Area home sales have picked up, however prices continue to fall, although prices region-wide are down by less in the second quarter of 2010 than they were in the first quarter. The average sales price in the Central Virginia region was $229,545 in the second quarter of 2010, down four percent from the second quarter 2009 average. The median sales price was $196,383, also down four percent from a year earlier. Foreclosures are certailnly playing a role in this drop.

Below is a list of Richmond area foreclosures reported by RichmondBizSense.com.  For more detailed information on Foreclosures and Short Sales in the Richmond area contact Skye Bruce Properties.

City of Richmond

3902 Rosedale Avenue, Richmond, VA 23227
Execution of a certain deed of trust-original principal amount: $157,500
Foreclosure date: August 19, 2010 at 2:15 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

3081 Maury Street, Richmond, VA
Execution of a certain deed of trust-original principal amount: $76,531
Foreclosure date: August 17, 2010 at 2:15 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

2808 Barry Street, Richmond, VA 23225
Execution of a certain deed of trust-original principal amount: $168,358
Foreclosure date: August 19, 2010 at 2:15 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

2001 Rose Avenue, Richmond, VA 23222
Execution of a certain deed of trust-original principal amount: $155,000
Foreclosure date: August 20, 2010 at 2:33 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

318 LaSalle Drive, Richmond, VA 23225
Execution of a certain deed of trust-original principal amount: $86,200
Foreclosure date: August 9, 2010 at 2:34 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

4800 Chamberlayne Avenue, Richmond, VA 23227
Execution of a certain deed of trust-original principal amount: $120,960
Foreclosure date: August 26, 2010 at 2:15 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

420 Patrick Avenue, Richmond, VA 23222
Execution of a certain deed of trust-original principal amount: $None Given
Foreclosure date: August 17, 2010 at 3:00 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

2402 Royall  Avenue, Richmond, VA 23224
Execution of  a certain deed of trust-original principal amount: $110,000
Foreclosure date: August 19, 2010 at 2:15 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

2021 Chicago Avenue, Richmond, VA 23224
Execution of a certain deed of trust-original principal amount: $71,700
Foreclosure date: September 2, 2010 at 2:15 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

1101 Evergreen Avenue, Richmond, VA 23224
Execution of a certain deed of trust-original principal amount: $92,798
Foreclosure date: August 19, 2010 at 11:15 a.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

2902 Fourth Avenue, Richmond, VA 23222
Execution of a certain deed of trust-original principal amount: $119,700
Foreclosure date: August 12, 2010 at 2:15 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

2928 Seminary Avenue, Richmond, VA 23220
Execution of a certain deed of trust-original principal amount: $78,389.94
Foreclosure date: August 20, 2010 at 2:31 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

613 Hazelhurst Avenue, Richmond, VA 23222
Execution of a certain deed of trust-original principal amount: $137,750
Foreclosure date: August 19, 2010 at 2:15 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

1929 Seddon Avenue, Richmond, VA 23227
Execution of a deed of trust-Original principal amount: $85,000
Foreclosure date: August 19, 2010 at 2:15 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

1210 Overbrook Road, Richmond, VA 23220
Execution of a certain deed of trust-original principle amount: $122,500
Foreclosure date: August 12, 2010 at 2:15 p.m.
Located at John Marshall Courts Building, 400 North Ninth Street

6315 Forest Hill Drive, Richmond, VA 23225
Execution of a certain deed of trust-original principal amount: $116,055
Foreclosure date:  August 12, 2010 at 2:15 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

1329 Greycourt Avenue, Richmond, VA 23227
Execution of a certain deed of trust-original principal amount: $131,000
Foreclosure date: August 19, 2010 at 2:15 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

3406 and 3408 1st Street, Richmond, VA 23222
Execution of a certain deed of trust-original principal amount: $98,400
Foreclosure date: August 17, 2010 at 2:00 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

1402 Rogers Street aka 1816 T Street, Richmond, VA 23220
Execution of a certain deed of trust-original principal amount: $121,000
Foreclosure date: August 12, 2010 at 2:45 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

2603 Saint Moritz Drive, Richmond, VA 23224
Execution of a certain deed of trust-original principal amount: $133,000
Foreclosure date: August 17, 2010 at 2:00 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

3329 Hanover Avenue, Richmond, VA 23221
Execution of a certain deed of trust-original principal amount: $233,200
Foreclosure date: August 17, 2010 at 2:00 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

4719 Fitzhugh  Avenue, Richmond, VA 23230
Execution of a certain deed of trust-original principal amount: $312,000
Foreclosure date: August 17, 2010 at 2:00 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

3106 Utah Place, Richmond, VA 23222
Execution of a certain deed of trust-original principal amount: $71,550
Foreclosure date: August 27, at 2:30 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

522 N. 33rd Street, Richmond, VA 23223
Execution of a certain deed of trust-original principal amount: $189,750
Foreclosure date: August 12, 2010 at 9:00 a.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

1701 W. Monroe Street, Richmond, VA 23220
Execution of a certain deed of trust-original principal amount: $155,300
Foreclosure date: August 26, 2010 at 10:30 a.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

816 Akron Street, Richmond, VA
Execution of a certain deed of trust-original principal amount: $112,750
Foreclosure date: September 3, 2010 at 1:00 p. m.
Located at the John Marshal Courts Building, 400 North Ninth Street

1017 Woodhaven Drive, Richmond, VA 23224
Execution of a certain deed of trust-original principal amount: $119,000
Foreclosure date: August 31, 2010 at 2:00 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

1106 W. Marshall Street, Richmond, VA 23220
Execution of a certain deed of trust-original principal amount: $55,800
Foreclosure date: September 2, 2010 at 11:15 a.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

2107 Ridgemont Road, Richmond, VA 23224
Execution of  a certain deed of trust-original principal amount: $35,270.55
Foreclosure date: August 19, 2010 at 12:30 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

