Negative Equity Rampant in the 804

A recent study by CoreLogic revealed nearly a quarter of Richmond area homeowners were underwater in their mortgages, meaning they owe more on their property than what the home is worth in today's market.

Many Richmonder's who bought their home during the real estate height (between 2004 & 2007) have little to no equity today. This bubble burst combined with sporadic predatory lending practices during that period, have caused an influx of short sale and foreclosure inventory.

If you are in the market to buy, this is the time to do it while interest rates are historically low and home values are depressed during this real estate pandemic. If you don't have to sell, DON'T! If you do have to sell because you are being relocated, you cannot afford to stay in your home, etc. you need a dedicated real estate professional to get the job done, now more than ever!

Please do not hesitate to contact me if I can be of service in any capacity...


http://www2.timesdispatch.com/business/business/2011/sep/14/under-water-mortgages-mount-in-richmond-area-ar-1307266/