Everybody loves a bargain and if you're searching for a property you will be no different. I have had a lot of people ask recently about the foreclosure market in Vermont, particularly about the number of foreclosures that are on the market. With that in mind, I have dug around a little and found some statistics on the subject, specific to Washington County.
According to the Court Administrators office, in 2005 there were 78 foreclosures in Washington County. According to the State of Vermont Banking Division, that number rose to 113 in 2007. The really big news for Washington County is, of course, the figure for 2008. Given the amount of air time that the economy has been receiving and the doom and gloom surrounding the housing market, you may be surprised to read that the figure up to the end of October 2008 is only 116. Sure that's up, but it's not the huge jump you may have expected.
Not everybody is having their home foreclosed, which means that you bargain hunters will be disappointed, or will you? Short answer is NO! You will hear a lot about financing being hard to obtain, but that depends on who you talk to. I heard this morning of programs with no requirement for a downpayment, no minimum credit score and loans up to $417,000.
There is still money out there to loan, maybe the lenders are a little more skittish about who they lend to, but it is still out there. If you're looking for a loan, ask around, the Government backed loans are still a good value if you ask.
One reasons that the foreclosure market in Vermont is not as bad as other parts of the country is that the lenders in Vermont were more careful than some, with strict Anti Predatory lending rules lessening the impact of the Sub-Prime issue. That said, the current market is supporting lower prices than a couple of years ago, so you can get more house for your money.
So although the foreclosure market may not be as hot in Vermont as other areas, there are still bargains to be had. Don't be discouraged if you don't find something immediately, ask a REALTOR to help you find what you want and you will, I'm sure, find your ideal home at an ideal price.