Nearly one fifth or 19% of mortgaged residential property in the Richmond, VA market are underwater...meaning the home is worth less than what is owed on the property should the property sell today!
As long as foreclosures continue to saturate areas of our market, property values will continue to decline...however in certain areas of Richmond, we are seeing an uptick of activity and values seem to be bottoming out if they have not already.
Richmond as a whole is better off than the nationwide statistics, and our historically strong markets are head and shoulders above nation averages...I believe we are on the road to recovery and with interest rates still at rock bottom rates, this is the time to buy while home prices are as depressed as they might get!!!
http://www2.timesdispatch.com/business/2011/jun/09/tdbiz01-nearly-19-percent-of-mortgaged-properties--ar-1095415/
Friday, June 10, 2011
Lot's of Negative Equity in the 804
Posted by pmgee84 at 8:09 AM
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