Foreclosures declining?

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The news in the past week has been a mixed bag.  I’ve read that foreclosures are declining.  For the first quarter of this year, Virginia’s foreclosure rate on subprime loans was 9.4% compared to the national average of 13.7%.  Will this trend continue or is it the calm before the next wave of defaults?

I am seeing a decrease in the amount of orders for Broker Price Opinions (BPO’s).   I’m not quite sure how to interpret that.  Does it mean we have less refinancing going on or does it mean the foreclosures are slowing.

I’m  seeing many  of the pundits of the financial world declaring we’ve seen the bottom of this economic downturn.   Warren Buffett and George Soros have both come out with statements that the economy will be improving.  I was at a presentation about 6 weeks ago given by tThe CEO of EXIT Realty, Steve Morris.  His prediction was that we had seen the bottom and the news would start coming out, looks like he was right.  He also predicted that the fourth quarter of this year will see in a strong real estate market.

I hope they are right!

Troy Deierling, RDCPro, ABRM, Realtor
REO – BPO Division
EXIT Realty Deierling & Assoc.
Williamsburg, VA
|email| troy@ExitRealtyDA.com
|mobile| (757) 715-4793
|web| www.REOHamptonVA.com
|web| www.RealEstateWilliamsburg.com
|web| www.WilliamsburgBroker.com

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