Foreclosures

While most original loan values came in between $100,000 and $200,000, one property in Midlothian, and one in Hanover County defaulted on loans over $400,000.

The last week of February was a busy one for Richmond’s foreclosure market, as each of the surrounding counties saw an increase in foreclosed properties, except for Hanover. In Richmond City the number of properties with a set public auction date doubled from the week before from 11 to 22. As in most weeks, most of the properties are at the lower end of the market. But there are several properties valued at more than $400,000.

Two properties in particular should attract some attention: the home at 4511 W Cary St., which RealtyTrac estimates at $379,629, defaulted on its $648,000 loan, and the restaurant space at 814 W Grace, currently occupied by the Hyperlink CAfe, defaulted on a $675,000 loan.

Foreclosures rose dramatically in the past week, and were once again focused on the city of Richmond more so than the outlying counties. REO properties, however, were down to a mere 11, but the number of public auctions, and properties awaiting public auction dates increased severely.

The number of properties going to pubic auction decreased dramatically since last week, while the number of bank owned properties saw a sharp increase. Of note this week, a $400,000 house near Riverside Drive.

This week the foreclosed properties have been arranged by county.