Foreclosures down in August 2012

What are your criteria for finding a new home? For many people, purchasing a new property in a strong housing market is important. The practice could provide you peace of mind about the solidity of your investment. Especially following the recession of the mid-2000s, feeling secure about your property purchase is often crucial.

In Richmond, the local economy is thriving, as evidenced by increasing housing prices, decreasing foreclosure rates and a strengthening market. Consider buying one of the homes for sale in Richmond to take advantage of the cultural and fiscal benefits of living in this vibrant southern community.

Improving Richmond real estate market
The strength of a metro's housing market is indicated by property values, the amount of time a home spends on the market before it's sold and percentage of distressed properties in the community. According to ALTOS Research, the median price paid for a single-family home in Richmond was $159,830 as of October 5, 2012. Housing prices have remained within this general vicinity for over a month.

The source claims that the median price paid per square foot for a house in Richmond was approximately $95 as of October 5, 2012. The relative affordability of a property in the metro, combined with the length of time an average house stays on the market, could give potential homebuyers an edge when negotiating a sales price with an owner. Properties in Richmond typically spend 159 days on the market before a buyer completes the closing process.

National foreclosure rates down in August
According to market research firm CoreLogic's National Foreclosure Report for August, there were 57,000 completed foreclosures this year - significantly down from the 75,000 finished in August 2011. In fact, August 2012's numbers were even down in a month-over-month comparison. In July 2012, there were 58,000 completed foreclosures - 1,000 more than in August.

"August marks the fourth month in a row there were fewer completed foreclosures, which is more evidence that the housing industry is finding its footing," said Mark Fleming, chief economist for CoreLogic. "While we are seeing improvement on a national level, there remain higher concentrations of foreclosures in some areas with five states accounting for nearly half of all completed foreclosures nationwide during the last year."

Housing figures continue to indicate a strengthening real estate market. Potential homebuyers looking into Richmond housing could find an affordable property in a high-quality neighborhood.