Hampton Roads real estate market continues to show signs of progress. The great news is the number of active homes on the market decreased by 11.6% over July of 2010’s figures, while number of under contract and settled sales increased by 24.7% over July of 2010. What this means is the inventory is being absorbed, which leads to a more stable market thus stabilizing home prices.
Bank owned or short sales (also known as distressed properties) made up 30.3% of the sales in July of 2011.
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**NOTE: All statistics provided herein were provided by Real Estate Information Network (REIN)