Vermont Foreclosures down 50% in January!

That is actually not the headline on CNNmoney.com which is "January Foreclosures up 57%" so what is the real story and how does it affect Burlington VT and the local real estate market? Sure, the housing numbers for the US are down from the peak, however we are not experiencing the wave of foreclosures found in states like California, and Florida where the market was according to reports "overvalued".
 
In January 2007 there was a grand total of two foreclosure filings in the entire state, according to the article. This year the number of foreclosure filings plummeted 50% to a grand total of one foreclosure filing in Vermont. Our market is healthy, with an ample supply of well priced homes ready to buy, and interest rates that make homes today more affordable than any time in the past four years. We are not experiencing the national trend because Vermont is a conservative state, and we had the lowest exposure to the loans which are causing buyers to default in other areas.
 
Can you time the bottom of the market? Historically that has not been proven to be possible, either in the real estate market  or the stock market. Both have ups and downs and over time they have both proven to be great investments for the savvy investor. My team and I are here to answer your questions about the Vermont Real Estate Market. Now is a great time to invest in Vermont Real Estate.  
 
-Nancy Jenkins

January foreclosures up 57%

Filings saw yet another big jump last month, compared to levels a year ago; 45,327 homes were lost to bank repossessions.

By Les Christie, CNNMoney.com staff writer
Vt. foreclosures jump 23 percent

February 17, 2008
 
 

Vermont recorded 1,209 foreclosures in 2007, a jump of nearly 23 percent from the previous year when 937 foreclosures were recorded, according to state and local data.

Chittenden County, the state's most populous county, had 179 foreclosures last year, the highest in the state followed by Rutland County with 163, according to the Department of Banking, Insurance, Securities and Health Care Administration.

Foreclosure data includes both residential and commercial property. (more)