One Million New Foreclosures Filed in 2009

Posted by Carolyn A. Capalbo on Monday, June 1st, 2009 at 8:51pm.

That's an alarming number.  What does this mean to me and my neighborhood?  While this is a national number, this could impact our local communities greatly.  With over 12% of all mortgages in the US currently delinquent, and foreclosures are happening at a rate of one every 13 seconds, homeowners need to be concerned about another potential shift in market values.  In our area of Northern Virginia, we have seen a recent shift from a Buyer's market to a Seller's market.  Multiple offers and escalating prices have dominated our marketplace over the past 90 days.  Will an increase in foreclosure inventory be met with an available, ready, willing and able Buyer Pool?  That is the question.  Let me know what you think...Carolyn

Carolyn Capalbo,
Northern Virginia REALTOR®

 

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