Still not that bad. Let’s see some localized context, courtesy a report titled “Cumulative Foreclosure Actions In Virginia (April 2008)” sent to me by a local lender (PDF) –
Albemarle County is #68 with .03%
Augusta County is #76 with .02%
Charlottesville is #78 with .02%
Fluvanna County is #98 with .01%
Greene County is #65 with .03%
Nelson County is 103 with 0%
Waynesboro City is #87 with .01%
For context, look at Spotsylvania 1.69% and 1.9% Stafford, which equals 727 and 828 housing units respectively under foreclosure. Loudoun County has over 2,000 foreclosures equalling 2.14% of their housing stock.
Some of this week’s foreclosures are in this week’s HooK.
Related – I wrote about Charlottesville area foreclosures in February and in April.
Update 20 May 2008: Be sure to read Bart’s How to Avoid Foreclosure series
Update 19 January 2009: Search for Charlottesville Foreclosures here.
Agree, not bad. In fact, I’m finding bank owned properties go pretty quickly in desirable locations which indicates to me there is a bottom to this market (which some of these bank owned properties represent). From what I’ve been reading, I think we still have not seen the full impact of ARM resets.
“The Scars of Losing a Home”
by Robert J. Shiller
http://www.nytimes.com/2008/05/18/business/18view.html
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Well, in fact, it has gotten worse, but the belief is that if local economies can do all they can to improve, borrowers will have the funds to pay their mortgages.
Still, why hasn’t the government addressed the crux of the problem, i.e. the lenders?
Dale
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