Continuing to examine and hold a lively discussion of the Northern Virginia Real Estate market.
Please post your local house search updates, MLS finds, on-topic ideas, and links here.
Per Realtytrac (scrolling under CNBC) homes entering foreclosure in January hit a 3yr low.They claim banks are slow in proceeding (?). I haven't read the news release, but find that claim a little dubious - especially in Virginia.I believe that they said actual reo's are at a two year low.
VA-Here is a story from CR about foreclosures foreclosures Basically his view is that foreclosures are down about the same amount as seriously delinquent loans, but he expects foreclosures to increase as banks figure out some of the legal issues.
hb,I am unaware of these issues in Virginia and, frankly, think it's overblown nationwide. Much of what was going to happen, has already ocurred. Just mo.Now, I'll read your cite.
VA-I agree its not an issue here. Nationally there are a ton of foreclosures that still need to happen. I personally think speeds will speed up slightly to roughly the speeds we saw in mid 2010. This is not a huge change, but mostly we will just see a trickle of foreclosures until ~2015
Housebuyer, what do you think will happen in 2015?
Susan-I don't think anything is special about 2015. I was just trying to say that I think it will take ~4-5 years to work through all of the foreclosures. This is a graph from calculated risk delinquent loans The number of non-current loans has been falling for ~1 year, but at a slow rate. If this rate continues it will take until ~2015 to get down to a more normal level of ~5%.All-If anyone wants some cheap land in Tysons 250K for 0.5 acres is a nice price. The main problem is it is right on Leesburg Pike, so I am sure it is loud.
I meant to say near Tysons, not in Tysons.
HBAnd here I was about to stake my claim on Center Court in the Galleria ....
“It’s essential that borrowers continue to have access to safe and affordable mortgage credit,” . . . “This includes making permanent the higher loan limits passed last year and set to expire on September 30, 2011."surprise: http://www.realtor.org/press_room/news_releases/2011/02/gse_structuresModerately interesting interview with Former Fannie Official: http://www.cnbc.com/id/15840232?video=1788677261&play=1
http://franklymls.com/DC7454085assessed 433K sells for 250k down 43%
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