Rates of lis pendens foreclosures recorded in Virginia areas of Pittsylvania County and Danville jumped for the initial six months of 2010. Housing market statistics showed Danville recording a 16.8% foreclosure rate increase from January to June 2010 when compared with the same period of 2009.
The number of foreclosed homes for sale in Virginia Beach, VA, along with other areas of the state, was on the upsurge during the first six months of 2010. In Pittsylvania County, an increase of 26.2% in foreclosure filings during the first half of the year was recorded when compared to the first six months of 2009.
However, when per month increase of Virginia foreclosure homes is the focus, both areas recorded significant declines. Danville had a 6.9% drop in terms of filings between May and June 2010, while Pittsylvania's foreclosure filing numbers dropped by 70% from May to June 2010.
People buying foreclosed properties for sale will find that both local areas did better compared with the whole state and the whole U.S. The first half of the year saw Danville having one household for every 120 residences receiving a filing, while Pittsylvania had one household for every 364 receiving a notice or a filing during the same six-month period.
Lis pendens foreclosures recorded in the state of Virginia recorded a ratio of one household for every 110 residences during the first half of the current year, while nationwide ratio was at one household for every 78 dwellings for the said period. This shows that Pittsylvania and Danville performed relatively better than both the U.S. and the whole state of Virginia.
However, analysts stated that whatever level of stability these areas' housing markets have achieved, such stability is fragile and true recovery can only happen if unemployment rates decline significantly. They further added that foreclosure mitigation efforts from the federal government are just there to delay foreclosures, but not to solve them.
Real estate experts are predicting that prices of homes will continue to drop in the next six months until the job market attains a certain level of stability. Meanwhile, local agencies in Virginia are launching several programs to help homeowners who are facing potential lis pendens foreclosures.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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