Foreclosures in Hampton Roads

The Virginian-Pilot announced today (and other newspapers too, I suspect) that the Foreclosure rate was up 25% nationwide in October 2008 compared to October 2007. That is a big jump. We are seeing the effects here in Hampton Roads as well and my thoughts go out to everyone struggling to make a mortgage payment, keep on track with bills, save money, or hang onto a job. It is a challenging time but one that will pass, I am optimistic.

In the meantime, if you are considering buying a home or investing, now is a great time! We have almost 700 properties to choose from that are bank-owned, government-owned, or listed as short sale or compromise sales throughout Norfolk, Virginia Beach, Portsmouth, Suffolk, and Chesapeake. If you want to know more about that, please contact me.

Here is a chart of List Prices -- Buy a home for less than $15,000! Find out what $1 Million will buy for a foreclosure in our area! The choices are there... Not to mention the other homes for sale by people who need a larger home, smaller home, or are relocating -- those homes are available too!

Data from Real Estate Information Network on November 12, 2008