And everywhere nationwide, buying Houses Fast anywhere in Virginia and the US
From the February 14, 2008 Richmond Times Dispatch:
Richmond joins record drop in home prices
Richmond was one of a record number of U.S. metropolitan areas where home prices fell in the fourth quarter, according to a report just out from the National Association of Realtors.
The report released this morning shows the median sales price for a home in Richmond was $225,700, a decrease of 1.6 percent from $229,400 in the fourth quarter of 2006.
The foreclosure rate in Virginia remains fast and swift. However, in a nationwide ranking, Virginia ranked right in the middle. I guess that is good news.
Study says Va. ranked 24th in 2007 foreclosures – News – inRich.com
Hopefully, our ranking will go down with some of the loan modification agreements that the major lenders are working on.
I’ve seen huge surge in people calling us to sell their house to avoid foreclosure.
Here is a take on real estate in the Williamsburg area from January 26, 2008Â Virginia Gazette.
The Virginia Association of Realtors said home sales statewide fell 15% from 2006 to 2007. While home values continued to grow, by a little over 1%, they grew at a slower rate than they have on average over the last 30 years, more than 6%.
Indeed, during the housing boom of the last few years, the state experienced double-digit growth in home values.
Time on market in Virginia increased from 70 days to 88 days statewide, still below the historical average of 90 days.
Locally, the median price of a home in greater Williamsburg fell from $318,745 in 2006 to $295,000 in 2007 (see box).
Sales were off 12.5%.
However, average days on market hadn’t changed, it was 71 days each year, still up markedly from 56 days in 2004.
Linda Kinsman, executive director the Williamsburg Area Association of Realtors, put things in perspective.
“ Over the last five years the average price of a home here has increased 29 percent,†she said.
Hard times seem to be on the way — VAGazette.com (Link Broken)
Here is a recent update on the "Housing Market" in Richmond. The Richmond Times Dispatch January 25, 2008
Highlights:
The housing market in central Virginia is not likely to improve until the end of this year, housing experts say.
House sales in Virginia and the Richmond area fell last year — 15 percent for the state and 12 percent for the region — much like they did nationally, according to figures released yesterday by the Realtors’ association.
The median price of a single-family home fell to $217,800 in 2007, down 1.8 percent from 2006. The median is the midpoint, with half the homes selling for more and half for less.
Houses statewide stayed on the market an average of 88 days, up from 70 days in 2006. In the Richmond area, it took an average 58 days to sell a home, up from 46 days in 2006.
Source: Housing outlook unchanged – Richmond, Virginia, Business News and Financial Information – inRich.com
From the Dec 30th Richmond Times Dispatch. Housing 101 a helpful class – News – inRich.com
From the related information file:
Worried about foreclosure? Don’t ignore the problem.
The further behind you get, the harder it will be to reinstate your loan and the more likely that you will lose your house.
Contact your lender as soon as you realize you may be in trouble. Lenders have options to help borrowers through difficult times.
Open your mail. The first notices you get from your lender will offer good information about foreclosure prevention options.
Later mail may include information about pending legal action.
Failure to open the mail will not be an excuse in foreclosure court.
Know your mortgage rights.
Find your loan documents and read them so you know what your lender may do if you can’t make payments. Learn about the foreclosure laws in your state. Understand foreclosure-prevention options.
If you decide to sell your house as your solution to falling behind on payments, Get offers from us in 24 hours.
