People always want to know the numbers in real estate. In order to honor this request, we are providing statistics for foreclosures in Virginia for the past year to give buyers and sellers a snapshot of the foreclosure market. Specifically, we are focusing on the foreclosure rate for cities and counties in the Arlington-Alexandria area of Virginia.
Dissecting foreclosure statistics in Virginia can be a bit daunting.
What are the statistics for foreclosures in Virginia?
According to Corelogic (http://www.corelogic.com/research/foreclosure-report/national-foreclosure-report-april-2013.pdf), Virginia has the fifth lowest foreclosure inventory rate in the country. Only .9% of all mortgages homes on the market now are foreclosed homes.
Furthermore, we see that neighboring states West Virginia and the District of Columbia had two of the lowest number of foreclosures in the past 12 months. In that time, Washington DC had only 100 foreclosures, while West Virginia had 527. Part of the differential is because DC had a two year moratorium on foreclosures in the state.
Comparatively, Virginia had 12,724 foreclosures in that time period. While state populations played a large role in this decline, it cannot explain the entire difference.
For example, West Virginia has had a higher unemployment rate continuously over the past few years. However, people in the state still paid their mortgage more often.
The biggest reason that I can see has to do with the home value difference. In the Second Quarter of 2013, the average home value for a property in the Washington DC/Arlington-Alexandria area was $403K. Conversely, in Charleston, West Virginia home values are $136K for this time-period.
If you lose your job, your mortgage on a $136K property will be significantly lower than a mortgage on a $403K property. What this means is that you can get by longer in downtimes on a smaller mortgage.
For this specific reason, people who live in the Alexandria area need a quick solution to help them sell their property before they go into foreclosure.
Therefore, by understanding the statistics for foreclosures in Virginia, we are able to help potential foreclosed homeowners to make the right decision for their needs. Learn how to get your property sold in 7 days by calling (877) 804-5252 today, so you do not need to worry about maintaining your property.