Is there Light at the End of the Tunnel?

Hello Hampton Roads,

I trust everyone is getting settled into the new year, and it’s just in time for the holiday weekend—whew, we needed a break, right?

I thought folks might be interested in an article in the January 12, 2012 Virginian- Pilot Online entitled “Foreclosure filings hit a three-year low” by Josh Brown.

On the Local Front:
Foreclosures were at a record high in 2010, but have been falling throughout 2011. The number of December foreclosures is up to 812 notices sent from the 2011 low of 635 notices sent in November. However the 812 in December 2011 is down from the 1004 sent in December 2010. These numbers are three-year lows for Hampton Roads.

For the year 2011, the number of foreclosures fell to 6,988, down 45% from 2010, when there were 12,815. According to the article this suggests that foreclosures may be easing. In fact, an economist at ODU, James Koch, said we are through the worst of it.

On the National Front:
Foreclosures also fell 34% nationally in 201; 1.9 million properties received notices, which is the lowest level of foreclosure activity since 2007.

These numbers are provided by RealtyTrac's and its president had this to say:
"There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select local markets. We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011, though still below the peak of 2010."

This may mean that there is a light at the end of the tunnel for homeowners, but that foreclosure activity may still be high. There will still be good real estate deals out there, and there is evidence that if you are a homeowner in financial distress, there are more opportunities available now for you to work it out with your bank.

I specialize in selling distressed properties sales and in helping home buyers and investors alike in this market.

Thanks for Reading,

View Liz Schuyler- CDPE, SFR, e-PRO's profile on LinkedIn 
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