Local 2010 Foreclosure Statistics

Foreclosures in Newport News, Hampton, Yorktown, Williamsburg and James City County

By: Liz Moore

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It seems that every time you pick up a newspaper or turn on the TV, there is a story reporting record numbers of foreclosures.  Certain areas of the country, Las Vegas and south Florida, for instance, have been particularly hard hit.  Compared to other parts of the country, here on the Peninsula and in Williamsburg we’ve been relatively lucky.  Although a relatively small percentage of foreclosures is still too many, here are the totals for the Hampton Roads market as reported by RealtyTrac for 2010:

• 1,363 properties in Newport News and 1,040 properties in Hampton received foreclosure filings. That translates into 1.73 percent of the cities' housing units, or the equivalent of one filing for every 58 units.
• James City County recorded 405 filings, which is 1.41 percent of housing units or one for every 71 units.
• York County had 130 filings, which is 0.52 percent of housing units or one for every 191 units.
• Gloucester had 204 filings, which is 1.24 percent of housing units or one for every 81 units.
• Isle of Wight had 147 filings, the equivalent of 1 percent of housing units or one for every 100 units.
• Poquoson had 40 filings, or 0.84 percent of housing units. That's translates into one filing for every 118 units.
• Williamsburg had no filings.

I am often asked if foreclosures have an impact on sales prices, and unfortunately, the answer is yes.  When the first wave of troubled inventory hit the market in 2007, foreclosures were the exception rather than the rule, and appraisers did not have to consider them when selecting comparables to determine value.  Now that they are more common, appraisers must consider them when assigning value.  The more foreclosures in a certain neighborhood, logically the more that the lower prices will influence market value there.

Interested in exploring investment opportunities with foreclosures, short sales, and REO inventory?  Give us a call today for a complimentary introduction to our investment coaching program.