If you hear something about the housing market on the news, it will likely mention the big (bad, scary) problem of foreclosures.

Things you may have heard could include:

• The next wave of foreclosures is going to be huge!
• There are millions of homes as a part of a "shadow inventory" -- that were foreclosed on by the bank, but that have not yet been put on the market for sale.
• Mortgage delinquencies are on the rise.
  

Here's what you really need to know:

• Foreclosures are highly concentrated in just a few states.  52% of the foreclosure inventory in the second quarter of 2011 was in only five states.
• Harrisonburg and Rockingham County (and Virginia) foreclosure rates have always been much lower than most areas of the country.
• Harrisonburg and Rockingham County foreclosures are declining.
  

So, yes, foreclosures are a problem nationwide, but significantly less so in Harrisonburg and Rockingham County.