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Foreclosures Plummet In Prince William County

By Greg L | 13 June 2008 | Local Economy | 14 Comments

The DC Examiner reports that mortgage foreclosures declined 15% in Prince William County in May, in what may appear to be a long-awaited improvement in a key component of the residential real estate meltdown that started in 2005.  While the county still retains the number one spot in mortgage foreclosures in the state, this is the first month where the number of foreclosures has declined.

Prince William and Loudoun counties, which have also been hit hard by the foreclosure crisis, witnessed a decrease in foreclosures of 15.47 percent and 9.19 percent, respectively. The jurisdictions still had relatively high rates, coming in first and second in the state, respectively.

Experts expect that foreclosure rates may not continuously decline from here on out, noting that many “teaser rates” are set to adjust later on this summer which may result in a new wave of foreclosures.  Still, this should add to the recovery in the local residential real estate market.

The decrease in foreclosures should have an “almost immediate effect” on the market as the supply drops, said Donna Evers, president and broker of Evers & Company Real Estate. Foreclosure properties, typically priced lower, “tug at the value of non-foreclosure properties,” she said.

The data for this article coming from RealtyTrac for May, 2008 doesn’t quite seem to correlate with RealtyTrac’s publicly-available data for April, however.   The article claims that Fairfax County’s rate declined 12.68 percent, from 1,404 filings to 1,226 but that Prince William and Loudoun were the number one and number two jurisdictions.  With a 15.47% drop in Prince William’s previously reported statistics, Prince William County would have 1194 new foreclosures, making it the number two jurisdiction in foreclosures behind Fairfax County, not number one.

Realty Trac April 2008 foreclosure chart

New foreclosures, April 2008 (RealtyTrac)

Several months ago the number of foreclosed homes in Prince William County dwarfed the number in Fairfax County.  That may be changing rapidly, as the number of residential sales in Prince William County continues to outpace Fairfax County at the same time that the number of new foreclosures starts to fall behind this neighboring jurisdiction.  There’s still quite a ways to go before we return to a healthy real estate market, but the indicators are consistently telling us that this isn’t all that far away.



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14 Comments

  1. Taco Truck Ted said on 13 Jun 2008 at 3:23 pm:
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    I still do not think PWC is even close to the foreclosure nightmare PGC in Maryland has become! Hurray for no doc sub-prime dishwasher/landscaper/taco makers who clear $100K per year!

  2. Whitney Blake said on 13 Jun 2008 at 4:17 pm:
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    Just to clarify Greg’s comments about Prince William ranking first and Loudoun ranking second…these rankings pertain to the foreclosure rate, that is, the percentage of households that are facing foreclosure compared with the total number of households (not the number of foreclosure filings in the county). In Prince William, one in 99 households is facing foreclosure filings, and in Loudoun, one in 199 households. In Fairfax, one in 319 households are facing foreclosure, making it the jurisdiction with the 8th highest foreclosure rate in Virginia.

  3. Lafayette said on 13 Jun 2008 at 4:32 pm:
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    Whitney,
    Thanks for the clarification. I’m glad you pointed out where Fairfax ranked in all of this mess. I knew they had to be up there.

  4. taco truck ted said on 13 Jun 2008 at 7:39 pm:
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    May MRIS

    Prince George’s County, MD

    * Median Price: $285K
    * Median Sales Price YoY: -12.3%
    * Average Sales Price YoY: -10.4%
    * Total Units Sold YoY: -48%
    * Average Days on Market YoY: 61%
    * Active Listings YoY: 66%
    * Months Supply: 20

  5. taco truck ted said on 13 Jun 2008 at 7:40 pm:
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    May MRIS

    Prince William County, VA

    * Median Price: $256K
    * Median Sales Price YoY: -31.7%
    * Average Sales Price YoY: -30.1%
    * Total Units Sold YoY: 68%
    * Average Days on Market YoY: 9.4%
    * Active Listings YoY: 3%
    * Months Supply: 7.7

  6. Dolph said on 13 Jun 2008 at 9:20 pm:
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    TTT,

    What does YoY mean?

  7. taco truck ted said on 13 Jun 2008 at 10:37 pm:
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    Year over Year as in May 2008 vs May 2007

  8. taco truck ted said on 13 Jun 2008 at 10:40 pm:
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    Total Units Sold YoY: 68%

    I find this absolutely incredible. Now how long has your illegal alien resolution been in effect?

  9. Benton said on 14 Jun 2008 at 11:45 am:
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    Don’t know if it is yet. Chair and Greg still tweaking it.

  10. anona said on 14 Jun 2008 at 3:47 pm:
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    There was a PM article today about PWC employees and teachers clamoring for the new mortgage help to move from outlying areas into the county to be closer to work. This will also help with the turnaround and will put firefighters, teachers, and police officers closer to where they work…a win win for the entire county.

  11. Taco Truck Ted said on 14 Jun 2008 at 4:15 pm:
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    This in turn should cause property values to maintain if not increase bucking the national trend! Good for you guys!

  12. Harry said on 16 Jun 2008 at 12:47 pm:
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    Because 61% of the homes on the market are foreclosures. I just picked up one that sold three years ago for $357k for $188k. The short sales still abound, talked to 2 realtors, there’s another 1,239 homes up on short sales. So things are not pretty in PWC, but it only matters if you’re buying or selling. When I bought my home in PWC in 1994 for $450k, it did not appreciate a nickle, according to the assesment until 2001. Between 2001-2006 it increased about 250% to about $1.1 million, it’s now down to $900k, but I’m not selling so it’s only paper!

  13. anona said on 16 Jun 2008 at 4:13 pm:
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    As a real estate agent I can tell you that it’s probably not $900 anymore and much closer to $700 based on what I’ve seen sold in the county.

  14. Mando said on 17 Jun 2008 at 8:17 am:
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    Whadoyaknow!

    3 days later, and MJM picks up the story. Looks like good news to me!

    http://www.insidenova.com/isn/news/local/article/foreclosures_drop_again_in_prince_william_county/17125/

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