Foreclosures to Continue? In the VI?

I just posted a news story from YAHOO with regard to 2011 foreclosure numbers predicted as higher than a record 2010.

http://stthomasre.com/st-thomas-virgin-islands-news/2011-to-top-2010-rec...

I don't believe this will be the case in the Virgin Islands. Well, I shouldn't say exactly that, as the number could easily increase. I believe what they say for the US. We just don't have the same foreclosure mess here like people see in the States.

First of all, many of the homes that are being foreclosed upon in the States are priced MUCH less than even the least expensive homes in the Virgin Islands. The inexpensive homes are what really stack the numbers. That is not saying that there are not more expensive homes that also get hit, but the percentages are minimal in comparison.

Next, you have the difference in the VI from the States. We just don't have as many defaults here because people that bought second homes in the VI (which is a significant number of sales down here) could afford it. Of course there are some that will be affected, but for the most part, they can get by and not have foreclosure problems.

The purpose of my writing this is to let people know we don't have a flood of foreclosures in the Virgin Islands, and I don't expect that to change. It just isn't like the States in this respect. And that is a good thing.