Virginia foreclosures dropped 7.42% from July. As a results, Virginia dropped from ranking 10th nationally in foreclosure rate to 14th. Last month, we reported that Virginia’s foreclosure rate was 1.78 per 1000 in July. In August 2008, that number dropped to 1.65 per 1000 households.____________________________________
- Virginia Foreclosures Drop in August
As the CAAR blog pointed out this month, potential buyers should not jump to conclusions about the availability of funds to back their next mortgage. In my 20 years as a Charlottesville Realtor, I've seen many ups and downs - don't let the media discourage your hopes of finding your next home.
____________________________________There is a great deal of fear out there today regarding the financial crisis. Many potential buyers are under the impression that banks have no money to lend or that all the good mortgage deals are gone. Neither of these are true, but with all the bad news and election rhetoric, it is not surprising that people assume the worst. You probably know what is said about the word “assume.”
In reality, there is plenty of mortgage money available and there are some good deals and plenty of down payment assistance available. There is a catch…you have to have decent credit and you have to be able to prove your income. That may sound silly, but a large part of how we got into this mess is that the competition to lend money was so intense, a pulse was the main criteria needed to get a loan.
