"Foreclosures are rising faster in Virginia than almost anywhere else" -- what does it mean for Harrisonburg and Rockingham County??


"Foreclosures are rising faster in Virginia than almost anywhere else" -- what does it mean for Harrisonburg and Rockingham County??
By Scott Rogers • July 11, 2008
This morning the Richmond Times-Dispatch reported that Virginia is 11th in foreclosures. This new ranking was based on a report released yesterday by RealtyTrac Inc. Some commentary was added by Connie Chamberlin, the president and CEO of Housing Opportunities Made Equal... "Foreclosures are rising faster in Virginia than almost anywhere else" said Connie Chamberlin... "Virginia's stable economy kept foreclosures at bay, but the problem is catching up here. Moreover, lending practices are loose, possibly more so than in other states, Chamberlin said." So....what does this mean for homes and homeowners in Harrisonburg and Rockingham County? It depends on when you ask.... In March 2008, the Daily News Record reported that 2007 showed a 38% increase over 2006 in foreclosures in Harrisonburg and Rockingham County. But two months later, in May 2008, the Daily News Record reported a 15.8% decrease in foreclosures when comparing 2008 (Q1) to 2007 (Q1) in Harrisonburg and Rockingham County. So, here's my (elementary) executive summary for you: Foreclosures rates are increasing nationwide. (+53%, June 2007 to June 2008) Foreclosure rates are increasing in Virginia. (+204%, June 2007 to June 2008) Foreclosure rates are decreasing in Harrisonburg and Rockingham County. (-16%, 2007-Q1 to 2008-Q1) Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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