Hampton Roads eased in May
In the month of May 2009, Foreclosure activity in Hampton Roads eased in May after reaching record levels the previous two months, a report to be released today found.
The number of foreclosure-related notices filed in May in Hampton Roads was 944, down about 19 percent from 1,164 in April, an online foreclosure-monitoring service based in Irvine, Calif. Still, foreclosures are up 150 percent from May 2008, when 377 were reported.
Auction notices and bank repossessions fell in nearly all cities in Hampton Roads.
Vinod B. Agarwal, an economist at Old Dominion University, said recent declines in the jobless rate in Hampton Roads combined with slowing job losses could be helping to stem foreclosure activity. Still, he called the local numbers in recent months high and indicated there could be more to come.
