Virginia Peninsula Foreclosures on the Rise

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Virginia Peninsula Foreclosures on the Rise

Are Foreclosures Peaking in Virginia?

While foreclosures in the United States look to be taking a positive turn, it’s a different story in areas of the Virginia Peninsula. Virginia foreclosures have been on the rise, having a major economic impact on those who can’t afford to finance their homes. As the housing marking continues its downturn, the Virginia area may be one of the best places to seek a foreclosure property.

Lately there’s been much talk of Virginia foreclosure auctions with little to no attendance whatsoever. The prices for these auctioned homes are obscenely low, and despite the hook of a good deal, nobody’s biting. When nobody bids, the auctioned home goes back to the bank and assumes the status of an REO foreclosure. Such instances of ill-attended auctions are happening nationwide, with areas such as Virginia currently suffering harshly. Analysts predict that things are only going to get worth as trends show that Virginia will have to weather this storm in the coming months. As far as geography goes, Hampton, Virginia foreclosure numbers were especially high, over 100% of what they had been a year prior.

A total of 400 foreclosure actions were accounted for in May (a 50% increase since the previous year), which is surprisingly down from the previous month. Activity is likely to reach its pinnacle later within the year, perhaps sooner rather than later. It will take the market a few years before it returns back to normal, meaning that banks will have a plethora of homes to sell. This surplus of foreclosed properties spells out lower prices, ideal for those seeking a Virginia home foreclosure deal. With Virginia Peninsula foreclosure numbers reaching record highs, it may be the best place to start within the state for an REO.

Virginia Peninsula Foreclosures on the Rise

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