Newport News, Virginia

In Newport News, Virginia, the home median worth is $175,661. The worth of Newport News houses has increased 3.5 percent in the last year. There is the prediction that Newport News homes in the next year will rise 1.9 percent.

In the city of Newport News, the list median cost is $117 per square foot. $139 is the Metro area of Virginia Beach’s list median cost per square foot.

In Newport News, $183,450 is the presently listed house cost median. For houses that have sold, $167,200 is the median cost.

In Newport News, the median rent cost is $1,195. The Metro area of Virginia Beach has a higher median rent cost of $1,375.

In the next few years, the worth of houses will be impacted by foreclosures. How does this impact from foreclosures occur? When the number of foreclosures and short sales in an area moves up, the value of houses moves down.

5.2 houses go through the process of foreclosure for every 10,000 houses in Newport News. The Metro area of Virginia Beach has a higher foreclosure rate of 5.5 houses foreclosed for every 10,000 houses. The United States foreclosure rate is much lower. It’s 1.6 houses foreclosed per 10,000 houses.

What is the first step in the process of foreclosure? It’s when a homeowner has a delinquent mortgage. How do you define mortgage delinquency? A delinquent mortgage is what occurs when a house owner does not make a house payment.

In Newport News, 2.3 percent of homes have mortgages that are delinquent. This is a higher mortgage delinquency rate than the United States mortgage delinquency rate which is 1.6 percent.

In the recession of 2008, the worth of homes went down over 20 percent in the United States. As a result, lots of homeowners are currently experiencing being underwater on their home mortgage. What is the definition of being underwater? It is the condition of a house owner owing a greater amount of money on their mortgage than their house is worth.

Newport News has quite a few owners of houses being underwater. It’s 20.7 percent. The Virginia Beach Metro area has a lower percentage of houses underwater. It’s 16.1%.

Predicting where you are in a real estate cycle isn’t an easy thing to do. But, if you can purchase a home at a time when home values have plunged quite a bit, you are likely to do better than purchasing a home at a time when home prices have doubled or tripled.