7500 Tanglewood Road, Richmond, VA
Execution of a certain deed of trust-original principal amount: $237,459
Foreclosure date: August 27, 2010 at 1:30 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

2813 Lauradale Lane, Richmond, VA 23234
Execution of a certain deed of trust-original principal amount: $86,275
Foreclosure date: August 17, 2010 at 10:30 a.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

1101 Haxall Point Road, Unit 409, Richmond, VA 23219
Execution of a certain deed of trust-original principal amount: $149,550
Foreclosure date: August 24, 2010 at 2:00 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

1414 East 18th Street, Richmond, VA 23224
Execution of a certain deed of trust-original principal amount: $75,650
Foreclosure date: August 26, 2010 at 10:30 a.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

1420 Blair Street, Richmond, VA 23220
Execution of a certain deed of trust-original principal amount: $118,220
Foreclosure date: August 26, 2010 at 10:30 a.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

5011 Fernbrook Terrace, Richmond, VA 23224
Execution of a certain deed of trust-original principal amount: $162,000
Foreclosure date: August 19, 2010 at 1:30 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

804 Pepper Avenue, Richmond, VA 23226
Execution of  a certain deed of trust-original principal amount: $133,000
Foreclosure date: August 17, 2010 at 2:00 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

5210 New Kent Road, Richmond, VA 23225
Execution of a certain deed of trust-original principal amount: $450,000
Foreclosure date: August 10, 2010 at 2:00 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

816 Maggie Walker Drive, Richmond, VA 23222
Execution of a certain deed of trust-original principal amount: $57,400
Foreclosure date: August 10, 2010 at 2:00 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

Chesterfield County

1613 Greenfield Drive, Richmond, VA 23235
Execution of a certain deed of trust-original principal amount: $131,200
Foreclosure date: August 19, 2010 at 1:00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

3805 Falstone Road, Richmond, VA 23234
Execution of a certain deed of trust-original principal amount: None Given
Foreclosure date: August 17, 2010 at 10:00 a.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

9811 Spring Run Road, Chesterfield, VA 23832
Execution of  a certain deed of trust-original principal amount: $181,025
Foreclosure date: August 27, 2010 at 1:01 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

11502 Misty Arbor Place, Chester, VA 23831
Execution of a certain deed of trust-original principal amount: $190,000
Foreclosure date: August 19, 2010 at 1:00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

11230 Monday Way, Midlothian, VA 23112
Execution of a certain deed of trust-original principal amount: $152,000
Foreclosure date: August 20, 2010 at 1:04 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

13710 Cedar Cliff Terrace, Chester, VA 23831
Execution of a certain deed of trust-original principal amount: $171,350
Foreclosure date: August 26, 2010 at 1:00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

6748 Gills Gate Terrace, Chesterfield, VA 23832
Execution of a certain deed of trust-original principal amount: $186,300
Foreclosure date: August 19, 2010 at 2:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

816 Deter Road, Richmond, VA 23225
Execution of a certain deed of trust-original principal amount: $67,446.92
Foreclosure date: August 20, 2010 at 2:35 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

13606 Mountcastle Road, Chesterfield, VA 23832
Execution of a certain deed of trust-original principal amount: $348,400
Foreclosure date: August 19, 2010 at 12:30 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

6344 Eagles Crest Lane, Chesterfield, VA 23832
Execution of a certain deed of trust-original principle amount: $274,619
Foreclosure date: August 26, 2010 at 1:00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

2905 Saint Regis Drive, Richmond, VA 23236
Execution of a certain deed of trust-original principal amount: $660,000
Foreclosure date: September 2, 2010 at 1:00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

5400 Newbys Wood Trail, Chesterfield, VA 23832
Execution of a certain deed of trust-original principal amount: $315,698.18
Foreclosure date: August 13, 2010 at 1:06 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

8815 Merseyside Lane, Chesterfield, VA 23832
Execution of a certain deed of trust-original principal amount: $360,000
Foreclosure date: August 17, 2010 at 3:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

14507 Pleasant Creek Drive, Colonial Heights, VA
Execution of a certain deed  of trust-original principal amount: $250,000
Foreclosure date: August 20, 2010 at 8:00 a.m..
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

15802 Gary Avenue, Chester VA 23831
Execution of a certain deed of trust-original principal amount: $156,000
Foreclosure date: August 26, 2010 at 1:00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

5548 Charter Oak Drive, Chesterfield, VA  23832
Execution of a certain deed of trust-original principal amount: $270,750
Foreclosure date: August 27, 2010 at 1:04 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

9304 Malcott Court, Richmond, VA
Execution of a certain deed of trust-original principal amount: $88,500
Foreclosure date: August 27, 2010 at 10:30 a.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

4005 Hawkbill Circle Richmond, VA 23237
Execution of a certain deed of trust-original principal amount: $99,000
Foreclosure date: August 24, 2010 at 3:00 p.m.
Located at the County of Chesterfield Circuit Court, 7500 Courthouse Road

4813 Baxter Bridge Drive, Richmond, VA 23237
Execution of a certain deed of trust-original principal amount: $289,150
Foreclosure date: August 19, 2010 at 1:00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

12807 Oldbury Court, Midlothian, VA 23113
Execution of a certain deed of trust-original principal amount: $152,800
Foreclosure date: August 26, 2010 at 1:00 p .m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

6301 Omo Road, Richmond, VA 23234
Execution of a certain deed of trust-original principal amount: $116,800
Foreclosure date: August 20, 2010 at 1:03 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

4600 Banton Street, Richmond, VA 23234
Execution of a certain deed of trust-original principal amount: $137,600
Foreclosure date: August 20, 2010 at 1:02 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

2714 Amherst Ridge Loop, Colonial Heights, VA 23834
Execution of a certain deed of trust-original principal amount: $243,756.90
Foreclosure date: August 27, at 1:03 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

1703 Rose Mill Circle, Midlothian, VA 23112
Execution of a certain deed of trust-original principal amount: $223,400
Foreclosure date: August 26, 2010 at 1;00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

