Walker’s Wholesale Houses

Buy Richmond Virginia Foreclosures

Foreclosures in Richmond and Virginia are at an all time high.

In the Richmond market, foreclosed properties dominate the MLS and thousands of pre foreclosures in Richmond VA are in process.

To buy a Richmond Virginia foreclosure, you could spend hours scanning the MLS for REOs, spending thousands of dollars advertising for sellers in pre-foreclosure, or simply outsource it.

That is where we come in.

We find Richmond VA pre-foreclosures and people wanting to avoid foreclosure for you.

Learn of Richmond Virginia Foreclosures

Here is how you learn of Richmond VA Foreclosures

We find the property in pre-foreclosure in Richmond.

We email our wholesale buyers that we have a property in pre-foreclosure available to them.

You receive our email, open it and read about the pre-foreclosure in the Richmond area.

You call us to see the house.

You put down a non-refundable good faith deposit to secure your closing (unless I can’t deliver title).

You buy the property that is the foreclosure process in Virginia.

That is how you do it with a company like this.

Get Richmond VA Pre Foreclosures by Email

To get our emails, simply join our wholesale buyers list.  You can only get word of our deals by joining our list.

We buy and sell pre foreclosure in Richmond, Glen Allen, Louisa, Goochland, Hanover, Chesterfield, Petersburg, Colonial Heights, Chester, Hopewell, Henrico and throughout all of central Virginia.

EMILY C. DOOLEY TIMES-DISPATCH STAFF WRITER

Published: June 9, 2009

The Richmond region has lost more jobs than any other metro area in the state, an economist said yesterday.

From when employment — the number of jobs — peaked in the Richmond area in August 2007 through March 2009, the region lost 26,000 jobs. The job losses included thousands resulting from the bankruptcies of Circuit City Stores Inc., LandAmerica Financial Group Inc., and Qimonda AG.

. . . . .

Virginia also is doing better than the nation. From March 2008 to March 2009, Virginia employment fell by 2.4 percent. During that same period, employment fell by 3.5 percent nationwide, the report said.

. . . . .

Another study could bolster that belief. A June 5 study conducted by the Society for Human Resource Management said more workers are expected to find jobs in June compared with the previous six months.

The study is based on a monthly survey of human resources officials at manufacturing and service-sector companies.

via In Virginia, layoffs hit Richmond area hardest | Richmond Times-Dispatch.

ASSOCIATED PRESS

Published: May 27, 2009

WASHINGTON — A real estate group says sales of previously occupied homes rose modestly from March to April as buyers swooped in to take advantage of prices that were 15.4 percent below year-ago levels.

The National Association of Realtors said today that home sales rose 2.9 percent to an annual rate of 4.68 million last month, from a downwardly revised pace of 4.55 million in March.

The results slightly beat economists’ forecasts. Sales had been expected to rise to an annual pace of 4.66 million units, according to Thomson Reuters.

The median sales price plunged to $172,000, down from $201,300 in the same month last year. That was the second-largest drop on record after January, when prices fell 17.5 percent.

via April existing home sales rise 2.9 percent | Richmond Times-Dispatch.

From a May 20, 2009 Report:

Single-family home construction posted a modest rebound in April, raising hopes that the three-year slide in housing is leveling off. But a bulging supply of unsold homes, record levels of foreclosures and still-falling home prices suggest that a sustained recovery isn’t likely until next spring at the earliest.

The Commerce Department said yesterday that construction of homes and apartments fell 12.8 percent last month to a seasonally adjusted annual rate of 458,000 units. That’s the lowest pace on records going back a half-century.

Applications for new building permits dropped 3.3 percent to an annual rate of 494,000, also a record low.

All of last month’s weakness came in the volatile multifamily part of construction. By contrast, single-family construction and permits both rose, which economists took as a hopeful sign that this bigger sector of home construction is stabilizing.

. . .  . .

The government report yesterday showed that multifamily construction plunged 46.1 percent to an annual rate of 90,000 units after a 23 percent fall in March. Permits for multifamily construction dropped 19.9 percent to 121,000 units.

Analysts said apartment construction is being hurt by a glut of condominiums on the market and by tightening credit conditions for commercial real estate.

Construction of single-family homes rose 2.8 percent in April to an annual rate of 368,000. That followed a 0.3 percent gain in March and no change in February.

Building permits for single-family homes rose 3.6 percent to a rate of 373,000 last month.

via Housing slump could be near bottom | Richmond Times-Dispatch.

According to the quarterly Housing Opportunity Index compiled by the National Association of Home Builders and Wells Fargo Bank, housing affordability is reaching record levels in the US.  Nearly 73 percent of all homes sold in the first three months of 2009 considered affordable — the highest percentage ever reported by the 18-year-old index.  ”Affordable” means that a family making the national median household income of $64,000 must be able to devote no more than 28 percent of their income toward housing costs.

