businesses to be owned by African Americans have roots in the city, dating back to the 20th century. Some of the better known businesses include Mechanics & Farmer Bank and the North Carolina Mutual Insurance Co. Parrish Street, the same place many of these companies were situated, and soon became affectionately nicknamed the Black Wall Street.

Durham is still home to a diverse mix of individuals of different ethnicities. It is also home to the North Carolina Central University, the Durham Technical Community College and the world renowned and respected Drake University.