1420 Riverdowns South Drive, Midlothian, VA 23113
Execution of a certain deed of trust-original principal amount: $824,000
Foreclosure date: August 19, 2010 at 12:30 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

5303 Bemiss Ct., Richmond, VA 23234
Execution of a certain deed of trust-original principal amount: $163,500
Foreclosure date: August 26, 2010 at 1:00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

14202 Barberry Court, Chester, VA 23236
Execution of a certain deed of trust-original principal amount: $116,000
Foreclosure date: August 31, 2010 at 3:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

4078 Trisha Trail, Midlothian, VA 23112
Execution of a certain deed of trust-original principal amount: $170,840
Foreclosure date: August 24, 2010 at 3:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

4812 Timbernorth Trl., Midlothian, VA 23112
Execution of a certain deed of trust-original principal amount: $130,530.92
Foreclosure date: August 17, 2010 at 12:00 Noon
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

10525 Reams Road, Richmond, VA 23236
Execution of a certain deed of trust-original principal amount: $139,410
Foreclosure date: August 17, 2010 at 3:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

2904 Cicero Parkway, Chester, VA 23831
Execution of a certain deed of trust-original principal amount: $134,000
Foreclosure date: August  24, 2010 at 3:00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

3418 Wyntrebrooke Drive, Richmond, VA 23235
Execution of a certain deed of trust-original principal amount: $148,500
Foreclosure date: August 19, 2010 at 12:30 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

2203 Birnam Woods Court, Midlothian, VA 23112
Execution of a certain deed of trust-original principal amount: $155,000
Foreclosure date: August 19, 2010 at 12:30 p.m.
Located at the  County of Chesterfield Circuit Court, 9500 Courthouse Road

3818 Sherwood Forest Ter., Chesterfield, VA 23237
Execution of a certain deed of trust-original principal amount: $174,400
Foreclosure date: August 17, 2010 at 3:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

14319 Jeffries Place, Midlothian, VA 23114
Execution of a certain deed of trust-original principal amount: $349,200
Foreclosure date: August 17, 2010 at 2:00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

324 Philray Rd., Richmond, VA 23236
Execution of a certain deed of trust-original principal amount: $202,500
Foreclosure date: August 12, 2010 at 2:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

12001 Bermuda Crossroad  Lane, Chesterfield, VA
Execution of a certain deed of trust-original principal amount: None Given
Foreclosure date: August 17, 2010 at 11:00 a.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Drive

3212 Tammaway Drive, Midlothian, VA 23112
Execution of a certain deed of trust-original principal amount: $199,863
Foreclosure date: August 17, 2010 at 3:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

4708 Valencia Place, Chesterfield, VA 23832
Execution of a certain deed of trust-original principal amount: $198,879
Foreclosure date: August 27, 2010 at 1:00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

4519 Starlee Drive, Moseley, VA 23120
Execution of a certain deed of trust-original principal amount: $258,000
Foreclosure date: September 7, at 3:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

4703 Wilconna Road, Chesterfield, VA 23832
Execution of a certain deed of trust-original principal amount: $124,000
Foreclosure date: August 17, 2010 at 3:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

1701 W. Moore Street, Richmond, VA 23220
Execution of a certain deed of trust-original principal amount: $155,300
Foreclosure date: August 26, 2010 at 10:30 a.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

15542 Chesdin Landing Court, Chesterfield, VA
Execution of a certain deed of trust-original principal amount: $383,280
Foreclosure date: August 27, 2010 at 10:30 a.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

2328 Milcrest Terrace, Midlothian, VA
Execution of a certain deed of trust-original principal amount: $285,879
Foreclosure date: August 23, 2010 at 9:00 a.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

4907 Wraywood Avenue, Chester, VA 23831
Execution of a certain deed of trust-original principal amount: $229,960
Foreclosure date: August 26, 2010 at 11:00 a.m.
Located at the  County of Chesterfield Circuit Court, 9500 Courthouse Road

12100 Second Branch Road, Chesterfield, VA 23838
Execution of a certain deed of trust-original principal amount: $380,000
Foreclosure date: August 17, 2010 at 3:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

7607 Rolling Fields Place, Chesterfield, VA 23832
Execution of a certain deed of trust-original principal amount: $217,500
Foreclosure date: September 9, 2010 at 12:45 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

3000 Gaffney Court, Richmond, VA 23237
Execution of a certain deed of trust-original principal amount: $163,630
Foreclosure date: August 17, 2010 at 3:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

8400 Huntwood Court, Richmond, VA 23235
Execution of a certain deed of trust-original principal amount: $184,000
Foreclosure date: August 17, 2010 at 3:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

Hanover County

5966 Lake Willow Way, Mechanicsville, VA 23111
Execution of a certain deed of trust-original principal amount: $239,200
Foreclosure date: August 26, 2010 at 4:45 p.m.
Located at the County of Hanover Circuit Court, 7515 Library Drive

16719 Mountain Road, Montpelier, VA 23192
Execution of a certain deed of trust-original principal amount: $593,600
Foreclosure date: August 30, 2010 at 8:45 a.m.
Located at the County of Hanover Circuit Court, 7515 Library Drive

14078 W. Patrick Henry, Doswell, VA 23047
Execution of a certain deed of trust-original principal amount: $137,525.34
Foreclosure date: August 13, 2010 at 8:45 a.m.
Located at the County of Hanover Circuit Court, 7515 Library Drive

11487 Haltonshire Way, Glen Allen, VA 23059
Execution of a certain deed of trust-original principal amount: $321,600
Foreclosure date: August 26, 2010 at 4:45 p.m.
Located at the County of Hanover Circuit Court, 7515 Library Drive

9346 Ravensworth Court, Mechanicsville, VA 23116
Execution of a certain deed of trust-original principal amount: $208,000
Foreclosure date: August 26, 2010 at 4:45 p.m.
Located at the County of Hanover Circuit Court, 7515 Library Drive

