According to the report released by Corelogic ,Foreclosure activity levels reached a five-year low in the third quarter with 531,576 filings reported, a 13% drop from last year and the ninth month of consecutive quarterly declines.
Approximately 1.3 million homes, or 3.2 percent of all homes with a mortgage, were in the national foreclosure inventory as of August 2012 compared to 1.4 million, or 3.4 percent, in August 2011
“The continuing downward trend in foreclosures and a gradual clearing of the shadow inventory are important signals that the recovery in housing is gaining traction,” said Anand Nallathambi, president and CEO of CoreLogic. “The reduction in foreclosure volumes is to some degree being facilitated by the rising popularity of alternative resolution methods, such as short sales and loan modifications.”
“August marks the fourth month in a row there were fewer completed foreclosures, which is more evidence that the housing industry is finding its footing,” said Mark Fleming, chief economist for CoreLogic. “While we are seeing improvement on a national level, there remain higher concentrations of foreclosures in some areas with five states accounting for nearly half of all completed foreclosures nationwide during the last year.”
In Williamsburg/James City County/ York County only 7 homes sales were bank owned foreclosures in September 2012, out of 111 total home sales . At 6.3 percent of sales we are well below most areas in distressed sales percentages.
As of today. only 24 Bank owned foreclosure are currently listed for sale in the Williamsburg VA area out of 934 homes on the market.
Here in Hampton Roads in September of 2012 only 234 properties out of 1048 sold were bank owned foreclosures. At 22% percent of overall sales this number is well below the 46% share we saw in April 2011.
The main thing to watch is the overall trend, which is definitely sloping down. Thankfully, the shadow inventory problem that many were worried about these past few years seems to have deflated more gradually than initially thought so we didn’t see a second flood of foreclosures all hit the market at the same time at the national level.
It will take some time, still, before foreclosures are completely out of the housing recovery vernacular. But things are looking good. We just have to charge ahead and make sure the systems in place for markets where foreclosures are still rampant are efficient enough to keep moving. Demand for these homes doesn’t seem to be a problem.
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This post was authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of the Williamsburg/ Hampton Roads area and his expertise in the local real estate market.
I can help you access all the information you will need about choosing a neighborhood and buying a home in New Kent, Gloucester, Newport News, Hampton, York County, Smithfield, Williamsburg, Poquoson or the greater Hampton Roads area, including area information on schools, local government, shopping, activities for the children and more! Whether you have made a decision to relocate, retire or are just considering a move to Williamsburg or Hampton Roads VA, let me help make your transition or PCS to the area a smooth and enjoyable one!
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