Wednesday, March 16, 2011

State Legislature Looks Into Virginia's Foreclosure Numbers

The following video from NBC29 gives two pieces of hard data: there are 28,000 bank-owned homes in Virginia and that these have been slow to sell, since sales slowed dramatically when the Federal Homebuyer Tax Credit expired April 30, 2010.

Otherwise, there's some chatter about foreclosures "slowing" and a comparison, without using numbers, to foreclosures in the hardest-hit states--as if that really means something to struggling homeowners or, for that matter, removes the glut of local unsold houses.  Locally the Charlottesville Area saw a 225% increase in foreclosures in 2010 over 2009.  Combine this with  area median home price declines as well as 30% of Virginians at or near negative equity (owing more than home is worth) and there will be more foreclosures (and short sales or strategic defaults) to come.

1 comment:

Montpellier said...

Boy, Schiller and Roubini and the rest weren't kidding when they talk about "sticky"...we're coming up on three years out from the meltdown - the Lehman implosion - and only now are the prices here starting to break out as 'owners' succumb to debt. I guess one has to be very patient for schadenfreude...I suppose this is why revenge is always served cold.

Cheers!