The further reduction in property values in an investment driven market like Duck/SS is inevitable in the current economic climate.

Initially it's a little surprising that more properties in the area are not in foreclosure. Look here;
http://www.realtytrac.com/MapSearch/MapSearch/MapSearch.aspx…

Hit the show map button.

One reason there ore so few forclosures yet is that most are still shadow properties. Once the banks lighten the shadows, we will see the actual state or RE in the area.

House prices in Duck and Southern Shores have not come down much and still have much more room for correction to the once assumed 10%/year appreciation of value to the pre-bubble prices. This is most likely due to the lack of homes/lots for sale in these areas as well as the lack of foreclosed properties here. Your best bet for a bargain investment is most likely in Kill Devil Hills. There are tons of homes available and the prices there have dropped significantly to their pre-bubble prices and even lower. With this recession looking more like an "L" shaped depression than a "U" shaped recession home prices will most likely continute to plummet and there will be great deals in the next year or so. Continue to watch the stock market b/c, historically, that normally rebounds before the housing market. In either case, 2005 & 2006 prices will probably not be seen for at least another 5 years.

14 Duck residential properties have closed so far in 09 averaging 85% of the original list price.
8 Duck residential properties are currently under contract.

12 Southern Shores residential properties have closed so far in 09 for 89% of the original list price.
5 Southern Shores residential properties are currently under contract.

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To search all of the Duck and Southern Shores properties for sale go to http://www.outerbankshome.com/search-mls.html