Foreclosures in Virginia Has Tripled

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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