Local spike in foreclosures, says report - NBC12 - WWBT - Richmond, VA News On Your Side

Foreclosures up 21% in Richmond area, says report


Foreclosures are on the rise in the Richmond area, up 21% in just a month according to a new report released by RealtyTrac.

Experts are paying close attention to the information, because the health of the housing market has often been an indicator of overall economic health. For months, the housing market has appeared to improve

Experts from the study say sequestration could be to blame. Other experts we spoke to say decreased stimulus spending could be an explanation. Or even something as simple as banks working through federal regulations, only to get back to foreclosures.

Economist David Brat with Randolph Macon College says the housing market is a huge indicator of how the rest of the economy is doing. So, for experts, this "red flag" mans they'll need to look closer at everything else.

"When you get one of these go off, it makes you look at the other 10 with a magnifying glass," said Brat. "And just make sure you're examining them in detail."

For example, considering things like employment and manufacturing.  

"There's been no other variables that are just tanking," said Brat. "They're all just kind of going along sub-par. They're not what they want. But this, this is a signal that wakes everybody up again and says ok let's make sure the consumer is ok."

Here's a look at the report if you're interested: http://www.realtytrac.com/content/foreclosure-market-report/september-and-q3-2013-us-foreclosure-market-report-7899

And here's some data collected locally in our area:

http://ftpcontent4.worldnow.com/wwbt/XLSX/Q3 2013 County Level Comparison - VIRGINIA.xls
http://ftpcontent4.worldnow.com/wwbt/XLSX/Q3 2013 MSA Comparison - Richmond VA.XLS
http://ftpcontent4.worldnow.com/wwbt/XLSX/Sep 2013 - VA Counties.xls
http://ftpcontent4.worldnow.com/wwbt/XLSX/Sep 2013 Richmond Times-Dispatch - Richmond MSA.XLS

You can also check this information out for trends across the nation: http://www.realtytrac.com/content/foreclosure-market-report/september-and-q3-2013-us-foreclosure-market-report-7899


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