Recently in the August 20, 2007 edition of Inside Business, the headlines read “Foreclosures up 191%, ranking area in the top 100”. Although technically accurate, a headline such as “Hampton Roads foreclosures among lowest in the nation” would better reflect what is happening in our area. As the article pointed out, we ranked 96 out of the top 100 metropolitan areas, giving us one of the lowest foreclosure rates in the nation. Given the fact that we are the 34th largest area, we didn’t seem to fare too badly. Percentages sometime belie the actual story and we are fortunate that foreclosures are not as big a problem as some regions.
In fact, the Hampton Roads area has a strong and vibrant real estate market. With a strong economy, low interest rates and a good supply of homes on the market it is truly a great time to buy a home. I know this is a self serving statement, but in my 30 plus years in the business, there has not been a better time to invest in real estate.
I hope that future headlines can better reflect what is truly happening in our market.