NAR’s Yun on Foreclosures

Foreclosures Dipping Nationwide

Foreclosures are dipping as the number of homeowners on the brink of losing their homes dipped in October, the third straight monthly decline, as foreclosure-prevention programs helped more borrowers.

As an example foreclosure filings in Virginia fell 16 percent from a year ago, RealtyTrac Inc. said today. Also, the filings were down 4.7 percent from September. Those declines could indicate that the problem in the state may be easing.

In Virginia, 5,484 households, or one in every 597 homes, were in some stage of foreclosure activity in October, according to RealtyTrac.

The state was ranked with 19th-highest foreclosure rate in the country. We are seeing lower foreclosure rates nationwide.

Positive Real Estate News Weekly Wrap Up

• Zillows 4th QTR Confidence Survey found that  when asked what the near future will bring for their homes, most homeowners expressed optimism, and appear to believe that the worst may be over. According to the survey, more than two-thirds (70 percent) of homeowners believe their home’s value will either increase or stay the same in the first six months of 2009. Only 30 percent believe it will decrease.
• January foreclosure filings decreased 10 percent in January 2009, according to RealtyTrac.
• The largest sales gain in the fourth quarter from a year earlier was in Nevada, up 133.7 percent, followed by California which rose 84.7 percent, Arizona, up 42.6 percent, and Florida with a 12.5 percent increase.”