Telling It Like It Is: The Latest Foreclosure Numbers in Hampton Roads ~ Hampton Roads Real Estate Ramblings

Telling It Like It Is: The Latest Foreclosure Numbers in Hampton Roads

Friday, March 12, 2010

Hello Hampton Roads,

What are the latest foreclosure numbers in Hampton Roads?  How does Hampton Roads compare with the national numbers for foreclosures?

In a effort to keep you better informed about our area as well as national real estate scene, I give you the following:

The National Picture:

This past February, First American Core Logic came up with some interesting national figures that said at the end of 4th Qtr 2009, 11.3 M homeowners owed more than their home is worth and that this represents 24% of all residential properties with mortgages! Nationally, 1 out of 4 homeowners are underwater, meaning that they have negative equity. Equity is the current market value of the house less any financial obligations/loans owed on the property.

Furthermore, First American goes on to state that once this negative equity becomes greater than 25% (of the home's value) or the mortgage balance is $70,000.00 more than what the property is currently worth, then homeowners have the same likelihood to default as investors. (Typically, investors are known to have higher default rates than homeowners because they do not inhabit the property and have less vested emotionally.)

According to RealtyTrac.com, total foreclosure filings for February were 308,524--this represents a 2% decrease from January but a 6% increase from February last year.

The Local Picture:


Foreclosure filings in our area stood at an all time high in February with 1305 in number up from 1074 in January.


Courtesy of RealtyTrac and the US Census data, we see the following foreclosure rate per city: The foreclosure rate is for month of February 2010.

Virginia Beach
Total # Households 175,553
Foreclosures 1 in 527
Chesapeake

Total # Households 82,685
Foreclosures 1 in 398
Norfolk

Total # Households 95,642
Foreclosures 1 in 474
Portsmouth

Total # Households 43,073
Foreclosures 1 in 366
Suffolk

Total # Households 32,869
Foreclosures 1 in 442
Hampton

Total # Households 60,151
Foreclosures 1 in 431
Newport News

Total # Households 78,792
Foreclosures 1 in 533

Are you interested in finding out more about foreclosures where you live? Sign up to receive your FREE Foreclosure list!

Thanks for Reading,


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