RSSState of the Market – May 2010
Jul 11
Caroline County, City of Fredericksburg, King George County, Spotsylvania County free lance-star, king george county virginia, real estate market fredericksburg virginia, spotsylvania county virginia, stafford county virginia No Comments
Significant Change
For some reason, I neglected to give you my update on the real estate market for the Fredericksburg Virginia area; this encompasses the City of Fredericksburg, Caroline County, Spotsylvania County, King George County and Stafford County.
For months “short sales” and foreclosures accounted for nearly 50% of the sales in our area. In May they accounted for 36% of the total real estate sales.
This is certainly good news. Hopefully, the percentage will continue to decrease. There are many, however, who have written that there are millions of homeowners who are in serious default on their monthly mortgage payments. Apparently, it is only a matter of time before mortgage holders initiate foreclosure proceedings. You may want to check the Free Lance-Star classified to see how many foreclosures take place each week. This may be a good indication of things to come.
Remember now, I am writing this post after I wrote the one describing the June 2010 market.