Foreclosures Likely to Set Record in 2007

March 30, 2007

Foreclosures slipped 4 percent in February from the month earlier, but were 12 percent higher than the same time in 2006.”Based on our numbers for the first two months of 2007, foreclosure activity is running at a rate that would project to a 33 percent increase over 2006,” said James J. Saccacio, chief executive officer of RealtyTrac.States with the highest foreclosure rates in February were Nevada, Colorado, and Florida. Nevada had one foreclosure filing for every 278 households. Colorado reported one foreclosure for every 345 households, and Florida had one foreclosure filing for every 382 households. Nationwide, one foreclosure occurred for every 884 households.— REALTOR® Magazine Online

Wow, this is amazing. We are not seeing this trend in Charlottesville, Call me for details.



Housing Recovery?

March 16, 2007

Unusual weather patterns and problems in the subprime lending marketplace are creating challenges in assessing housing market conditions, but a recovery is likely this year, according to the latest NAR forecast. David Lereah, NAR’s chief economist, said there is some ambiguity about the current housing market.

Impoved Sales from January

March 2, 2007

Sales of existing homes rose in January, reaching the highest level in seven months, according to NAR. Total existing-home sales–including single-family, townhomes, condominiums and co-ops–increased 3.0% to a seasonally adjusted annual rate of 6.46 million units in January from an upwardly revised pace of 6.27 million in December.