Virginia Beach Real Estate Foreclosure Report for February 2008

filed under: Foreclosures, Main category, Real Estate posted on February 15th, 2008

Virginia Beach real estate foreclosures increased for the month of December. Virginia ranks 24th Nationally.

Virginia Beach has 103 homes in pre-foreclosure, 229 advertised for auction, and 238 REO’s (Bank Owned Real Estate) on the market.

Pre-foreclosure homes in Virginia Beach are priced from a low of $121,000 to a high of $1,500,000.

Nationally, a total of 2,203,295 home foreclosure filings were reported on 1,285,873
properties during 2007, a 75 percent increase in total filings from 2006, according to the RealtyTrac U.S. Foreclosure Market Report. The report also shows an annual foreclosure rate of one foreclosure filing for every 57 U.S. households, up from one foreclosure filing for every 92 households in
2006. This is a National figure (average) and not indicative of the lower home foreclosure rate in Virginia Beach.

A total of 215,749 home foreclosure filings were reported in December, up 97 percent from December 2006 and bringing the fourth-quarter total to 642,150 filings on 527,740 properties – up 1 percent from the previous quarter and up 86 percent from the fourth quarter of 2006.

Buying pre-foreclosure and bank owned homes in Virginia Beach requires knowledge and skill. Read important information here.

Understand your financing preparations. Make sure your lender and the program they are considering as no restrictions when purchasing a foreclosed home.

Also, FHA has “rehab” loans for property needing repair(s).

VA home loans may also be an option and offer 100% real estate financing for eligible veterans.

Consider my Home VIP for active duty and veterans which will provide you additional monie(s) for repair(s) and closing.

The chart at the bottom provides common terms used in the real estate foreclosure process.

Read and see how your REALTOR® can provide value during this process and good luck.

home foreclosure terms

posted by Dennis Blackmore

This entry was posted on Friday, February 15th, 2008 at 6:34 pm and is filed under Foreclosures, Main category, Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.