Update from the Foreclosure-Based Economy 0
Still foreclosure-based.
Fluctuations in median price largely depend on the share of sales that are distressed, said Vinod Agarwal, an economics professor at Old Dominion University. Distressed sales occur when a home is either lost to foreclosure or sold for less than what was owed on the mortgage.
Nearly 27 percent of November sales were distressed in Hampton Roads, the listing service reported – down from 28.4 percent the same month a year ago.
