I heard (insert this, that or the other) about foreclosures. Is that going to affect us here in Harrisonburg?

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.