Foreclosures Likely to Set Record in 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.

Charles
www.MyCharlottesvilleAGENT.com

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One Response to Foreclosures Likely to Set Record in 2007

  1. Sara says:

    The reason why we may not be seeing this foreclosure trend in Charlottesville is due to the inflated market. The average salary doesn’t allow for much more than a “cozy” condo, leaving many to give up on the American Dream of owning their own home. When the average person can’t even afford to buy a basic home, foreclosure isn’t even an option — pardon the pessimism.

    Prices are beginning to fall, but not enough to match the area’s earnings. The waiting game has begun and houses are beginning to sit empty longer. Hopefully the housing market will once again be open to a wider demographic.

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