Update from the Foreclosure-Based Economy 0
The foreclosure engine remains strong:
That has resulted in hundreds of distressed properties hitting the sales market in recent years, bringing down prices and preventing the region from regaining its footing, the experts told scores of residential real estate workers at a forum at Old Dominion University Wednesday afternoon.
“Distressed sales have become a significant part of the market,” said Vinod Agarwal, an economist at Old Dominion University.
Sales of foreclosures as a percentage of the overall sales market in Hampton Roads hit a high in February of about 43 percent, according to multiple listing service figures and Old Dominion’s economic forecasting project.
