by Dell Claiborne
I’m hearing less in the news about foreclosures. Have I missed the boat on finding one?
Great question! The answer is no. There are lots of foreclosures currently on the market and in the upcoming year, more properties will go into foreclosure. A large number of Adjustable Rate Mortgages and Interest Only Mortgages will adjust which potentially could cause many more homeowners to be unable to continue to pay their mortgages and result in an increase in the number of bank-owned foreclosures. According to a search performed in the Central Virginia Regional Multiple Listing Service (cvrmls), there are over 300 homes for sale in this area that are currently owned by banks because of foreclosure. These homes range in list price from $11,000 to $999,000. So there is still a great chance that you will be able to find an affordable foreclosure home. I also want to remind you that the deadline for qualifying for the $8000 First-time Homebuyer Tax Credit is April 30. So as always, remember that now is still a great time to buy.