10982 Elmont Woods Drive, Glen Allen, VA 23059
Execution of a certain deed of trust-original principal amount: None Given
Foreclosure date: August 13, 2010 at 10:00 a.m.
Located at the County of Hanover Circuit Court, 7515 Library Drive

7259 Grant Drive, Mechanicsville, VA 23111
Execution of a certain deed of trust-original principal amount: $342,000
Foreclosure date: August 26, 2010 at 4:45 p.m.
Located at the County of Hanover Circuit Court, 7515 Library Drive

9302 Monongahela Trail, Ashland, VA 23005
Execution of a certain deed of trust-original principal amount: $218,700
Foreclosure date: August 12, 2010 at 4:45 p.m.
Located at the County of Hanover Circuit Court, 7515 Library Drive

8102 Bell Creek Road, Mechanicsville, VA 23111
Execution of a certain deed of trust-original principal amount: $152,000
Foreclosure date: August 23, 2010 at 9:00 a.m.
Located at the County of Hanover Circuit Court, 7515 Library Drive

7004 Meredith Farms Drive, Mechanicsville, VA
Execution of a certain deed of trust-original deed of trust: $183,250
Foreclosure date: August 27, 2010 at 3:30 p.m.
Located at the County of Hanover Circuit Court, 7515 Library Drive

Henrico County

4910 Snowshoe Court, Glen Allen, VA 23060
Execution of a certain deed of trust-original principal amount: $150,000
Foreclosure date: August 19, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

4040 Sadler Road, Glen Allen, VA 23060
Execution of a certain deed of trust-original principal amount: None Given
From Wilton Family Investments III, LLC
Foreclosure date: August 26, 2010 at4:00 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

4807 Subrenda Drive, Sandston, VA 23150
Execution of a certain deed of trust-original principal amount: $117,428.19
Foreclosure date: August 19, 2010 at 10:00 a.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

3812 Alma Avenue, Richmond, VA 23222
Execution of a certain deed of trust-original principal amount: None Given
Foreclosure date: August 17, 2010 at 4:15 p.m.
Located at the County of  Henrico Circuit Court, 301 E. Parham Road

963 Wheelwood Way, Richmond, VA 23223
Execution of a certain deed of trust-original principal amount: $184,000
Foreclosure date: August 26, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

5506 Springwater Lane, Henrico, VA 23228
Execution of a certain deed of trust-original principal amount: $162,400
Foreclosure date: August 24, 2010 at 1:00 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

1103 Maryland Avenue, Glen Allen, VA 23060
Execution of a certain deed of trust-original principal amount: $96,400
Foreclosure date: September 7, 2010 at 1:00  p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

6116 Memorial Drive, Sandston, VA 23150
Execution of a certain deed of trust-original principal amount: $193,600
Foreclosure date: August 20, 2010 at 5:01p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

7168 Messer Road, Richmond, VA 23231
Execution of a certain deed of trust-original principal amount: $289,784.93
Foreclosure date: August 27, 2010 at 5:00 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

2507 Burnley Avenue, Richmond, VA 23228
Execution of a certain deed of trust-original principal amount: $64,080
Foreclosure date: September 2, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

2808 Darton Drive, Richmond, VA 23223
Execution of a certain deed of trust-original principal amount:$84,000
Foreclosure date: August 19, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

4602 Stockholm Drive, Sandston, VA 23150
Execution of a certain deed of trust-original principal amount: $101,000
Foreclosure date: August 26, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

1509 Regency Woods Road, # 201, Richmond, VA 23238
Execution of a certain deed of trust-original principal amount: $133,900
Foreclosure date: August 26, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E, Parham Road

5849 Hines Road, Richmond, VA
Execution of a certain deed of trust-original principal amount: $140,328
Foreclosure date: September 7, 2010 at 10:00 a.m.
Located at the County  of Henrico Circuit Court, 301 E. Parham Road

7716 King Elder Drive, Richmond, VA23231
Execution of a certain deed of trust-original principle amount: $226,800
Foreclosure date: August 20, 2010 at 5:02 p. m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

10121 Grand Oaks Drive, Richmond, Richmond, VA 23233
Execution of a certain deed of trust-original principal amount: $223,200
Foreclosure date: August 19, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

3005 Pinehurst Rd., Richmond, VA 23228
Execution of a certain deed of trust-original principal amount: $159,000
Foreclosure date: August 19, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

6368 Dawnfield Lane, Richmond, VA 23231
Execution of a certain deed of trust-original principal amount: $None Given
Foreclosure date: August 20, 2010 at 10:00 a.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

232 Huntsman Road, Sandston, VA 23150
Execution of a certain deed of trust-original principal amount: $181,800
Foreclosure date: August 26, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

827 W. Washington Street, Highland Springs, VA 23075
Execution of a certain deed of trust-original principal amount: $323,000
Foreclosure date; August 19, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

6621 Dellwood Street, Richmond, VA 23228
Execution of a certain deed of trust-original principal amount: $228,500
Foreclosure date: August 19, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

2606 Maplewood Road, Richmond, VA 23228
Execution of a certain deed of trust-original principal amount: $153,000
Foreclosure date: August 26, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

1413 Rhode Island Avenue, Glen Allen, VA 23060
Execution of a certain deed of trust-original principal amount: $150,952.43
Foreclosure date: August 27, 2010 at 5:01 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

1100 Hollins Road, Richmond, VA 23229
Execution of a certain deed of trust-original principal amount: $186,400
Foreclosure date: August 20, 2010 at 5:02 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

12221 Renwick Place, Glen Allen, VA 23059
Execution of a certain deed of trust- original principal amount: $535,500
Foreclosure date: August 31, 2010 at 1:00 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

3112 Manor Drive, Richmond/Henrico, VA
Execution of a certain deed of trust-original principal amount: $162,000
Foreclosure date: August 20, 2010 at 9:00 a.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

