There were 1,550 Virginia Beach foreclosure homes for sale with 333 new foreclosures in February 2010. The average selling price of a Virginia Beach home was $263,110 in February and the average foreclosure selling price was $193,305, a savings of $69,805, according to RealtyTrac.com.

Virginia Beach Foreclosure Activity and Home Price Index

Home price appreciation was 0.81% with 333 new foreclosures.

Virginia Beach foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or repossession notice – each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Virginia Beach Foreclosure Geographical Comparison

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For many reasons this is a good time for potential home buyers to purchase Virginia Beach real estate, and the large number of foreclosed homes available holds the promise of bargain prices.

Too good to be true? Perhaps. Buyers of foreclosed property, especially if it has been unoccupied and not maintained for some time, must be acutely aware of possible problems and trouble spots involved in such a sale and may have to realistically face some unpleasant facts. As Vince Mastronardi, president of On-Site Specialty Cleaning and Restoration, observes, “Buyers need to educate themselves about the potential pitfalls of purchasing distressed property. It’s not so much what damage occurred, but the sources of that damage and how long before the problem was addressed.”

A cautious buyer should look for signs which indicate that all is not well with a piece of Virginia Beach real estate.

1. The presence of mold. Once mold takes hold, it is almost impossible to get rid of. Look for places which have been excessively painted in an attempt to cover up mold.

2. Lack of heat for months in a home not properly winterized. Result? Burst pipes and water damage.

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There were 1,394 Virginia Beach foreclosure homes for sale with 316 new foreclosures in December 2009. The average selling price of a Virginia Beach home was $250,228 in December and the average foreclosure selling price was $224,827, a savings of $25,381, according to RealtyTrac.com.

Virginia Beach Foreclosure Activity and Home Price Index

Home price appreciation was 0.0% with 316 new foreclosures.

 
Virginia Beach foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or repossession notice – each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records. 

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There are 1,222 Virginia Beach foreclosure homes for sale with 229 new foreclosures in July 2009. The average selling price of a Virginia Beach home was $263,117 in July and the average foreclosure selling price was $237,746, a 10% savings of $25,432, according to RealtyTrac.com.

The estimated median value of a Virginia Beach home was $234,234, down 7.01 percent from July 2008.

Virginia Beach Foreclosure Activity and Home Price Index

Virginia Beach foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or repossession notice – each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

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There were 1,262 Virginia Beach foreclosure homes for sale with 254 new foreclosures in May 2009, down for the April 2009 high of 300 new foreclosed homes. The average foreclosure selling price was $219,965. The estimated median value of a Virginia Beach home is $233,108, down 7.01 percent from May 2008, according to RealtyTrac.com.

Virginia Beach Foreclosure Activity and Home Price Index

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