But what's most telling is the reclamation of the Vineyard Estates parcels--"mansions" that will never be needed due to zero demand--and the "middle class" foreclosures in the $300k-$800k range.
These foreclosures come from inability to sell, loss of assets, employment issues, rise in commodities prices (basic costs of living), HELOC's, and so forth.
In some cases, mortgage choices lead to foreclosure: see the frightening resets of Adustable Rate Mortgages. The reset number is set to rise, and continue rising, later this year.
Albemarle County Single Family Home Sales are 30% Lower than in 2001--and there are hundreds and hundreds of more units that have been built and are for sale.
Charlottesville Single Family Homes are at the decade low.
2010 Sales Ends Awful: Of Course More Homes Will Be Lost to Foreclosure
Foreclosures Rise 225% YOY
NGIC is boosting the Greene County Housing Market, But Private Sector Jobs Vanish