Could Foreclosures Be Winding Down?

By
Real Estate Agent with NEPTUNE REALTY 0225-075558

In spite of the rumors in national media about foreclosure counts expected to rise this year, for Southside Hampton Roads, that doesn't seem to be the case.  We began the year at the high point of foreclosure properties (as a percentage of available inventory) and have seen that number steadily fall each week since.  Granted, it's in very small steps, but it's trending in the right direction and has been consistently falling for now five weeks in a row.Foreclosures in Hampton Roads

If you are considering buying a foreclosed property, you need an agent familiar with the process and the local market.  Call today for free information that could help you find the perfect house before it's gone.  Pricing on foreclosed properties has been edging up too - be sure you don't pay too much, call me today.

Posted by

Search the MLSDrick Ward, Realtor and Broker Associate    757-575-5156

Neptune Realty - Virginia Beach, Virginia

 

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Comments (3)

Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

We need some more time to determine if the trend is sustainable. The current trend may be a lagging result of the robo-signing foreclosure halt from late last year.

Feb 06, 2011 05:11 AM
Drick Ward Property Management / Broker Assoc
NEPTUNE REALTY - Virginia Beach, VA
"RealtorDrick" - Experienced Representation

Dave, that is true.  It could also be a result of the bonuses asset managers were throwing at selling agents and buyers to get things closed before 12/31/10 so their books would look good for year-end closeouts.  I'm not meaning to imply it's over, just that the data in my local market has consistently moved in the good direction for a more consistent run than we got all year last year.  Hopefully it will continue.  Thanks for the comment.

Feb 06, 2011 05:18 AM
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Yes, hopefully it will continue. Now that the tax credit tinkering is over and the elections are over, there may be fewer external influences on the market.

Feb 07, 2011 04:15 AM

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