What this doesn't say is that these figures are not relative to Hampton Roads, the figures were based on three counties in Northern Virginia. So this leads me to the next question. Do you take stock in all the media coverage on the economy? Local or National? What's interesting is that in our market (Virginia Beach, Chesapeake, Norfolk, Portsmouth, Suffolk), only 5% of sales were actually foreclosures. Several months ago the figure was as high as 16%. Interesting, wouldn't you say? Did you review the inventory statistics for July? If not, you should click on my previous blog entry. Several cities are showing signs of stabilization. Remember, a normal market is a 5-6 month supply of homes. Virginia Beach, we're moving in that direction!
The source of the statistics here was: First American Corelogic, USA Today and REIN.
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