8600 Borris Court, Richmond/Henrico, VA
Execution of a certain deed of trust-original principal amount: $194,000
Foreclosure date: August 27, 2010 at 2:30 p.m.
Located at the County of Henrico Circuit Court, 302 E. Parham Road

9606 Peppertree Drive, Richmond/Henrico, VA
Execution of a certain deed of trust-original principal amount: $242,000
Foreclosure date: August 27, 2010 at 2:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

9600 Running Creek Road, Glen Allen, VA
Execution of a certain deed of trust-original principal amount: $164,950
Foreclosure date: August 27, 2010 at 2:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

7409 Red Hill Club Court, Richmond, VA 23231
Execution of a certain deed of trust-original principal amount: $194,888
Foreclosure date: September 7, 2010 at 10:00 a.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

11828 Alder Ridge Place, Glen Allen, VA 23059
Execution of a certain deed of trust-original principal amount: $246,000
Foreclosure date: August 17, 2010 at 1:00 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

10 West Union Street, Sandston, VA
Execution of a certain deed of trust-original principal amount: $198,000
Foreclosure date: August 30, 2010 at 4:00 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

18 South Daisy Avenue, Highland Springs, VA
Execution of a certain deed of trust-original principal amount: $143,500
Foreclosure date: August 20, 2010 at 9:00 a.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

3314 Yerger Road, Richmond, VA 23223
Execution of a certain deed of trust-original principal amount: $185,000
Foreclosure date: August 27, 2010 at 5:00 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

8500 Fredonia Road, Richmond, VA 23227
Execution of a certain deed of trust-original principal amount: $254,000
Foreclosure date: August 24, 2010 at 1:00 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

11301 Long Meadow Drive, Glen Allen, VA 23059
Execution of a certain deed of trust-original principal amount: $432,000
Foreclosure date: August 19, 2010 at 4:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

23 Snughaven Road Unit 23, Richmond, VA 23228
Execution of a certain deed of trust-original principal amount: $111,200
Foreclosure date: September 2, 2010 at 4:45 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

105 Sterling Forest Parkway, Richmond/Henrico VA
Execution of a certain deed of trust-original principal amount: $242,545
Foreclosure date: August 20, 2010 at 9:00 a.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

212 Sunset Drive, Richmond, VA 23222
Execution of a certain deed of trust-original principal amount: $257,600
Foreclosure date: August 19, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

2007 Hechler Street, Richmond/Henrico, VA
Execution of a certain deed of trust-original principal amount: $104,000
Foreclosure date: August 20, 2010 at 9:00 a.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

1148 New Market Road, Richmond, VA
Execution of a certain deed of trust-original principal amount: $125,000
Foreclosure date: August 18, 2010 at 2:00 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

1732 First Colonial Court, Richmond, VA 23231
Execution of a certain deed of trust-original principal amount: $238,000
Foreclosure date: August 17, 2010 at 1:00 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

5802 Park Crest Drive Glen Allen, VA 23059
Execution of a certain deed of trust-original principal amount: $243,000
Foreclosure date: August 17, 2010 at 1:00 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

5005 Nandun Road, Richmond, VA 23231
Execution of a certain deed of trust-original principal amount: $74,961
Foreclosure date: September 7, 2010 at 10:00 a.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

SOURCE: RichmondBizSense.com

National and Local Economic Overview
The national economy slowed in the second quarter of 2010 as many indicators decelerated from their growth rates in the last half of 2009 and the first quarter of this year.  One of the reasons for the slowdown in the economic recovery was a growing concern about the financial stability of Western Europe.  This concern caused some negative volatility in the financial markets in the U.S., but those concerns seem to be subsiding as the EU central banks have acted and as many have realized how small the troubled countries’ economies are relative to all of Western Europe.

Another reason for the slowing is a following of historical trends—after a recession the economy bounces sharply and then grows more slowly.  It is likely that economic measures over the past few months are indicating a slow patch and continued adjustment will be seen before a steadier and sustainable climb will be realized.

The Richmond economy is clearly in a better position in 2010 than in 2009, and is almost back to realizing job growth again, which will be a very positive sign for the housing market.

Home sales nationally reflect what most analysts had predicted—a decline coincident with the ending of the tax credits.  With a gradually improving economy and jobs picture, the housing market will recover as it begins to stand on its own feet again but it will likely take the rest of this year for the bumpiness to smooth out.

Central Virginia Area Housing Market

After several quarters of upticks in sales activity, pending sales, and active listings, coupled with price declines, the pattern has changed slightly in the second quarter of 2010. Home sales activity is up significantly in the second quarter of 2010. Prices are still down, though the declines are more modest than they have been in recent quarters. Both the number of pending sales and the number of active listings are lower in the second quarter of 2010 than they were a year earlier. Nevertheless, when 2010 Year to Date numbers are compared with the first six months of 2009, the number of sold units in 2010 (5,254) is 18% better than 2009, while the number of pendings (6,588) is 1.7% higher.

Home Sales

Sales activity has been on the rise since the third quarter of 2009, but the number of home sales accelerated significantly in the second quarter of 2010. In the Central Virginia region, there were 3,696 homes sold in the second quarter of 2010. (See figure 3.) The number of sales is up 22 percent over the number of sales in the second quarter of 2009. The dramatic acceleration in home sales can be attributed largely to the Federal homebuyer tax credits, which were available to home buyers who had a signed contract by the end of April and closed by the end of June. (Recent legislation extended the deadline for closing though no additional homebuyers who had a signed contract after April 30 a eligible for the credit.) Many homebuyers purchased a home in the spring, rather than waiting unit the summer, in order to take advantage of the credit. As a result, a drop off in sales will likely be seen in the third quarter of this year.

