How’s the state of the real estate Industry? “Barbara Sgueglia finds it surprising Virginia Beach is at the top of Zillow’s quarterly research report on residential mortgages that are underwater,” this according to Inside Business The Hampton Roads Business Journal.
“We do have a fair number of short sales, but our economy is strong, and our real estate market is strong,” said Sgueglia.
A short sale is when all lien holders agree to accept less for the property than is owed.
State of the Real Estate Industry
In late 2011 and early 2012, 31 percent of homeowners with a mortgage were upside down. By fourth quarter 2017, that number dropped to 9.1 percent, representing 4.4 million people in the U.S. who owe more than their homes are worth.
Zillow’s report covers the largest 35 metro areas. Virginia Beach tops the list at 16.7 percent.
In other news of the real estate market, we received the latest confirmation that the US housing market appears to have recently hit a downward inflection point: according to the just-released July 2018 U.S. Foreclosure Market Report released by ATTOM Data Solutions, foreclosure starts in July increased by 1% from a year ago — the first year-over-year increase following 36 consecutive months of decreases.
Foreclosures rose from a year ago in 96 of the 219 metropolitan statistical areas, or 44% of the markets analyzed in the report; 33 of those areas posted their third straight monthly increase. A total of 30,187 U.S. properties started the foreclosure process for the first time in July, up 1 percent from the previous month and while the increase was less than 1% from a year ago, it marked the first annual increase in exactly 3 years.
State of the Real Estate Industry
Foreclosure didn’t just suddenly appear like a box of kittens on your doorstep. Like hurricanes, there are signs of approaching trouble, including:
- having difficulty paying the mortgage payment on time
- having very little savings for emergencies
- using credit cards to get to the next payday
- paying the minimum on your credit cards
- neglecting doctor and dental visits
- shrinking from the ring of the phone
- change in employment or change in debt to income ratio
If you see your family in that list, you may be facing possible foreclosure. Here are 7 Ways to Avoid Virginia Beach area foreclosure:
- Contact your lender and level with them.
- Don’t ignore your mail. Those first envelopes will contain helpful suggestions to get things under control. Then will come legal action. Ignoring those notices can cause you to lose everything.
- Know the Process of Foreclosure: If you miss a few mortgage payments, you are in default. Your mortgage servicer will probably send a letter or two reminding you to get caught up, as well as call you to try to collect the payments. When the lender issues a notice of default, and you will have not less than 30 days to cure the default.
Here are four more of the 7 ways to Avoid Virginia Beach, Norfolk and Chesapeake Area Foreclosure:
- Contact Professionals – Your banker does not want to own your house. When you come clean about your financial situation, he may be able to modify the loan, offer forbearance, or give you repayment options.
- Contact a credit counselor. The objective of most credit counseling is to help the creditor avoid bankruptcy, as well as provide basic education on financial management. Many counseling services also negotiate with creditors on behalf of the borrower to reduce interest rates and late fees.
- Contact a bankruptcy attorney. That sounds contrary to taking responsibility, but you need to know your options so you can make informed decisions.
- Contact a professional real estate investor. You may want to sell your home fast to get out of the problem or to save your credit rating. As investors, we can help homeowners out of just about any situation, no matter what! There are no fees, up-front costs, commissions, or anything else. Just the simple truth about your home and how we can help you sell it fast to resolve any situation.
In summary, recognize approaching trouble, contact your lender, and seek professional help.
Ask now for our FREE information about How to Sell Your House Fast.
I am Christian Dunlap and my company, ChristianBuysHouses.com, buys houses all across Hampton Roads, including Virginia Beach, Norfolk, Chesapeake and Portsmouth.
Give me a call today at 757-705-8812.
I will do my best to provide you with the fastest and fairest home selling solution you need.