Monday, June 7, 2010
"15 States Where Foreclosures Are Still Surging" - Includes Virginia
BusinessInsider has the details. Virginia is up 19% since March. The C'ville area saw a 72% increase in Q1 10 over 2009. As this blog noted the other day: it's not just that lots of folks are losing their homes, but that in this area, almost as many homes got repo'd in foreclosure as got sold. This creates inventory overhang and if this were a "consumer sensitive" market, it would create a downward trend toward price correction.