Home Sales versus Foreclosures


Home Sales versus Foreclosures
By Scott Rogers • June 17, 2010
Data Sources: Harrisonburg/Rockingham Association of Realtors MLS, Rockingham County Circuit Court Clerk's Office (Thanks Chaz & April!) Many have asked me how foreclosures are affecting our local real estate market. Absent hard data on the number of foreclosures in Harrisonburg and Rockingham County, I have always mentioned that there aren't an overwhelming number of foreclosures --- and certainly not enough to make a huge difference in home values. Now, I have the data, thanks Chaz & April at the Clerk's Office . . . What can be seen here is that the percentage of the home sales that are foreclosures has certainly been on the rise over the past several years. However, despite this being based on hard data, there is still a bit of fuzzy math.... The "Sales" includes all home sales as recorded in the HRAR MLS. This includes most foreclosures, because most such properties end up being bank owned properties that are then listed (and sold) by Realtors via the MLS. However, if only 127 of the 177 foreclosures ended up in the MLS as sales, then the true number of total sales for 2009 would have been 866 sales, making foreclosures 20.4% of the market as opposed to 21.7% of the market. This year (2010) and next year will be important to watch as we see how many home sales we'll have, and how many foreclosures will exist in the market. I predict that home sales will level off this year (and thus, stop declining), but that foreclosures will increase over last year. 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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