A report from the Virginia Pilot. “For the first two months of this year, the number of Hampton Roads individuals trying to hold onto a home or other major asset by means of a Chapter 13 bankruptcy jumped 84 percent to 373 from slightly more than 200 for the same period last year, according to the U.S. Bankruptcy Court’s Eastern District of Virginia.” (Click on link for full article)
The News Journal from Delaware. “Delaware real estate agents are scratching their heads about a report that mortgage insurers have marked Kent County as a ‘distressed or declining’ market and have tightened standards for insuring home loans there.”
“‘It’s very confusing,’ said Ann G. Riley, president of Wilmington-based Gilpin Mortgage. ‘We read it and said, ‘That’s news to us.’”
“‘That conjures up a picture of nothing going under contract, nothing selling at all,’ said Cynthia Witt of Woodburn Realty Company in Dover. ‘I don’t see it that way.’”
“Based on the 335 deeds she collected in January and February, the median home price in Kent County so far this year is about $233,000, down from $239,900 in 2007. ‘Based on that, it has gone down a trifle. But the problem with looking at Kent County is the amount of data is so small, you can see some false trends,’ Witt said.”
The Daily Times from Maryland. “The Hagerstown metropolitan area is Maryland’s fastest growing, according to new data from the U.S. Census Bureau. However, Washington County Planning Director Michael Thompson said development has declined since the census analysis.” (Click on link for full article)The New York Times from Maryland. “The foreclosure crisis has been hard on counselors, and some veterans are burning out, said Lisa R. Evans, deputy director of St. Ambrose Housing Aid Center Inc., Baltimore’s oldest nonprofit housing group.” (Click on link for full article)
The Morning Call from Pennsylvania. “The number of homes sold at sheriff’s sales in Northampton County more than doubled to 99 properties during the first three months of the year, according to the county’s sheriff department, which handles the sales.” “In Lehigh County, 94 homes sold at sheriff’s sale in January, February and March, nearly double the number in 2007.” (Click on link for full article)
The Daily Local from Pennsylvania. “‘Existing home sales are down in the Philadelphia area; we’re in the midst of a significant decline that began in the fall,’ according to Steve Storti, Prudential Fox & Roach senior marketing VP. ‘We’re in the midst of a demand slowdown at the end of a wild ride for home sales.’” (Click on link for full article)
The Philadelphia Inquirer. “Lily Khalif of Philadelphia is a long-term investor, and she continued to pick up Center City properties during the boom. ‘Prices never went up so much to deter us,’ she said.”
“This is, however, a much better time for long-term investors. ‘I wish we had access to more capital to buy, especially for new construction,’ Khalif said. ‘Builders never have been as willing to negotiate price as they are now.’” (Click on link for full article)
The Citizens Voice from Pennsylvania. “More than two dozen people will board a bus Sunday in Clarks Summit to stroll through foreclosed houses. The two-hour-plus tour will stop at six vacant houses that banks reclaimed through foreclosures.”
“At least 26 people will tour homes priced between $55,000 and $127,500 and ranging from fixer-uppers to ready-to-occupy. ‘These are people looking for homes to live in or investment properties,’ said Davis, who will host the tour with co-worker Sara Levy. ‘Once they see what’s out there, they are going to want to invest in something.’”
“The tour represents housing and investment opportunities, not commercial capitalization on the misfortunes of people who lost their homes, Farrell said. ‘These are properties the banks want to unload,’ he said. ‘They are lost already. They are gone.’”
“Classic Properties will host another tour April 27 and Farrell expects buyer interest to expand substantially by then. ‘We’re anticipating a 20 percent increase in foreclosed listings by that time,’ said broker/owner Steve Farrell. ‘We’re going to have to get a bigger bus.’”
