September 3, 2010
Foreclosure Friday Flash September 3 2010
Ah, history. I thought we’d have a little history lesson this week in Foreclosure Friday Flash. So often we just drive by things and never understand the significance of an area or why it developed in the first place. If you want to learn more about my pick this week and the Westhampton area, then stop by my open house on Sunday, 9/5 from 2 – 5 PM.
My Hollywood Quiz this week is a lay down. I expect multiple answers as quickly as anyone views the video. Can you be first? Don’t forget I need the actor, the role, and the movie to win the Starbucks gift certificate.
I continue to be so grateful to anyone who raises their hand and let’s me know exactly what they’re seeking. Again, this week I had a few more folks who contacted me and asked for help. Remember I am out there every day looking at foreclosures. As many have discovered, they can mention a property to me that they are interested in and I can rattle off everything about it. Why? Because I have seen it. You know as well as I do the only information you typically get on these FORECLOSURES is the price and the address, which means nothing. Work with someone who spends his days and efforts in seeing everything on the Foreclosure Market.
If you’re interested in receiving Bank Owned Weekly, then click on the appropriate link – West End, Glen Allen, or Midlothian. When you sign up for Bank Owned Weekly, you will also receive Foreclosure Friday Flash delivered to your inbox every Friday.
Don’t forget my Open House o Sunday. You might want to park at the Wachovia Bank at the corner of Grove and Libbie. See you then!
Enjoy your Monday Holiday!
Whew, I am glad all is right with the world now and I am current on posting West End home sales. I continue to be very busy, which is great problem to have in this market. The problem is while I am busy, it is not productive. Buyers are still out there, but making them pull the trigger is a different story. Everyone wants the “slam dunk” deal. Yes, they extraordinary deals are out there, but the ballgame can just as easily been won with lots of doubles and singles as opposed to the home run. Here are the sales for the West End in July.
2 down 1 to go. Here are June numbers. Now the interesting trend to watch will be whether the 2nd half of ‘10 will be able to match the 1st half. My guess is no, unless there is a real confidence shift in this country.
I know I haven’t posted West End sales for the months of May, June and July. I find myself with some extra time this a.m. so I thought I’d rectified that problem. Note how in May and June there is a spike in the number of sales. Just one more indicator of the effects of the $8,000 Tax Credit for 1st Time Home Buyers that initially had to settle before 6/30/10.
So now we’ve got a real dilemma. Will sales in ‘10 at least keep pace with ‘09 sales or will ‘10 be the 4th year of declining home sales for Richmond? You all know that I am the eternal optimist so I my projection is ‘10 will keep pace with ‘09, but it won’t be much of a gain. This country needs some CONFIDENCE; and with an approaching election, I think we’ll hear plenty of lip service. The most compelling factor currently aiding Real Estate is the mortgage rate, which is lower than I have ever seen. Even if prices decline more, you’ll not be able to duplicate the current available payments should rates rise. And rates will rise. If I were to guess when, I’d put it at right after the election
Yikes!!! Was pretty scary this morning, when I was looking at the number of closed sales for July versus the closed sales we just had in June. Some areas saw a 50 % drop in those numbers. Is anyone now doubting what I have been saying about the market was driven by the $8,000 Tax Credit for 1st Time Buyers? There is some good news. The $ per square foot cost was very stable, which means home prices were stable. Days on market was consistent, too. Another good sign. Here’s the snapshot for July 2010;