Tuesday, December 11, 2007

Scary Home Foreclosure Figures in Our Region Just In

According to the George Mason University's Center for Regional Analysis, foreclosures are steeply on the rise in our region and will likely remain so until mid-2008 or longer. They cite first-time buyers taking on larger mortgages than they could handle, the market plateau in values (which kept short term investors stuck without warning that prices wouldn't rise), and the buyer's frenzy of 2004-2005 that inflated values artificially high.

Here are the number of homes per 10,000 households in foreclosure as of Nov. 30. (Only counties with at least 65,000 residents were analyzed):

NATIONAL AVERAGE: 85 (homes per 10,000 are in foreclosure)
WASHINGTON Metro Serving Area: 79 (should we feel better?)

Fairfax County: 34
Fauquier County: 63
Spotsylvania County: 107
Stafford County: 167
Loudoun County: 219
Prince William County: 262

It's food for thought if you are thinking of complaining that you didn't get what you want for Christmas this year... be glad you aren't sleeping in a sand trench in Iraq praying you don't get shot or bitten by some bug you've never seen, and be glad you are sleeping in your home tonight.
  • Spotsylvania County has about 45,000 homes, so that means about 481 homes are now in foreclosure!
  • Stafford County has about 47,000 homes, so that means about 784 homes are now in foreclosure!
Each home in our area is occupied by an average of 2.87 people. That's a lot of families about to become homeless this Christmas.

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