Walter Grewe III, Realtor, SFR, A-REO Roanoke Homes and Real Estate

Roanoke, Va. Norwood Subdivision 3rd Quarter Update November 2010

Presenting the 3^rd Quarter 2010 Real Estate Report for Norwood. A free service provided by Long & Foster Roanoke North office and myself. This report is designed to keep you informed of the neighborhoods changing real estate market. If you would like a personalized evaluation of your home and its current market value you can contact me at 966-6234. Please feel free to share this report with friends, family or business associates.

I would encourage you to keep this report for future reference. I sincerely appreciate the opportunity to provide you with this snapshot of the real estate market in your neighborhood. At the Long & Foster North Roanoke office we strive to provide the very best in personal real estate service, along with the latest innovative marketing & technology.

Foreclosed homes offering great value and opportunities for 1st time home buyers

and move up buyers in Roanoke Virginia.

Foreclosure sales made up a larger percentage of all home sales in the Roanoke area during the second quarter of the year, compared with the same three months of 2009, according to a report this week by RealtyTrac, an online foreclosure tracking company.

In some cases, buyers are landing foreclosed homes for nearly one-quarter less than the typical average price. Typically these homes are in need of some repairs and many are lacking appliances, electrical fixtures, and need exterior maintenance performed.

Foreclosure home sales were 12.1 percent of all residential sales in the Roanoke Metropolitan Statistical Area during the second quarter of 2010. Foreclosure sales in the same three months of 2009 were only 5.1 percent of home sales, RealtyTrac reported.

There were 42 total foreclosure sales in the Roanoke region during the second quarter of this year, up from 33 in the same three months of 2009. The average price of a foreclosed home in the Roanoke area was $168,028, which is about 22 percent lower than the average price of a nonforeclosure residence, according to RealtyTrac.

HUD offers emergency loans to Virginia homeowners facing foreclosure.

The federal government is offering emergency loans to homeowners in Virginia who face foreclosure because they've lost income due to a job loss, underemployment or a medical condition.

Zero percent interest loans for up to $50,000 are available through the U.S. Department of Housing and Urban Development's Emergency Homeowners Loan Program to help homeowners with mortgage costs.

The agency said Tuesday that a borrower must be at least three months delinquent in mortgage payments and have lost at least 15 percent of their income to be eligible for a loan.

A borrower also must have been able to afford their mortgage payment before their income was reduced.

Borrowers who own a second home aren't eligible.

Online: U.S. Department of Housing and Urban Development: www.hud.gov

Welcome to the 2nd Annual Wine & Unwind Wine Festival at Lewis Gale Field Salem Memorial Ballpark, Salem Va.

The Salem-Roanoke County Chamber of Commerce Foundation is proud to announce the 2nd Annual Wine & Unwind Wine Festival in Salem, VA on October 23, 2010. The event will be held at Lewis Gale Field at Salem Memorial Ballpark showcasing the beautiful Blue Ridge Mountains' fall colors.

Come out and join local wineries and crafts vendors as they show off their latest creations. All proceeds from this event will support the Salem-Roanoke County Chamber of Commerce Foundation's scholarship fund and assist to retire the debt on the Carriage House in Longwood Park.

This is a rain or shine event where no pets or anyone under 21 will be admitted. For more information about the event as well as tickets, please visit www.s-rcchamber.org or call the Chamber office at 540-387-0267.