There were 3,151 sales in the Richmond Metro Area in the second quarter of 2010, which was up 23 percent over the second quarter of 2009. The biggest jump in sales was in Henrico County, where the number of sales increased by 28 percent. In the Tri Cities Area, there were 258 sales in the second quarter of 2010, up 16 percent over the second quarter of 2009. Looking over the first half of 2010 provides a similar picture. There were a total of 5,684 sales year-to-date (YTD) in the Central Virginia region compared with 4,887 sales in the first half of 2009, reflecting an increase of 16.3%.

Pending Sales

Pending sales numbers give an indication of future sales activity. After being up for several quarters in a row, the number of pending sales in the Central Virginia region was down in the second quarter of 2010 compared with the second quarter of 2009. This decline probably represents quicker movement from pending to closed for homebuyers looking to take advantage of the homebuyer tax credit. This drop also provides further evidence that sales in the third quarter of 2010 will likely be somewhat lower.

In the Central Virginia region, there were 3,579 pending sales in the second quarter of 2010, down eight percent from the second quarter of 2009. There were 3,037 pending sales in the Richmond Metro Area and 266 pending sales in the Tri Cities Area and both numbers were down seven percent from a year earlier.

Outlook for 2010

The end of the second quarter of 2010 marks the end of the Federal homebuyer tax credit programs and the beginning of a regional housing market that will need to stand on its own two feet. The supply of housing for sale has started to moderate, with the number of active listings in June 2010 about the same as the number of June 2009. Demand will dip in the summer, as a result of homebuyers having pushed up purchases to the spring, but will return later in the year as the region’s economy improves. A somewhat smaller inventory and an increase demand should help spur the region’s housing market in late 2010 and into early 2011.

Interested in more detailed information about a specific area or neighborhood?  Skye Bruce Properties can create a custom real estate report for any area of Richmond. Contact Skye Bruce Properties!

If you’re just starting out, you may want a home for investment purposes, where you can live in one part of the home and rent out the other to defray costs. If you don’t have a car, the proximity of shopping, public transportation, and recreation will be important. And if you have a family, your central concerns may be schools, libraries, playgrounds and recreation centers.

Since every neighborhood in Central Virginia has its own assets and liabilities, start with the basics. Your Skye Bruce Properties REALTOR can provide you with statistics that are available for just about any Richmond area neighborhood on home sales, schools, crime rates, and taxes, etc.

To get a feel for an area and determine if it’s the right place for you, plan to do a little sleuthing on your own.

Start by talking to local residents. Listen to the opinions of people who live in the neighborhood. To meet them, try going to services at a local church, attending a community festival/event or working out at a local gym.

Get a feel for the area. Shop in area stores, subscribe to the community paper, visit the local parks, ask to observe classes at the schools, and eat at some locally owned restaurants.

Analyze local problems and issues. Your Skye Bruce Properties REALTOR can provide you area sales figures to see if property values are stable or increasing. Also get the local schools’ standardized test results, discuss the area with the community relations officer at the local police station, and walk or drive around to check things out for yourself at different times of the day.

Investigate what’s going on in the community of Richmond you are considering, and what future construction projects are being planned. Find out what building plans or improvements are on the drawing board so you don’t end up in the shadows of a high rise or with a fast food place right down the street. Is your quiet little street slated to become a four-lane thoroughfare? Consider the reverse as well: Are there plans for more schools and services in a quickly growing area?

Buying a home is much more of a process than the real estate transaction itself. Do your home work to insure you choose not only the perfect Richmond area home but also the perfect Richmond area neighborhood. Ready to get started? Contact Skye Bruce Properties!

In the current market, the idea of a housing shortage may be hard to accept. There are simply too many For Sale signs and delinquent mortgages threatening to turn into foreclosures to make a housing shortage seem like a serious possibility.

But the big drop in home construction over the last few years suggests that it could become a real issue.

Home builders must add 1.6 million to 1.7 million housing units each year to accommodate typical U.S. population increases and replace demolished homes.

During the boom years of 2003 to 2006, production far exceeded the historical average, with builders producing a cumulative surplus of 1.3 million units.

That overproduction remained hidden, though, because investors flush with easy money were gobbling up property. Once the easy money dried up and prices headed down, investors were forced to dump properties.

Today, there might be as many as 700,000 empty units above normal levels.

Still, the great underproduction in the past three years is an issue that will need to be reconciled, especially if the trend continues. Once we start seeing new household formation again, a housing shortage is something we won’t be able to dismiss too quickly.

Thinking of buying or selling in the Richmond area?  Contact Skye Bruce Properties!

Click here to view the embedded video.WASHINGTON – The number of U.S. homebuyers who agreed to purchase a previously occupied home in April posted the largest monthly jump in more than seven years, a sign that sales are finally coming to life after a long and painful slump.

The National Association of Realtors said Tuesday its seasonally adjusted index of sales contracts signed in April surged 6.7 percent to 90.3, far exceeding analysts’ forecasts. It was the biggest monthly jump since October 2001, when pending sales rose 9.2 percent.

“This is yet another positive indication that the bottoming process is forming,” Jennifer Lee, an economist at BMO Capital Markets, wrote in a note to clients. “Now if only prices would stabilize.”

Economists surveyed by Thomson Reuters expected the index would edge up to 85 from a reading of 84.6 in March. Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer for future existing home sales.

“The pronounced increase in April does indicate that actual existing home sales are poised to rise in the coming month or two,” wrote Joshua Shapiro, chief U.S. economist with MFR Inc.

The index was 3.2 percent above last year’s levels and has risen for three straight months after hitting a record low in January. A nearly 33 percent sales increase in the Northeast and a 9.8 percent jump in the Midwest led the overall surge. Sales contracts rose 1.8 percent in April from a month earlier in the West, but fell 0.2 percent in the South.

The big boost likely reflects the impact of a new $8,000 tax credit for first-time homebuyers that was included in the economic stimulus bill signed by President Barack Obama in February. Since buyers need to finish their purchases by Nov. 30 to claim the credit, “we expect greater activity in the months ahead,” Lawrence Yun, the Realtors’ chief economist, said in a statement.

