Thursday, January 27, 2011

A Look At Foreclosures Scheduled For the Next Two Weeks: A Snapshop of How Troubled the Charlottesville Area Real Estate Market Is

From the $100k's to the record-setting take-back of Patricia Kluge's Albemarle House at $22.8M, the story is a wide one.  Albemarle House is an anomaly, and it will retain the record for priciest foreclosure for decades, if not for the Century.

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. 
See the list of  Charlottesville and Albemarle scheduled foreclosures. 
 These properties will come back on the market at lower prices.  Even so:

The perennial question remains in this area:  Where Will the Buyers Come From?

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


John Doe said...

Halsey Minor foreclosure

Anonymous said...

Biggest residential foreclosure may be AH, but certainly not the biggest foreclosure. I think that honor goes to HTC.