The Virginian-Pilot
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Foreclosure filings in Virginia climbed almost 18 percent in March from the total in February, while the number of homes repossessed by lenders jumped 31 percent, according to a firm that monitors foreclosure activity.
In Virginia, the volume foreclosure filings soared last month to one of every 655 households, reported RealtyTrac Inc., an Irvine, Calif., firm that compiles foreclosure data. That was up from one filing of every 758 households in February. RealtyTrac’s numbers include lenders’ notices of default, notices of sale and repossessions.
In its ranking of states by the number of households per foreclosure filing, RealtyTrac said Virginia climbed to No. 13 from No. 19 in February.
Nevada topped the list with one filing for every 139 households. Nationwide, there was one filing for every 557 households last month.
Lenders took back 1,011 homes in Virginia during March, a 31 percent increase from 769 repossessions in February, RealtyTrac said.
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Dead...
Dead -- don't catch a falling knife! The best time to buy is when everyone thinks real estate is the worst investment ever.
Everyone knew this was goingto happen
I agree it is going to take a while for the market to correct itself, and I still haven't seen a drop in home prices or in mortgage rates. Either both or at least one has to move in order for the market to adjust.
Meanwhile back at the ranch
"Williams proposed leaving the tax rate at $1.11 per $100 of assessed value. That would result in a real estate tax increase for most residents, because assessments are projected to rise by an average of 3.1 percent for existing homes." Cut and paste from another article in todays Pilot.
Apparently there are parallel universes here. One where home values are rising at a nice clip of 3.1% per year and another where there are vacant foreclosure properties all over the place and falling values. Interesting. Which one is real? In my neighborhood in Norfolk, there are 2 homes currently in forclosure. Neither is financed with an ARM. One is a semi retiree and the other is a military family (pilot). Both have seen payment increases due to out of control assessments and insurance increases. Both are assessed at more than 25% above what the banks have them listed for.
My family of 5 has been
My family of 5 has been priced out of buying a home due to this financial scam. I will be buying soon cause the bubble is about to burst.
It's a start...
Still have more to go. Time for all those people that gambled on appreciation on a 100% margin (0% down) to give back their bad bets, and let the prices in the market reset to match the income levels. Don't think the gov't is going to save you, they will only make things worse if they try.