Still, Yun cautioned that the pending sales data is more volatile than in the past because many sellers need banks to agree to take less than the original mortgage — a so-called “short sale.” That process is often difficult, time-consuming and can wind up falling apart before the deal closes.

The Federal Housing Administration last week released details of a plan in which borrowers who use FHA loans can get advances from lenders that let them effectively receive the credit in advance, so they don’t have to wait to get the money from the Internal Revenue Service.

Completed home sales rose 2.9 percent to an annual rate of 4.68 million in April from a downwardly revised pace of 4.55 million in March, the Realtors’ group said last week.

Sales of inexpensive foreclosures and other distressed low-end properties have even sparked bidding wars in places like Las Vegas, Phoenix and Miami. But the market for high-end properties remains at a virtual standstill.

The national median sales price in April plunged more than 15 percent to $170,200, from $201,300 in the same month last year. That was the second largest yearly price drop on record, according to the Realtors’ group.

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SOURCE: AP

Buying your first home can be scary, but as with anything else in life, the right preparation should bring you good results – a great Richmond area home you want and one you can afford.

Whether you are ready to buy a Richmond area home in the next few months or next few years, preparation is critical. The following are important “keys” to homeownership.

• Obtain a credit report. Review your credit report prior to starting the home buying process. This will enable you to dispute any incorrect entries and satisfy any derogatory items on your report. You are entitled to one free copy of your credit report every 12 months. Ensuring your credit report is accurate is critical as it is an important element lenders review to determine your credit worthiness for a loan approval.

• Establish a budget. Knowing where you spend your money and how much you are able to set aside each month can, first, help you decide if purchasing a house is a viable choice now or of it is something that will have to wait until later. Establishing a monthly budget also helps determine how much house you can afford, which will help you zero in on possible homes to look at. If buying the home you want is not in the cards now, use the opportunity to take a closer look at your spending and savings habits and develop a plan to begin setting money aside for a down payment and monthly mortgage payments.

• Secure a down payment.  There are very few loan programs that will allow you to purchase a home with no money down, so making a down payment is almost always a good idea. The most common sources of a down payment are your savings or a gift of cash. The amount you put down has a direct impact on what your monthly mortgage payment will be and will also determine if you will be required to purchase PMI, or private mortgage insurance.

• Understand mortgage options. There are many types of loans available to suit your needs. The following is a list of some of the more common types of loans.  At Skye Bruce Properties we have a team of Mortgage experts to explain the process to you in simple terms!

• Get pre-approved. Now that you have done your homework and are ready to purchase a home, you should meet with a lender.  At Skye Bruce Properties we have mortgage lenders who can meet with you at our office or your home to get you qualified.  A pre-approval allows the lender to review your situation and make recommendations prior to entering any formal purchase contract. The pre-approval will establish for you a limit on the dollar amount the lender will commit to your home purchase. Having a pre-approval letter will also put you in a stronger negotiation position when buying a home!

These preparations are just the beginning of your journey to homeownership. Of course to start you will want to choose a REALTOR to guide you through the process og homeownership.  Skye Bruce Properties has a team of Buyer’s Agents you are experts in the home buying process in the Richmond area. They will help you find available listings which meet your criteria, assist you in making an offer and negotiation a contract, getting a home inspection completed and even help you find a mover.

Buying a home is one of the biggest decisions that you will ever make. In your pursuit of the American dream, make sure you follow the keys to success and enjoy this exciting journey. Don’t go it alone!  Contact Skye Bruce Properties today!

George Mason University has just released the first quarter real estate report for Central Virginia.  Positive News! At Skye Bruce Properties we are also seeing marked improvements in the market. We are seeing homes sell faster, limited inventory in some areas and more and more buyers moving up.  Signs are pointing towards a recovery in the Richmond area. See report below!

Central Virginia Area Housing Market, First Quarter 2010

National and Local Economic Overview

Nationally, a number of indicators suggest that the economy is recovering. For example, the U.S. Leading Economic Index has increased for eight consecutive months, Gross Domestic Product (GDP) was up 5.6% in the Fourth Quarter of 2009, and retail sales have improved since the first quarter of 2009. In Central Virginia, despite significant job loss in 2008 and 2009, the unemployment rate in the Richmond Metropolitan Area was 8.6 percent as of February–1.8 percentage points below the national rate. While the national and local economies appear to be improving, the question that remains is how strong is the recovery and how long before the local housing market sees sustained recovery.

Central Virginia Housing Market

The Central Virginia housing market is in a period a flux and will likely remain so throughout the next six months. While there are some signs that sales are improving both nationally and regionally, it remains unclear how much of the progress is due to federal government efforts, including the homebuyer tax credit, and how much is true market stability. As the national and regional economies continue to improve, the still- low interest rates and pent-up demand will eventually spur on the market.

Home Sales

In the Richmond area, the number of homes sold was up 7% in the first quarter of 2010. A total of 1,988 homes were sold in the Central Virginia MLS area in the first quarter of 2010 compared with 1,855 sales in the first quarter of 2009. Sales were strongest in the larger jurisdictions in the Richmond Metro Area. In the Richmond Metro Area, sales were up nine percent, increasing from 1,506 in the first quarter of 2009 to 1,643 in the first quarter of 2010. In the Tri Cities Area, the number of sales in the first quarter of 2010 was off slightly—down 11 units, from 177 in the first quarter of 2009 to 166 in the first quarter of this year. Sales in Central Virginia began to pick up very slowly in the third quarter of 2009 but there was a dramatic jump up in sales in the fourth quarter of last year (Figure 3). This unseasonable uptick in sales was driven primarily by the federal first-time homebuyer tax credit that was originally scheduled to expire at the end of November. The federal government extended and expanded the program, requiring buyers to execute a signed contract by April 30 and close by June 30 to qualify for the tax credit. As a result, some of the current market activity (and next quarter’s activity) will consist of homebuyers who are accelerating their home purchases—that is, buyers who were looking to buy sometime in 2010 but pushed up their purchase in order to secure the credit. Accordingly, sales activity may fall off slightly in the third quarter of 2010 after two quarters of sales increases.

