Homes By The Numbers
March 13th, 2009 categories: Market Trends, Real Estate News, Relocating
Our local newspaper, the Free Lance Star (FLS), provided us with housing figures this week. First, on Wednesday, it reported the median sales price for the Fredericksburg area had fallen to the lowest level since April, 2003. February sales figures indicated the median sales price dropped to $190,000. RealtyTrac provides current tracking data for foreclosure properties nationwide. Below is a snapshot of the latest picture of Virginia foreclosures.
Yesterday, the FLS followed up with news that Spotsylvania was #1 last month. First in Virginia in the rate of foreclosures, by county. Again, the figures were drawn from RealtyTrac. As the article reported, Stafford County wasn’t far behind, finishing fourth in the state’s foreclosure rate.
While many see the foreclosure numbers as bad news, for those in the market to purchase a home, the news couldn’t be more welcome. There are a couple of obvious attractions for buyers:
1) Coupled with low mortgage rates, depressed home prices provide a market ripe for the picking.
2) For first time homebuyers ( to qualify for “first time” status, you only need not to have owned a principal residence for three years before buying a house), you also benefit from the recent stimulus package’s first time homebuyer’s tax credit.
According to the Metropolitan Regional Information Systems sales data, Spotsylvania home sales increased approximately 40 percent from January to February of this year. Some of the increase may be attributed to the move towards the traditional Spring buying season. But, an increase in the number of foreclosed homes, and the lower prices that accompany them, contributed as well.
While many lenders have taken steps to halt foreclosures, according to RealtyTrac, the number of U.S. homes threatened with losing their homes rose 30 percent in February from last year’s levels. So, from all appearances, it doesn’t appear as if our economic Humpty Dumpty will find himself in one piece anytime soon. And, while buyers may not feel home sellers’ pain, they can certainly benefit from it.
