Over at HarrisonburgForeclosures.com, I post notices of upcoming Trustee Sales (foreclosure auctions).  The graph below shows how many trustee sale notices we've seen over the past 7 months.



As you can see, there has been a general increase over the past seven months, though it certainly could be a seasonal cycle since I don't have 12 months of data yet.

Do remember that these numbers do not indicate how many properties are actually foreclosed on, but rather the number of properties for which a trustee sale is scheduled --- regardless of whether it ends up taking place.

I'm working to get my hands on data about how many sales actually go through.  Stay tuned!

In some real estate markets, home owners are turning to a raffle to try to sell their home.  (Thanks to Josh for the tip!)

For example, Angela Schaab in Grand Rapids, Michigan is attempting to sell her boardwalk condo by selling 2,500 $100 raffle tickets.  As of today (9/27/2008) she has sold 235 tickets. 

Or, read the story of several owners attempting raffles in the Wall Street Journal's Raffles: Real Estate's Latest Game of Chance.

So --- what do you think?  If there were a house on the market in Harrisonburg, and you could buy a raffle ticket for $100 --- would you buy one?

Stone Spring Manor is a newly developed subdivision in the City of Harrisonburg featuring 19 building lots.  Prior to July 2008, seven of these building lots had sold, several of them having homes built on them.

The lot sales included sales prices between $58,000 and $79,800.
The home sales included sales prices between $262,000 and $292,000.

Yesterday (7/16/08), the remaining 12 building lots were to be sold at auction.  The auction generated a quite a bit of interest, with close to 30 or 35 people present.  Much of the draw was likely a curiosity of the price at which these lots would sell. 

So, how did it go down? 




The plat above and the chart below show the order in which the six lots sold at auction, and their prices.

Lot Sale #1   Lot 14   $46,000
Lot Sale #2   Lot 15   $38,000
Lot Sale #3   Lot 16   $39,000
Lot Sale #4   Lot 3   $34,000
Lot Sale #5   Lot 11   $33,000
Lot Sale #6   Lot 9   $38,000

The remaining lots are for sale with asking prices between $46,500 and $64,400.