Hampton Roads foreclosures dip from May to June

Posted to: Business
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By Tom Holden
The Virginian-Pilot
© July 11, 2008

The number of foreclosure filings in Hampton Roads during June dipped slightly from the May number, according to RealtyTrac Inc., which monitors foreclosure activity nationwide.

However, the volume of filings, including notices of default, notices of trustee sale and bank ownership, was more than double the total in June 2007, RealtyTrac said. Last month the number dropped to 396 from 399 in May. Still, the total for June climbed 179 percent from 142 in June 2007.

In Hampton Roads, one home in every 1,504 was in some stage of foreclosure in June, according to RealtyTrac. That compared with a nationwide figure of one in every 501 homes in some stage of foreclosure.

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So, basically insiginificant

Submitted by jasona57192 on Fri, 07/11/2008 at 11:43 am.

So, it's basically insignificant with such tiny numbers against a population of a million. I do like the spin of using a percentage of two very small numbers to make it sound large.

Fasten your seat belts!

Submitted by donvabeach on Fri, 07/11/2008 at 10:35 am.

To quote CCR...."I see a bad moon arising....I see trouble on the way.."

I believe that Freddie Mac and Fannie Mae own or guarantee about 40% of the total value of home loans in the United States. Each has lost over half their stock value in the last two days. This is huge.

Tie this in with oil skyrocketing, jobs and home prices falling, inflation heating up, our accelerating national debt, the unending war in Iraq, and now Israel practising for an attack on Iran, while Iran thumbs its nose at the world, and you have the makings of a perfect storm, which will cause damage that will effect us for years to come. (Oh, did I mention credit card and personal debt defaults? No one's writing about them....but wait a few months).

Next year will be know as the 2(00)9 redux. Fasten your seat belts!

Hmm

Submitted by Ethan on Fri, 07/11/2008 at 7:55 am.

Two things, first I've read that many of the banks aren't keeping up with the people that should be in foreclosure. I've read that there are people that haven't actually paid mortgage in over a year, and the banks haven't even called. Perhaps the banks don't want to show the losses yet. Also, there is talk of Fannie Mae and Freddie Mac failing, due to the enormous losses? I believe they are technically close to insolvent, and they are the absolute biggest. People (investors) assume they will be bailed out by the taxpayers. This stuff isn't good.