Home Prices

Despite increased sales activity and relatively stable prices in metro Richmond (especially the City of Richmond which has experienced a 9% increase in average sale price), home prices in the Central Virginia region as a whole continue to fall. In some cases, prices are being forced down by market and economic conditions, such as an increase in the supply of foreclosures and short sales and a decrease in demand from potential buyers worried about the economy. Some of the decline in average and median prices reflects the different mix of home sales. There has been an increase in the number of sales of lower-priced homes, for which buyers are more easily able to secure financing. For example, in the first quarter of 2009, a little more than 50 percent of homes sold in the region were priced below $200,000. In the first quarter of 2010, that share had increased to 55 percent. The data on home sales and prices imply a stronger recovery underway in the City of Richmond and the immediately surrounding counties (Chesterfield, Hanover and Henrico) while there is more instability in the smaller jurisdictions of the region.

Pending Sales

Pending sales are often used as an indicator of the next quarter’s home sales figures. There were 3,192 pending sales in the first quarter of 2010 in the Central Virginia MLS Area, which was up 19 percent over the first quarter of 2010. Again, the strongest movement in pending sales was in the Richmond Metro Area where the number of pending sales was up 22 percent. In the Tri Cities Area, pending sales were up two percent.

Outlook for 2010

The Richmond area housing market has shown signs of improvement over recent months. Sales of existing homes were up at the end of 2009 and beginning of 2010. While home prices continued to fall in a number of jurisdictions, they are holding relatively steady in other localities. But improvements in the housing market have been uneven and unsteady. While the regional housing market is poised for recovery in 2010, it will be relatively unsettled for the next few months. Several factors are responsible for the hesitant recovery, including the uncertain role of the federal government in the housing market and the presence of a shadow market of foreclosed properties. Positive factors in the region include a pent up demand for housing and an economy set to recovery faster than many other parts of the country.
Questions about the current market in a specific neighborhood?  Contact Skye Bruce Properties for a free analysis of any Richmond area neighborhood.

While inflation remained low, stronger than expected economic data released this week was negative for mortgage markets. As a result, mortgage rates ended the week a little higher.

The big news in this week’s economic data came from the housing sector. March Existing Home Sales rose 7% from February, and existing home sales were 16% higher than one year ago. Inventories of unsold existing homes fell to an 8-month supply, from 8.5-months in February. March New Home Sales were even better, jumping 27% from February to the highest monthly rate since last July. This marked the largest single-month increase in new home sales since 1963. The chief economist of the National Association of Realtors (NAR) credited the homebuyer tax credit for the strong March housing data. Buyers must sign a contract by April 30 to take advantage of the tax credit, so the April data should benefit as well.

Friday morning, CNBC reported that support is growing among Fed officials to begin sales of mortgage-backed securities (MBS) from the Fed’s portfolio. In a program which ended March 31, the Fed purchased $1.25 trillion of MBS to help lower mortgage rates and boost the economy. According to CNBC, “at least” six members of the Fed’s policymaking committee support near-term MBS sales if the economy continues to improve. The selling could begin as soon as the third or fourth quarter of this year. Fed Chief Bernanke still views the likely time frame to begin MBS sales as next year, but his recent comments have indicated a willingness to keep more options open. With the next Fed meeting taking place on Wednesday, the 2:15 et release of its statement will take on added significance. If the Fed actually conveys an intention to begin to sell MBS soon, mortgage rates would be likely to rise on the news.

Experts wonder what the expiration of the Federal Homebuyer Tax Credit along with increasing mortgage rates will do to the country’s fragile housing market?  Do you have questions about the Richmond area real estate and mortgage markets?  Skye Bruce Properties has an expert team to answer your questions.  Contact Skye Bruce Properties for a consultative meeting about area real estate and mortgages.

Richmond Times Dispatch Article: Fate of Federal Club in Hanover still in limbo

By CAROL HAZARD  Published: April 21, 2010

The fate of The Federal Club golf community in Hanover County is still in limbo, despite a hearing yesterday in U.S. Bankruptcy Court in Richmond.

A purchase agreement by a group of club members interested in buying only the golf course for $2 million has not yet been signed.

Meanwhile, Atack Properties in Henrico County, one of the area’s largest developers, has come forward with a proposal for an undisclosed amount in cash to buy all the assets, including the Arnold Palmer-designed golf course and unsold land.

Bankruptcy Judge Kevin R. Huennekens said he expects the owners, Mountain Run Golf Inc., and the bidders to come back to court today with a signed purchase agreement.

“We have interested parties,” he said. “If we can get one party signed up, we can shop the bids and see if we can get a higher and better bid.”

Huennekens said the case needs to move forward. “I don’t want delay for delay’s sake,” he said. “It sounds like a deal is relatively close.”

The residential development, called Mountain Run, and the golf club filed for bankruptcy protection last fall. The residential development off U.S. 33 has 27 unsold lots. About 60 houses are occupied.

Paula S. Beran, attorney for about 90 members and 20 investors interested in buying the golf course, said the group is prepared to move forward with the purchase agreement. She said technical issues holding up the purchase agreement have been resolved.

CLICK HERE TO VIEW THE REST OF THE ARTICLE AT TIMESDISPATCH.COM

There is a big debate as to what effect the expiration of these tax credits will have on the area real estate market.  Timing is probably pretty good as we are entering a historically busy time of year for area real estate.  Spring and early Summer usually produces a surge of home sales around Richmond.  Interest rates are also at low levels which continues to help the market.

Interested in more insight into the Richmond area real estate market?  Contact Skye Bruce Properties.  Our Agents are market experts and can help you make the right decisions whether you are buying or selling a Richmond area home.  Email Skye Bruce Properties or call 804-467-7041.