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The foreclosure market in Winchester, VA has been changing this year.  The current market has 544 properties listed and available as of March 10, 2012.  Of that group of available listings,only 35 are foreclosures.  That brings the current foreclosure listings down to 6.65% of available listings.

If a buyer is looking for a great deal on a foreclosure, he better act fast.  The foreclosure market in Winchester, VA is contracting at a rapid rate.  How do the current available listings compare to pending sales? 

There are 253 sales pending the Winchester market.  Of that group, 41 properties are foreclosures.  That's 16% of the current pending sales.  That's a substantial drop from the February 4 - March 4 closings.  During that period 29% of closings were foreclosures. When you add short sales into that period, total distressed home sales made up 51% of total homes sales.

It's hard to say at this point if this is trend or a positive bump in the road, but no matter how you spin it, it's good news.  As foreclosures and short sales decline, property values have an opportunity to recover.  Will they see the values of the 2005-2008 market?  That is unlikely to happen for many years, but any improvement in home values is a plus.

Homeowners who still need to do a short sale may be able to redeem more of their equity for their lenders.  That puts them in a better position to execute a short sale. Short sales are another chapter in the local market.  The decline in available foreclosures in the Winchester, VA market is a good sign, and hopefully, a new trend. 

Available Foreclosures in Winchester, VA - March 2012