Today’s online and print versions of the Daily Press newspaper show a still astonishingly high number of public notices for property mortgage foreclosures. http://classifieds.dailypress.com/classifieds?category=public_notice
I am a bit confounded as thought I recalled the President indicating during his State of the Union Address last month that his economic recovery plan was working. There is similarly positive indices posted at the various National Associate of Home Builders websites. http://eyeonhousing.wordpress.com/ and http://www.nahb.org/default.aspx . Apparently, news of the recovery in progress has not yet reached my community’s housing market.
Today’s 30-year fixed rate are still hovering just over the all-time lowest rates at 4.00%. http://www.bankrate.com/mortgage.aspx
So why are so many people here still going facing foreclosure when there is a chance to save the property by doing a refinance to a much more affordable rate? There could be a number of reasons. Maybe they are unemployed. Maybe the appraised value of the property has plummeted and they are very much upside down. Regardless, if one small metropolitan service area such as the lower Peninsula of the Hampton Roads area of Virginia (Cities of Newport News, Hampton, Poquoson, Williamsburg, and counties of York and Gloucester) has 128 published foreclosure notices then clearly the economy is not yet on the road to recovery.
Call me confused and dumbfounded. Or better yet a skeptic. I am that same guy who also thinks the stock markets are oversold and headed for a steep decline. But that’s another post for another day.
Living in America 