- Richmond VA Foreclosures For Sale -
The Richmond VA Foreclosure market, as with many markets across the nation, peaked in terms of sheer volume sometime in the 2010/2011 time frame has been declining steadily since.
The number of foreclosures for sale in Richmond were driven by the simultaneous sharp decline in values shortly after many of the homes were purchased at the market's peak. The combination of high purchase price and swift value decline created a scenario by which these home owners found their mortgage debt well below the sales price. With little to no extra cash available to pay off the mortgage, owners simply walked away from their obligation.
With the national market far more stable and with many metros seeing prices above the low points of 2011/12, owners are now able to sell their home for closer to the purchase price and the rate of default has slowed greatly, as has the number of foreclosures flooding the system.