Posts tagged Foreclosures

Foreclosures in Charlottesville Increasing – As Expected

Following up on the Charlottesville Bubble Blog’s noting that foreclosures in the Charlottesville MSA are up: As expected (I noted in 2009 that foreclosures in Charlottesville would likely increase ): What does this all mean from a market standpoint? Foreclosure activity is likely to increase, but we are nowhere near the foreclosure rates and percentages of the major foreclosure hotspots -parts of Florida, Phoenix, California – which account for a majority of national foreclosures. Foreclosure Data for Virginia (PDF) Look at mortgage conditions in Charlottesville at the New York Fed’s map . We’ll get through this.

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Who Knew E*Trade Owned Homes?

Apparently E*Trade own 225 Bedford Park Road in Foxchase in Crozet (technically Charlottesville, but really Crozet). As far as I know, this is the first foreclosure in Foxchase and is an indication that foreclosures are not isolated to any particular price point. … Now it’s being offered for $167/foot (apparently the previous owners finished approximately 600 square feet as well).

… Most Recent Sales History Previous Owner (ed note: I’m choosing to leave this out; if you’re curious you can find it) Owner E*TRADE BANK Sale Date 10/23/2009 Sale Price $869,126 Deed Book/Page 3811/403 Validity of Sale (For Internal Use) Foreclosure

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Foreclosures, FHA and Tax Credit Timelines and a Look at 2010

Some of the topics we discussed: – Foreclosures in Charlottesville’s MSA – FHA’s increasing limits/guidelines (story coming later this week) and their impact on the real estate market, specifically first-time homebuyers. – The homebuyer tax credit’s impending expiration – If you’re buying a home, you must have it under contract by 30 April 2010 . – How much time do buyers and sellers have before FHA and homebuyer tax credit hit the market? … I appreciate you waiting while I could do that because I wanted to share that press conference with people because folks haven’t have a chance yet to hear WINA has been playing extended clips but they haven’t had a chance to hear the entire thing from beginning to end and if we have time again today I’m going to play that again and it will be podcast www.wina.com and www.cvillepodcast.com .

…We have the volume of sales in the Charlottesville area are up in some categories dramatically from a percentage wise year over year or actually quarter over quarter, but what we’re seeing is I think that that may be a false indication of what’s going to happen in the next three to five years. … Duncan: One of the things that I think we’re seeing now is that the people who are buying now are doing it now with the intent to be in the community and that’s something that we haven’t seen over the last five to seven years.

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Strategic Defaults – Wrap up from last weekend

I think we’re going to see more and more of these so-called strategic defaults in the Charlottesville area. … I hate being a cop-out, but I’ll stick with my standard answer of “we’re not going to know how good or how bad the Charlottesville real estate market is until we have the benefit of hindsight.” Suffice it to say, I suspect we’ll see more of these so-called “strategic defaults” in 2010.

… Part 1- Quick Update on the Charlottesville Real Estate Market Part 2 – Short sales and Foreclosures in Charlottesville Part 3 – Homebuyer tax credit in 2010 – Who’s Eligible?

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Deal of the Day – 6 Kiowa Lane

6 Kiowa Lane, Lake Monticello . ( bolding mine – asking price is $132,000 – purchased for $203k in April 2007 ) Bank foreclosure- assessed for 217,600 -an excellent buy! call for addenda-Bank of America Prequalification required on all offers. Free appraisal and credit report if buyer finances through Bank of America Home Loans. Great Lake Monticello community-lake and golf community-home is located outside of the main gates.

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