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  • 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 website is 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 @ 757-254-813
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Hampton Roads in TOP 15 Markets for house flipping

Real estate investors who flip houses in the Hampton Roads are are making a few bucks this year.

They saw an average gross profit of $26,565 or 13 percent, on an average purchase price of $206,765 in the first six months of the year, according to a report released this morning by RealtyTrac, an online researcher of foreclosures  It is worth noting that RealtyTrac did not factor in how much was spent on the rehab.

As the Hampton Roads housing market has gradually improved over the past year, so has the potential for making a quick buck.

At least, so says research firm RealtyTrac, which ranked Hampton Roads as the ninth-most profitable U.S. market for buying and quickly selling homes during the first half of 2013.

Daytona Beach, Fla., topped the list with a profit margin of 82 percent. Omaha, Neb., came in second at 56 percent. Five other Florida metro areas and Pittsburgh finished above Hampton Roads.

The report also showed that flipping is cooling in Las Vegas, Phoenix and Southern California, places that previously had been hot spots.

Daren Blomquist, vice president of RealtyTrac, sees a wave moving across the country from west to east. The wave is the housing recovery, and it is driving trends such as flipping.

The report also broke down flipping by state. For the entire state of Virginia, flipping was up 135 percent. In Maryland, it was up 104 percent, and in D.C., it was unchanged.

Rising mortgage rates don’t appear to have a dampening effect on flipping, since most real estate investors pay cash or finance through a hard money lender. However, the rising rates are making it more challenging for the investors to sell their properties once they have renovated them.

Statewide, real estate investors made an average gross profit of $23,170 on an average purchase price of $326,333 in the first half of the year, according to the report.

By comparison, investors nationwide made an average gross profit of $18,391 on flipping houses, a 9 percent gross return. The average cost of the house for the investor was $200,942.

Top 15 Markets for Profitable Home Flipping

imageRealtyTrac, an online marketplace for real estate data, defines a flip as a home sale that happens within six months of the home’s previous sale. Gross profit is simply the difference between what the flipper paid and what the flipper later sold the property for. The profit figure doesn’t take into account any improvements the flipper might have made on the property, nor does it factor in the possibility that the flipper bought the house with a mortgage rather than cash (which could greatly increase the profit — though many investors pay for homes in full rather than use borrowed money).

“While flipping continues to be profitable in most markets, particularly those where the home price recovery is still nascent and a recent rebound in foreclosure activity allows investors to find distressed inventory at a discount, home flipping is tapering off in markets where fewer of those distressed bargains are available,” said Daren Blomquist, vice president at RealtyTrac. “Out of the 100 markets we analyzed for the report, 32 had declining flipping numbers, including perennial flipping hot spots like Las Vegas, Phoenix, Southern California and Atlanta. Still flipping was on the rise in more than two-thirds of the markets, including New York, Washington, D.C., Chicago and several Florida metros.”

Click here to search foreclosed , bank-owned homes/ REO in all of Hampton Roads VA FREE and  No registration required.

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US Foreclosure Inventory Declines to Lowest Level Since April 2010

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.

 

image

Search Williamsburg and Hampton Roads Foreclosures For Sale

You can search foreclosed , bank-owned homes/ REO in all of Hampton Roads VA with the links below. No registration required. 

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Psst…I’m a real estate agent.

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!

Hampton Roads is a transient community due to the large population of military members in the area. I have a unique perspective on relocation and have helped many families move in and out of the area. I understand the kind of support team it takes to make a smooth transition.

Area Orientations

Complete tours can be scheduled to help you familiarize yourself with Williamsburg and Hampton Roads neighborhoods, home prices, shopping centers, military bases, recreational facilities, public & private schools and transportation systems. My orientation will provide you with awareness of aircraft noise & accident potential zones, flood zones, major traffic patterns and commute times to your job.

You can search homes for sale , active adult communities, 55+ communities, condos and townhomes ,foreclosures/ REO,  land, building lots, commercial property  in Williamsburg , Yorktown, New Kent, Gloucester, Poquoson as well as the surrounding areas of Hampton Roads, Virginia

You can reach me by phone at 757-254-8136 or email  John@MrWilliamsburg.com

I look forward to serving your real estate needs!

Best,

John

US Foreclosure filings down in 2012

ForeclosureNational April foreclosure activity decreased 5 percent from March and was down 14 percent from April 2011, according to a report released by RealtyTrac  Thursday. One in every 698 U.S. housing units had a foreclosure filing during the month.

