Virginia is Not Just for Lovers, Virginia is Also for Foreclosure Purchases
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According to Governor Bob McDonnell, Virginia’s economy is on the mend. This means that now is the perfect time to invest in a foreclosed home in this beautiful state. State revenues have been increasing steadily since February 2011, which means that Virginia’s economic status is one of the strongest in the nation.
Unemployment in the state has dropped below 7 percent, the lowest it has ever been since 2009. State revenue is expected to continue to grow as Virginia’s airports and cruise terminals pump billions of dollars into the state’s coffers. Virginia has survived well in even these difficult economic times, making Virginia foreclosures some of the hottest homes on the market.
This month, Virginia’s steady economic recovery has led to a decrease in the number of foreclosure homes available. In cities such as Richmond, Stafford, Virginia Beach and Springfield, there are less foreclosed houses listed now than there have ever been in the last three years.
Suffolk foreclosures have also decreased. In fact, foreclosure prices have recently risen in a few Virginia cities. Foreclosed home prices vary according to the style and size of the homes, but Richmond single-family homes can be purchased for as low as $53,000. With the upturn in Virginia’s economy, these prices are expected to continue to rise.
The price of foreclosures in Stafford dropped almost 27% between the months of July and August. The number of Virginia Beach foreclosures also decreased by 7.1429% during these months; most likely due to the decrease in unemployment. Foreclosed homes for sale in Suffolk, Virginia have also decreased sharply.
New foreclosures in Suffolk are down 13.6364% since July. The average purchasing price of a foreclosed home in Suffolk, Virginia ranges from $80,000 to about $212,000.Virginia’s foreclosed homes are really beginning to look like excellent investments. Richmond and Springfield have begun to prosper with foreclosures decreasing approximately by about 7% in Richmond and almost 5% in Springfield.
In recent news, Virginia’s earthquake is taking up most of the space in the newspapers. The recent earthquake’s 4.5 aftershocks have not caused any significant problems, thankfully, for infrastructure or health care in the state. Hurricane Irene is also threatening Virginia.
The storm is expected to make landfall in eastern North Carolina and then continue on to Virginia. State officials are beginning to ready the bridges and roads for evacuation, if the need should arise for the state to do so. In lighter news, Virginia foreclosures are not rocking the state as much as the weather has been. Now is definitely the time to invest in Virginia.
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