Mr Williamsburg, Revolutionary ideas on real estate!Hampton Roads Virginia

CoreLogic  a leading provider of information, analytics and business services, today released its first national Foreclosure Report which provides monthly data on completed foreclosures, foreclosure inventory and delinquency rates. Completed foreclosures for all of 2011 totaled 830,000 compared with 1.1 million in 2010. In December 2011 there was a month-over-month decrease in completed foreclosures to 55,000 from 57,000 in November 2011.  The December 2011 completed foreclosures figure was also down from one year ago when it stood at 67,000. From the start of the financial crisis in September 2008, there have been approximately 3.2 million completed foreclosures.

The new data shows that nationally 1.4 million homes, or 3.4 percent of all homes with a mortgage, were in the foreclosure inventory as of December 2011. The foreclosure inventory is the stock of homes in the foreclosure process.  A property moves into the foreclosure inventory when the mortgage servicer places the property into the foreclosure process after serious delinquency is reached and remains there until the foreclosure is completed.  The foreclosure inventory is measured only against homes with an outstanding mortgage, rather than against all homes. Nationwide, roughly one-third of homeowners own their homes outright.

Nationally, the number of loans in the foreclosure inventory decreased 8.4 percent in December 2011 compared to December 2010, a decline of 130,000 properties nationwide.  The number of loans in the foreclosure inventory decreased by 5.3* percent in November 2011 compared to November 2010 as well.

The share of borrowers nationally that were 90 days or more delinquent on their mortgage payments, classified as seriously delinquent, improved to 7.3 percent in December 2011 compared to 7.8 percent in December 2010.

“The inventory of foreclosed properties has begun to shrink, and the pace at which properties are entering foreclosure is slowing. While foreclosure filings are being curtailed by a variety of judicial and regulatory constraints, mortgage servicers are completing REO sales faster than they are completing foreclosures,” said Mark Fleming, chief economist with CoreLogic. “This is the first time in a year that REO sales have outpaced completed foreclosures, and part of the reason for the decrease in the foreclosure inventory.”

Highlights as of December 2011

• In the report Virginia ranks 39th out of 50 states with only 1.5% foreclosure inventory
• The five states with the highest foreclosure inventory were: Florida (11.9 percent), New Jersey (6.4 percent), Illinois (5.4 percent), Nevada (5.3 percent) and New York (4.6 percent).
• The five states with the lowest foreclosure inventory were: Wyoming (0.7 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (1.0 percent) and Washington (1.3 percent).
• Of the top 100 markets, measured by Core Based Statistical Areas (CBSAs) population, 34 are showing an increase in the foreclosure inventory in December 2011 compared to a year ago, an improvement from November 2011 when 46* of the top CBSAs were showing an increase in the foreclosure inventory compared to a year ago. 

SEARCH FOR FORECLOSURES IN HAMPTON ROADS AND WILLIAMSBURG ON THIS WEBSITE

To search by  city or county, click on the links below. These are preset searches where you bank owned / REO  foreclosures in those areas. No registration needed and no charge to access.

Foreclosure Lists:

VA_Beach_Foreclosures ,Chesapeake_Foreclosures ,Yorktown_Foreclosures

Suffolk_Foreclosures ,Isle_of_Wight_Foreclosures ,Norfolk_Foreclosures

Hampton_Newport_News_Foreclosures ,Williamsburg_Foreclosures

Smithfield_Foreclosures ,Poquoson_Foreclosures

.

Like what you are reading ? Want to receive updates by email in the future ? Sign up here  psst … I’m a Realtor! Thanks for stopping by my website. I  would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. 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 Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com  and Mr Williamsburg.com were created as a resource for folks who are exploring a move to  Williamsburg, VA , Hampton Roads VA and the  surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities,   condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent,  Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton,  Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth  Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry,  Va Beach, Yorktown  and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @  757-254-8136

Filed under: Foreclosures/ REO, hampton roads, williamsburg va |