RealtyTrac CEO Brandon Moore attributed the drop in part to an increase in short sales, which are becoming a more common alternative to foreclosure among distressed properties.

More distressed loans are being diverted into short sales rather than becoming completed foreclosures,” Moore said in a statement. “Our preliminary first quarter sales data shows that pre-foreclosure sales — typically short sales — are on pace to outnumber sales of bank-owned properties during the quarter in California, Arizona and 10 other states.”

After three straight monthly increases, U.S. foreclosure starts — which include default notices or scheduled foreclosure auctions, depending on the state — decreased 4 percent from March to April. A total of 97,665 properties started the foreclosure process for the first time during the month, down 2 percent from April 2011.

“It is surprising the numbers are staying as low as they have this year,” said Daren Blomquist, vice president of RealtyTrac, noting that many analysts expected a wave of new foreclosures in the wake of a landmark settlement between the government and big banks over fraudulent foreclosure practices. That wave hasn’t come, at least on a national level, for several reasons, Blomquist said. For starters, the numbers are down in California, which represents about 20 percent of the foreclosure activity in the entire country.

Still, he said the overall decrease is “masking” the fact that foreclosures actually are up in places such as Florida, New Jersey and Indiana, among other states. Despite the overall decrease in foreclosure starts, 26 states posted monthly increases in foreclosure starts.

Despite the lower-than-expected activity, Blomquist believes the number of foreclosures will still rise this year.

“At the end of the day, 2012 is going to be bigger than 2011.”

He said he did not expect “normal” levels of foreclosures to return until at least 2014.

Eleven of the nation’s 20 largest metro areas documented annual increases in foreclosure activity, led by the Florida cities of Tampa (59 percent) and Miami (38 percent), RealtyTrac reported.

Lenders issued 809 foreclosure-related notices in the Hampton Roads VA area last month, up 2.4 percent from the 790 issued in March but down 21 percent from the 1,023 reported in April 2011, according to RealtyTrac

Despite several cities experiencing an increase in foreclosure activity last month, the numbers in every major city in the region were down from year-earlier levels. Portsmouth continued to have the highest percentage of homes that received a foreclosure filing, according to the report.

Among the 20 largest metros areas, cities posting the biggest annual drops in foreclosure activity included Seattle (54 percent), Phoenix (44 percent), San Francisco (34 percent), Washington (30 percent), Riverside-San Bernardino, Calif. (30 percent) and Los Angeles (28 percent).

You can search foreclosed  bank-owned homes/ REO in all of Hampton Roads & Williamsburg VA with the links below.  FREE & No registration required.

Search Chesapeake VA Foreclosures , Search Hampton , Newport News Foreclosures, Search Isle of Wight Foreclosures, Search Norfolk Foreclosures, Search Poquoson Foreclosures, Search Portsmouth Foreclosures, Search Smithfield Foreclosures, Search Suffolk Foreclosures, Search VA Beach Foreclosures, Search Williamsburg Foreclosures, Search Yorktown Foreclosures

 

bannerpsst … 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 areas of Virginia or to sell your existing home.

This website is  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  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.

You can search homes for sale , active adult communities, 55+ communities, condos and townhomes , foreclosures/ REOland, building lots, commercial property  in Williamsburg , Yorktown, New Kent, Gloucester, Poquoson as well as the surrounding areas of Hampton Roads, Virginia

You can reach John by phone at 757-254-8136 or email him at John@MrWilliamsburg.com

I look forward to serving your real estate needs!

Best,

John

US Foreclosures drop to lowest level since 2007

Banks filed foreclosures on roughly 205,000 homes in December, the lowest monthly total since November 2007, according to RealtyTrac, which said the 1.8 million foreclosures for 2011 dropped nearly 35% from 2010. .

Unexpected delays — including robo-signing issues that first arose in late 2010 — kept 2011 numbers lower than expected.  Still, one in every 69 homes received at least one filing.

Foreclosure filings plunged to a three-year low in Hampton Roads last year after reaching record highs in 2010, according to a report to be released today.

In Hampton Roads the number of properties with at least one foreclosure filing fell to 6,988 in 2011, down 45 percent from the 12,815 properties with a filing the previous year, according to RealtyTrac, a foreclosure-monitoring service based in Irvine, Calif.

There are currently 863 bank owned  foreclosed homes (REO) for sale in Hampton Roads and 25 in Williamsburg/ James City County / Upper York County

Last year was the first time since RealtyTrac began collecting foreclosure data in 2005 that the annual number of local properties with a foreclosure filing has declined year-over-year, suggesting that the problem might be easing.

"Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year," said Brandon Moore, RealtyTrac’s new CEO. "The lack of clarity regarding many of the documentation and legal issues plaguing the foreclosure industry means that we are continuing to see a highly dysfunctional foreclosure process that is inefficiently dealing with delinquent mortgages — particularly in states with a judicial foreclosure process."

Problems arose late in 2010 of improper filings at the state court houses. Mortgage servicers and third-party firms will spend much of 2012 sorting through any financial harm done to borrowers, and settlement talks with the state attorneys general continue.

 

ForeclosureYou can search for bank owned homes in Williamsburg and Hampton Roads VA here

Or sign up to get our current local listings emailed directly to you on a weekly basis or as they become available in your area here , simply put bank owned homes in the comment field.

NOTE: There is no charge for these bank owned/ REO/ Foreclosed home lists

Special Offers On Bank Owned Homes in Williamsburg and Hampton Roads Va

imageHomeSteps, the Freddie Mac real estate sales unit, kicked off a sales promotion this week to unload some of its inventory of lender owned foreclosed homes in Virginia and a number of other states.

The Winter Sales Promotion for owner-occupant buyers includes:

  • Paying up to 3 percent of the final sales price toward the buyer’s closing costs for initial offers received between Nov. 15 and Jan. 31, 2012. You must close on the property on or before March 15, 2012, to qualify. 
  • Two-year Home Protect limited home warranty, which covers such things as the heating, air conditioning, electrical, plumbing, and other major systems
    and appliances. You can read the warranty info

You can search for bank owned homes in Williamsburg and Hampton Roads VA here

Or sign up to get our current local listings emailed directly to you on a weekly basis or as they become available in your area here , simply but bank owned homes in the comment field.

NOTE: There is no charge for these bank owned/ REO/ Foreclosed home lists

 

Like what you are reading ? Want to receive updates by email in the future ? Sign up here  banner If you hadn’t guessed 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 KentPoquoson, 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

Foreclosure Activity Is Falling In Hampton Roads

Foreclosure activity fell in Hampton Roads last month despite jumping across the US, according to a report to be released today.

According to RealtyTrac, an online foreclosure-monitoring service based in Irvine, Calif. there were 1,044 foreclosure-related notices in the Hampton Roads VA region in August, down nearly 15 percent from July and down 13 percent from the level a year ago,

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Compared with the year-earlier period, the number of foreclosures in Hampton Roads has been trending downward this year. Some real estate experts attribute the decline to processing delays at mortgage servicing companies and banks, while others attribute it to a stabilizing housing market.

With the exception of July, the number of foreclosures in the region has been below year-earlier levels since December.

The total notices of bank repossessions and foreclosure auctions fell in Chesapeake, Norfolk, Portsmouth and Suffolk, while rising in Newport News, Hampton and Virginia Beach, according to the report. Foreclosures were most widespread last month in Portsmouth.

Nationwide, foreclosure activity rose as 228,098 properties received foreclosure notices, up 7 percent from July but down nearly 33 percent from a year earlier. The national data include notices of default, the first stage of the foreclosure process after a homeowner has missed mortgage payments.

 

SEARCH FOR FORECLOSURES IN HAMPTON ROADS AND WILLIAMSBURG BELOW

To search by  city or county, click on the links below. These are preset searches that will find most of the bank owned  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  banner 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 KentPoquoson, 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

Investors land sweet deals on HUD foreclosed Homes in Hampton Roads VA

Few people have been as fortunate as Stephen Wills this year – at least in the business of buying and flipping foreclosed homes.

Last spring, the Virginia Beach real estate agent entered the winning bid on seven foreclosed homes owned by U.S. Department of Housing and Urban Development. Asking prices for the properties in Norfolk, Chesapeake and Hampton ranged from $75,000 to $126,000.

But Wills got each of them for less than the price of a decent late-model used car – about $10,000 each.

"Maybe I was the luckiest investor ever, or I was in the right place at the right time," Wills said. "To be honest, I have no idea."

Other investors also have snagged bargains on government-owned foreclosures recently. A home in Chesapeake on Blackwater Road sold in April for $60,000. It was listed for $192,000. A Suffolk home on Kilby Shore Drive sold the same month for $38,000. It was listed at the time for $185,000.

Read the rest of the story here in the VA Pilot

Search Bank Owned / Foreclosures and Short Sales in Williamsburg VA here

When you are ready to take that next step in investing in real estate in Williamsburg or Hampton Roads , VA, call 757.254.8136 or email  at John@MrWilliamsburg.com