Thursday, March 11, 2010
Foreclosure rates stabilize in Roanoke region
Foreclosure activity in this area remains relatively low, compared with the state and nation.
The latest from The Ticker blog
Foreclosure filings for the Roanoke Metropolitan Statistical Area declined last month for the first time in more than a year, compared with the prior year.
There were 112 foreclosure filings in February, down 19 percent from 138 in February 2009, according to RealtyTrac.
Still, foreclosure activity for the Roanoke MSA rose slightly last month, from 108 filings in January. And from one area real estate agent's perspective, foreclosure filings are as brisk as ever.
Listings for area homes lost to foreclosure have increased substantially so far this month, said Angela Batey, an agent for Gracious Living Realty in Roanoke.
Buying activity for many lender-owned homes is in full swing, after the snowy winter months slowed sales, she said.
Meanwhile, in the New River Valley, foreclosure filings increased to 20 in February, from 11 during the same month of 2009, according to RealtyTrac. But last month's filings were down from 31 in January for the Blacksburg-Christiansburg-Radford MSA.
Foreclosure activity in the Roanoke and New River valleys remains relatively low, compared with other parts of the state and nation.
Last month, there was one filing for every 1,252 households in the Roanoke MSA. Also, there was one filing for every 3,425 households in the Blacksburg-Christiansburg-Radford MSA, reported RealtyTrac.
Lower foreclosure filings last month may be the result of a delay in processing. Some banks put off the foreclosure process in December because of the holiday season, said Bob Rouse, an agent with Young Realty Co. in Salem, who lists and sells lender-owned properties. Some still are catching up with the workload in the early months of this year, he said.
Nationally, RealtyTrac said that the number of U.S. households facing foreclosure in February grew 6 percent from the year-ago level, the smallest annual increase in four years.
Still, fears remain about the hundreds of thousands of homeowners who are still being evaluated for help under loan modification programs. Many analysts say most of those borrowers will eventually lose their homes, sparking a new round of foreclosures later this year.
The Associated Press contributed to this report.
