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."
Wednesday, April 16 2014 6:00 PM EDT2014-04-16 22:00:28 GMT
A Mount Tabor reservoir that holds Portland's drinking water has been taken offline out of fear that a group of trespassers urinated in it. Five people were seen at Mount Tabor Park around 1 a.m. Wednesday.More >>
A Mount Tabor reservoir that holds Portland's drinking water has been taken offline after a teenager urinated in the reservoir. More >>
Thursday, April 17 2014 4:43 PM EDT2014-04-17 20:43:50 GMT
Officials with the VA Medical Center in downtown Charleston say a North Charleston man who was initially federally charged with a $525 fine for an $.89 drink refill will instead be given a warning.More >>
Officials with the VA Medical Center in downtown Charleston say a North Charleston man who was initially federally charged with a $525 fine for an $.89 drink refill will instead be given a warning. More >>