Thursday, March 4, 2010

One in Ten Virginia Mortgages is Delinquent or in Foreclosure

The Bureau of Labor Statistics just released average annual state unemployment rates, and Virginia is at 6.7%.

CalculatedRisk looked at the correlation between unemployment rates v. percentage of mortgage loans that are delinquent or in foreclosure.  Virginia's rate is 10.2%.

According to RealtyTrac stats via the Virginia Association of Realtors, foreclosures in Virginia increased 33% from 2008 to 2009.

In the Charlottesville Area, foreclosures increased 57% from Q1 2009 to Q4 2009.  See numbers below, from VAR via RealCentralCA.

See Unemployment and Mortgage Delinquencies/Foreclosures for all states here.

Related Reading:
WSJ: When It's OK to Walk Away From Your Mortgage
How to Walk Away From Your Mortgage
Top 10 Homebuyer FAQ

4 comments:

craigger said...

Where did the Cville foreclosure data come from?

Real C'ville - The Bubble Blog said...

Va Assoc of Realtors used RealtyTrac Data:

www.varealtor.com/homesales for all reports


RealCentralVA featured their 2009 statewide foreclosure graphic as a Friday Chart

http://www.realcentralva.com/2010/01/30/friday-chart-foreclosures-in-charlottesville-msa/

Real C'ville - The Bubble Blog said...

Recycled Inventory:: Take a look at numbers:

987 Foreclosures in Cville Area 2009
2,565 sales in Cville Area 2009

According to VA Assoc Realtor stats.

The majority of those places are coming back on the market (or have already sold) for much less than their "comps."

These numbers plus the lowest sales volume in more than a decade combined with the nationwide subsidization of housing (tax cred, mortgage rates) indicate there's a lot more downward movement for prices in this area...especially once the tax cred expires April 30 (which costs $100k per house http://www.calculatedriskblog.com/2010/03/very-expensive-home-buyer-tax-credit.html )

Anonymous said...

"...there's a lot more downward movement for prices in this area."

Care to be more specific about "a lot"? Are you talking 5, 10, 20%?