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

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

Virginia Beach foreclosure activity is lower 0.10% lower than national statistics and 0.01% lower than Virginia statistics.

Virginia Beach Foreclosure Activity by Month

The number of Bank-Owned fell by more than half in May. The number of Auctions increased slightly however, which is a precursor to the Bank taking over a foreclosed property. This means will will be seeing a larger number of foreclosures in the coming months.

Are you or someone you know behind on your mortgage payments and facing a Virginia Beach foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE). Give me a call for a private consultation.