The most affordable major metropolitan areas and their median home prices are:  Indianapolis; Youngstown, Ohio; Akron, Ohio; Grand Rapids, Michigan; Syracuse, N.Y; Warren, Michigan;Cleveland; Buffalo, N.Y.; Toledo, Ohio; and Dayton, Ohio, with prices ranging from 78,000 to 119,000.

All real estate is local.  Here is a snippet from the May 20, 2009 Richmond Times Dispatch.  News on building permits and what new housing starts are happening.

RICHMOND VA Housing Market

In the Richmond area, there has been an increase in home sales but not much in home construction.

“Inventory levels are getting eaten up a little bit,” said Christopher Corrada, president of the Home Building Association of Richmond and vice president of East West Partners of Virginia Inc., a development firm in Midlothian.

“Even if the market is getting better, the biggest issue builders and developers face is they cannot get loans from banks. Banks are not lending on construction and development,” he said.

In Richmond area, 367 building permits were issued in the first quarter compared with 960 in the year-earlier period, a 62 percent year-over-year decline, according to Integra Realty Resources Richmond, a real estate research firm.

“We are still experiencing a continuing slowdown in the market,” said Tom Tyler, a senior analyst with Integra Realty.

Source: Housing slump could be near bottom | Richmond Times-Dispatch.

ASSOCIATED PRESS

Published: May 4, 2009

WASHINGTON — The National Association of Realtors says pending U.S. home sales rose from February to March as buyers took advantage of deeply discounted prices and low interest rates.

The real estate group today said its seasonally adjusted index of pending sales for previously occupied homes rose 3.2 percent to 84.6 in March. The index was 1.1 percent above last year’s levels and has risen for two straight months after hitting a record low in January.

The index, which started in 2001, tracks signed contracts to purchase existing homes. Typically there is a oneto two-month lag between a contract and a done deal, so the index is a barometer for future home sales.

via Pending home sales up 3.2 percent in March | Richmond Times-Dispatch.

Short sale vs. foreclosure – May. 8, 2009.  from CNNMoney.com

A. A short sale, in which you negotiate with the bank to sell your home for less than you owe on your mortgage, will have a dramatically negative affect on your credit.

A consumer who has been through a short sale could see a drop in her credit score of up to 200 points, essentially the same decrease as if the homeowner had gone into foreclosure, says John Ulzheimer, president of consumer education for Credit.com.

And like a foreclosure, the negative mark will pull down the score for seven years.

That said, if you’re underwater on your mortgage and you need to move, a short sale is a better option than foreclosure.

Going through foreclosure will make it very difficult for you to get a loan for at least three to five years; if you’ve done a short sale, you may be able to qualify for a new mortgage within two years.

Published: April 24, 2009

Home sales in Virginia — including the Richmond area — continue to fall along with housing prices, but signs are emerging that the worst could be over, according to a report released yesterday by the Virginia Association of Realtors.

In Virginia, the median price of a house, with half selling for more and half for less, was $223,221, down 14.1 percent from the year-earlier period, according to the Realtors’ report.

However, the price was up 7.8 percent from the October-to-December period of 2008, indicating that prices could have reached bottom, housing experts said.

Statewide sales in the first quarter dropped 7.1 from the previous quarter and 4.7 percent from a year ago.

In perspective, sales are down 61 percent from their peak in the third quarter of 2005.

In the Richmond area, sales fell 18.2 percent from a year ago. The median sales price dropped 11 percent to $198,702, according to the report.

The central Virginia report shows the average number of days a house spends on the market in the Richmond area fell from 81 in January to 72 in March.

Most houses sold in the Richmond area in the first quarter were in the $100,000 to $199,999 price range. The next popular price range was $200,000 to $299,999. Only six houses sold for $1 million or more.

Elsewhere in Virginia, Prince William County and Manassas — with the most foreclosures in the state in 2008 — recorded the sharpest increase in sales, up 75.9 percent in the first quarter from a year ago. Median sale prices there fell 37.2 percent to $167,452 — the largest percentage drop in the state.

Sales in Northern Virginia rose 17.5 percent from a year ago, and median sales prices fell 19.5 percent to $325,400, the highest price in the state.

via Hints of upturn evident in Va. home sales | Richmond Times-Dispatch.

The median price for a single-family house fell 14% to $169,000 in the first quarter from a year earlier, the National Association of Realtors reported.

The trade group said first-time home buyers accounted for half of all purchases in the quarter, and many of them zeroed in on foreclosed homes. That dragged down the median, the Realtors said.

The median price for the latest quarter is down 26% from a peak of $227,600 in the third quarter of 2005. The latest median price was down from a year earlier in 134 of the 152 metro areas included in the survey.

Source: U.S. Median House Price Declines 14% – WSJ.com.