Foreclosures Help Needed in Some Virginia Markets

Foreclosures Help Needed in Some Virginia Markets

Some areas of Virginia are still in need offoreclosures help programs as 2010 ended on a low note for these areas' housing markets. Prices of residential properties declined by a huge margin between last year and 2009, including in several local markets of the state of Virginia.

Foreclosures in Richmond and in other areas of the region maintained their high levels last year. However, Clear Capital's Home Data Index showed that it was the Virginia Beach-Norfolk-Newport News region that fared the worst among all Virginia markets in 2010 in terms of housing prices. The index report showed that prices of residences in the area declined by 10.3% last year compared with 2009 levels. For this year, prices are projected to drop a further 12.8% in the area.

According to housing industry analysts, the drop in prices is mainly due to the huge supplies ofVirginia foreclosed homes, which are often sold at bargain prices, resulting in other residential property segments also lowering their asking rates in an effort to compete with these properties. The high unemployment rate of the whole U.S. is also being cited as a major factor that can drag the prices of houses down even further this year.

Analysts stated that, although signs of industry and economic recovery are being seen in most areas of the U.S., foreclosures help initiatives are still needed in areas like Virginia Beach as the foreclosure crisis is far from over in most of these regions. The Clear Capital report predicted that, overall, housing prices in the country will likely decline another 3.7% in 2011.

Industry analysts have stated, however, that the drop in prices, including those forforeclosure properties, will be gradual and steadier than last year. They stated that 2011 prices will not fluctuate like the previous year, when the tax credit program of the federal government resulted in prices rising during the first half by around 10% and declining by 9% by the second half.

Housing experts also stated that foreclosures help programs will be necessary in some areas, while others will continue to improve. For the rest of 2011, experts predict an uneven recovery across regions, with states that have high foreclosed property supplies and high unemployment rates likely to remain behind as other regions surge ahead.

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