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Old 10-09-2009, 08:59 PM
 
239 posts, read 574,497 times
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It was on the CBS News, tonight. If half of the mods will still default, doesn't that mean we are losing ground? So many "leading lives of quiet desperation." Henry David Thoreau........
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Old 10-10-2009, 06:57 AM
 
Location: Home is where the heart is
15,400 posts, read 25,776,806 times
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What's going on in the rest of the country isn't really what's going on here. Last night Channel 8 reported enrollment in Prince William Public Schools rose by more than 1,000 students this year.

Now in most parts of the country, foreclosures mean that people move away and school enrollment goes down. But not here! What's happening here is people are snapping up those homes and families are moving into PWC in droves. PWC school system had to hire a bunch of teachers this year.
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Old 10-10-2009, 09:50 AM
 
Location: Home is where the heart is
15,400 posts, read 25,776,806 times
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Getting back to the subject of foreclosures.... the news report specifically said the reason PWC schools was hiring teachers had to do with the high number of people buying foreclosed houses in the county. Home prices are high in Nova, so foreclosures have been a golden opportunity for people of all races who have not been able to buy a home before now.
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Old 10-10-2009, 11:06 AM
 
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I would agree with normie here. Are there foreclosures in this area? Sure, particularly down in Prince William County. But I share her observation that most of those homes are being snapped up pretty quickly. Another testament to the resilient job market here.
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Old 10-10-2009, 12:23 PM
 
Location: Falls Church, VA
722 posts, read 1,751,852 times
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Totally. Last year, after listening to an NPR report about foreclosures and the dire housing market, my husband and I got totally excited to think that we might actually be able to buy something in this market. Ha! Everything in our (admittedly low) price range got snapped up before we even had a chance to look at it. And this was before the "recovery" even began.

I still fear for housing markets in other parts of the country, but I'm starting to believe that we would have to suffer a truly apocalyptic event for the NoVA market to feel the pinch.
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Old 10-10-2009, 02:04 PM
 
7,903 posts, read 7,238,587 times
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" If half of the mods will still default, doesn't that mean we are losing ground?"

The loans are defaulting but the lenders aren't moving to foreclose on the borrowers and take over the property to sell them off. There's a large backlog of foreclosures being held back from the market. The inventory backlog may be as high as 7 million homes.

On the other hand, a lot of the new FHA loans are the same kind of crap nothing-down sub-600 credit rating loans that were made during the bubble. As a result, 1 in 4 of new loans in the last year are already in default.
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Old 10-10-2009, 02:07 PM
 
Location: Virginia
18,717 posts, read 26,828,884 times
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Quote:
Originally Posted by athousandlogins View Post
Totally. Last year, after listening to an NPR report about foreclosures and the dire housing market, my husband and I got totally excited to think that we might actually be able to buy something in this market. Ha! Everything in our (admittedly low) price range got snapped up before we even had a chance to look at it. And this was before the "recovery" even began.
Connections Newspapers just published an article on foreclosures saying the same thing. Check out this quote:

Talk around Sterling Park is that "all" the available homes have now been sold indicating that the "buyers market" of recent years, with few actual buyers, may be turning into a "sellers market" again.

A drive around Sterling Park corroborates the talk. Although homes with "foreclosure" or "for sale" signs in their yards in late 2007 and through last year appeared common, an informal drive-by of hundreds of homes along six or seven miles of Sterling Park residential streets last Friday found only two homes with "for sale" signs, and no "foreclosure" signs.


Real Estate Market Looking Up (http://www.connectionnewspapers.com/article.asp?article=333701&paper=83&cat=104 - broken link)
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Old 10-10-2009, 04:52 PM
 
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For every home listed on the market in Sterling zip 20164, there are 3.5 times that number that are bank-owned and many more that have yet to go to foreclosure. You have to look at more than just listings, sales, and contracts.
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