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The tremendous increase in foreclosures in Virginia has heavily affected the real estate industry of the region. It has been found that the foreclosure rate has almost tripled in July 2008 than what it was in July last year. Half of these foreclosure homes have been arrested in Northern Virginia. In July, the highest rate of foreclosures has been found in the Prince William County where one out of every 103 households was facing foreclosures. Nearly 1,728 homes were in a foreclosed state in the Fairfax County and about 169 homes were facing foreclosure in the Loudoun County. Out of every 1,357 households in the Arlington County were facing this real estate problem.

However, the increasing rate of foreclosures has increased the home sales throughout most of these regions. The decrease in the value of homes have made a large number of buyers to buy them, which otherwise would have been impossible for them to afford. It has proved especially beneficial for the first time buyers in the Prince William County. The median price of home has come down to $214,000 from $354,450 in the Prince William County.

The median home price in the Fairfax County has declined by 17 percent having a small impact on home selling activity. The median home price in the Loudoun County has fallen by 20 percent in comparison to the figure of last year’s July. There has been a marginal increase in the home selling activity in this region. However, the development of the real estate market depends on the decrease in the rate of foreclosures.

Nationally, Virginia accounted for the 10th highest rate in its number of foreclosures. There were a total of 5,745 foreclosure filings last month. According to a real estate expert Rick Sharga, the 10th position is not that bad as compared to the severe condition in California and Florida. There has been an increase of 55 percent in foreclosures in US in the month of July this year as compared to the same period last year.

James J. Saccacio, another real estate expert has said,

“Bank repossessions . . . continued to be the fastest-growing segment of foreclosure activity in July. The sharp rise in [bank repossessions], combined with slow sales, has resulted in a bloated inventory of bank-owned properties for sale.”

Some feels that there will be an improvement in the real estate market in the coming year after the November election of this year.

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There has been a decline of over 10 percent in foreclosures between the first and second half of 2008 in the Charles County. Despite this, the number of home foreclosures has almost doubled in comparison to what it was at the end of the second half of 2007. The decline in the number of foreclosures however has no positive effect on the real estate mortgage. People are continuing to face the mortgage problems. It has been found that the Charles County has 4 percent of foreclosure statewide in the second half. Some of the experts think that this foreclosure is taking place as several homeowners who are moving from Washington are charging higher mortgages for larger homes.

La-Ronda Johnson who is the senior housing counselor of the Maryland Tri-County Community Action Committee has found that a majority of the people seeking help from them to deal with their foreclosure problem are from Charles County. The other areas hit by foreclosures are the St. Marys and Calvert County. 20601, 20602 and 20603 were the Zip codes of the Southern Maryland’s three hot spots in Waldorf. Among these Zip codes the worst affected one is 20602 where one out of every 77 homes is facing foreclosure. Calvert County’s hot spot is in Lusby.

The high foreclosure rate in the Charles County is standing as a big problem for the county agencies. They are finding it difficult to make an adjustment between the decreased property tax revenues and increased utility costs. A high rate of home foreclosures has been also arrested in Baltimore and Montgomery County. This has tremendously affected the real estate of these two places. Nearly 32 percent of all the foreclosures in Maryland have been found in Prince George’s County. The rate of foreclosures was at par with the population in the counties of Calvert and Mary’s. However, these counties have still a rate of foreclosure that shows a major spurt from the last year.

There has been a serious problem between the Charles Board of Commissioners and the school board over the education budget of the Charles County. The Charles Board of Commissioners is unable to find enough funds for the increases demanded by the school officials. The members of the Board of Education have said that if one becomes so conservative in financial matters, it is surely going to hamper the quality of public education in the Charles County. This has made the commissioners take a decision of increasing the cost-of-living fund for school employees by 3.5 percent.

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The HIV-positive renters are having a serious problem due to foreclosures. In the past few months, about 50 HIV-positive renters have reported that they have been forced out of their homes as a result of this real estate problem. The rental rates being high and the prevalence of ineffective antidiscrimination laws together with lack of public benefits have led to this problem. It is a heavy crisis situation for the renters. Although there is no centralized system for finding out the exact number of HIV-positive renters with this problem, but they are at real stake. Sabrina Wilson is facing the problem of home foreclosure on her Brooklyn apartment.

Another woman with three children and two grandchildren, who lives in Queens, was stopped from using gas in June and soon she received a mail whereby it was written that it was because of the owner of the building she was dwelling in, who was facing foreclosure. She has paid the bills for gas from June to August, as it was said to her from the gas company that she had thousands of dollars overdue.

The HIV/AIDS Services Administration called HASA helps people having HIV disease with rental assistance. However, it is reviewed on an individual basis. Apart from the HASA benefit, a 30 percent share of the income is expected from the tenant, usually given from federal benefits. According to a co-director of the New York City AIDS Housing Network, Sean Barry,

“HASA pays 20 percent less than Section 8. If a landlord has multiple clients applying with Section 8 or HASA, they know they can play around with the regulations and get more money from Section 8.”

The housing code of the city was amended by the City Council in March saying that it is illegal to do a discrimination against the tenants who get local, state or federal housing benefits like HASA or Section 8. But this amendment is applicable for those buildings which are not private homes and have six units or more in them. According to Hannah Thorne who is a case manager for Housing Works helping HIV infected people in matters of real estate,

“There are no consequences, no monetary fines. We look for apartments with clients, and the landlords say, ‘No programs, no programs, no programs.’ “

Same-day emergency housing aid to evicted tenants having AIDS is provided by the city. It is applicable to those who have not been able to find a new home for themselves.

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The decline in the value of home in the Las Vegas valley by almost 30 percent has made many think that the worst phase of the real estate crisis is over. However, there are many experts who think that a second wave of foreclosures is likely to take place soon, may be in the coming few [...]

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Continue reading: Las Vegas Foreclosures: The Second Wave is About to Come

One of the biggest problems being faced by the foreclosed properties of the Frederick County is that they are damaged by either vandal who trash them or gets rotten due to ill-maintenance. This leads to piling up of things creating clutters everywhere. The county has been reported with 114 foreclosures in July, which is a [...]

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The increasing rate of foreclosure homes has led to a drop in the value of home prices in the west such as Nevada and California in the month of July. This has in turn increased the rate of existing home sales. Nearly 1.1 million condominiums and pre-owned properties in the 13 state regions were sold [...]

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Florida ranks second in its number of foreclosed homes, the first position being held by California. The foreclosures in these two states are so acute because the homeowners in a bid to buy and sell homes fast, over-inflated their property five years back. They inflated the values of their property through rapid sales with the [...]

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Although there have been an increase in home sales in the western region of US, but the Philadelphia area has been reported with a down market in real estate home sales. There has been a decline of 22.6 percent in July in the eight counties of Philadelphia in comparison to the figure last year during [...]

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The real estate of North Jersey has been heavily hit in the first five months of 2008 by foreclosure homes. It is triple than what it was during the same period in 2007. The home sales have declined heavily and the foreclosures have raised sharply especially in the lower income towns of North Jersey. Between [...]

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The increasing rate of foreclosure homes nationwide has led to the introduction of a new program by the Yorktown Division of Housing. This program aims to provide help to the people in fighting the real estate foreclosure. A total of 5,800 foreclosures have been recorded across the state in the second half of 2007. Out [...]

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Continue reading: Help from York to Avoid Foreclosures