Foreclosures in the Charlottesville/Albemarle market are going to be with for a while. I’m thinking for the next three to five years. Minimum.

The Vicious Cycle of Foreclosures

– a useful infographic

Foreclosures are Killing Us

– It’s more than finances. “A paper released last month by the National Bureau of Economic Research found that people living in high-foreclosure areas in New Jersey, Arizona, California and Florida were significantly more likely than those in less hard-hit neighborhoods to be hospitalized for conditions like diabetes, high blood pressure and heart failure.”

Secret Docs Show Foreclosure Watchdog Doesn’t Bark or Bite (if you’re going to read one story, make it this one)

– This is exceptionally troubling. Excellent comments as well on this ProPublica story.

Foreclosure process slowed down further in Nevada

– “… requires mortgage servicers to show clear and complete documentation of a mortgage note’s ownership before foreclosing on a property and selling it. The law was passed during the last session of the Nevada Legislature.” Slowing things down delays market correction. Of course, proving ownership should have been addressed years ago.

Deficiency judgements coming into the picture

– If, that is, the banks actually get around to foreclosing. And here is the Consumerist’s perspective.

– This pretty well depicts where we are.

Update 10 October 2011: ProPublica has a telling Guide to Obama’s Floundering Foreclosure Programs One word: Failure.

Search for Charlottesville foreclosures that are listed in the Charlottesville MLS.

(photo courtesy of @respres)

(I almost headed this post with this photo)