foreclosure: Richmond VA REO/Foreclosure Stats Vol 6 - 04/11/09 05:33 PM
Richmond's News headlines have been encouraging and local agents have been reporting upticks in offers, contracts and buyer traffic.  This is all great news.  I have heard of bidding wars and one broker I know got a full price offer the first day a property hit the market.  Priced right, yes-- but also proof of higher buyer confidence.
I got 2 houses under contract this week that had not met seller reserve at auctions last month.  So, April's volume is off to a good start of over $1.1 mil already with 3 more auctions on the schedule over the next 10 … (0 comments)

foreclosure: Richmond VA REO/Foreclosure Stats 2009 Vol 5 - 04/05/09 06:58 PM
Well... hmmmmm the Richmond area property transfers are VERY telling !  Saturday, April 4th's publication of area property transfers show that 44% of all transactions involved a bank as buyer or seller !!  YUP... that's right... FORTY-FOUR percent!  this is a whopping increase from the 19-24% range of the past 6 weeks.
There is lag time in the reporting so I am guessing that these transactions closed in late Feb to early March... showing a definite proclivity for banks to foreclose and buyers to choose to buy the foreclosures that are out on the market to get the best deals.  This … (0 comments)

foreclosure: Auctions and other Trends Virginia - 03/23/09 05:53 PM
Well I have made many observations since my last blog and have been blogging in my head for days but just now getting the chance to put the fingers on the keyboard....
observations in / around Richmond VA
Henrico Co, Verizon, Fort Lee and others have all announced they are hiring Foreclosure notices have dwindled this week-- they were filling 2 1/2 newspaper pages and have been one page, or a page and a half all week-- don't know if a second wave is coming but the current decline is encouraging News has been full of residential developments getting approved-- in Richmond, … (0 comments)

foreclosure: Richmond VA REO/Foreclosure Stats Vol 4 - 03/15/09 02:27 PM
This week's property transfer records show another decline (2nd week in a row) of about 2%.  Transactions involving a bank as buyer or seller are 81 out of 392 total reported transactions for 20.66%, about 3.5% better than the high of 24% on Feb. 28th.
This is good news for John and Jane Q. Public private sellers;  as the discounted inventory clears out, their house has a better chance of getting an offer.  This offer will still be less than they are hoping for, but when the market speaks, they must listen if they really, truly need to sell.
Period to date … (0 comments)

foreclosure: Richmond VA REO/Foreclosure Stats 2009 Vol 3 - 03/07/09 03:50 PM
this week's talley of property transfers involving a bank as either buyer OR seller (foreclosure or REO sale) comes to 22.4% of the total, (52 out of 232)-- a slight decline over last week's high of 24%.
So, for the 5 weeks that I have been tabulating this, the Richmond area, (including surrounding counties of Henrico, Chesterfield, Hanover, Petersbur. Powhatan, Goochland, Dinwiddie, Colonial Heights, Hopewell, New Kent, Prince George, Charles City, Amelia, Chester, Caroline, Cumberland, King & Queen, King William, Louisa and Sussex) is at
1849 property transfers   2/7-3/7 2009
349 transactions involved a bank on one side   19%
If anyone … (0 comments)

foreclosure: Richmond VA REO/Foreclosure Stats volume 2 2009 - 02/28/09 08:20 PM
A very interesting trend!  The property transfers this week in the Richmond VA metro area/surrounding counties reflects that 24% of all transactions involve a financial institution as either buyer or seller, indicating either a foreclosure sale or REO sale.  This is a SIGNIFICANT increase over the past 3 weeks' closings which averaged 15.5%.  (see my blog 2/15/09)
Out of 400 transactions closed, 96 involved a bank on one side or the other.  One quarter of all sales activity!  That is HUGE.  My feeling is, the more the better because it's clearing out the backlogged discounted inventory and the sooner they are gone … (0 comments)

foreclosure: Richmond VA Foreclosure/REO Stats - 02/15/09 08:08 AM
Happy Sunday!   Every Saturday, the Richmond Times Dispatch lists property transfers that have closed in and around the area.  For the past 2 weeks , I have tabulated these statistics from those transactions.
Total property transfers listed -                                                                       788
Total transactions where a bank was buyer OR seller (foreclosure or REO sale)      122
Percentage of bank involved sales -                                                                 15.5%
We'll keep an eye on this and see if it seems to be getting better or worse.  Of course, these closings relate to sales contracts that would have been made in Nov or Dec of 2008, assuming 30 to 60 day … (0 comments)

 
Linda Staples Terry (Tranzon Fox Auctions)

Linda Staples Terry

Richmond, VA

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