Delinquencies and foreclosures
Virginia’s foreclosure rate was 0.3 percent as of this past June, according
to CoreLogic, a decrease of 10 basis points from the commonwealth’s
June 2016 rate. Virginia’s serious delinquency rate stood at 1.4 percent
this past June, down 30 basis points year over year. The commonwealth’s
rates are considerably lower than the national averages, which stood
at 0.7 percent for foreclosures and 2.5 percent for serious delinquencies
this past June.
Foreclosure activity in Virginia peaked in 2010 when more than 60,000
auctions and real-estate-owned properties were reported, according
to Attom Data Solutions. Foreclosure activity in the commonwealth
dropped below 17,000 filings by 2014, but increased again in 2015 and
2016 before beginning to decline in the first half of 2017.
The Virginia economy showed its resilience during and after the Great
Recession when it came to employment rolls. The commonwealth’s unemployment rate peaked at 7. 4 percent in January and February of 2010,
at a time when the national unemployment rate stood at 9. 8 percent.
Virginia’s unemployment rate declined slowly over the next several
years, however, finally dropping below 5 percent almost five years later,
in November 2014, when the U.S. rate was almost a full percentage point
higher, at 5. 8 percent. As of this past July, the commonwealth’s unemployment rate stood at 3. 8 percent, which was still 50 basis points lower
than the national rate.
Sources: Attom Data Solutions, bestplacestolivenow.com, Campaign for Grade-Level
Reading, City of Virginia Beach, CoreLogic, Federal Reserve Bank of Richmond, livability.com,
National Association of Realtors, Neptune Festival, Northern Virginia Realtors Association,
Roanoke Valley Association of Realtors, Strome College of Business, Trulia, U. S. Bureau of
Labor Statistics, U. S. Census Bureau, Virginia Beach Convention and Visitors Bureau, Virginia
Department of Planning and Budget, Virginia Realtors Association, Virginia Tourism Corp.,
Visit Virginia’s Blue Ridge
Will McDermott is editor of Scotsman Guide Residential Edition.
Reach him at (800) 297-6061 or email@example.com.
Located just south of Washington, D.C., across the Potomac River, Alexandria is steeped in U.S. history. It is known as the hometown of George
Washington, whose Mount Vernon home lies just south of the city.
Washington also attended the now-famous Christ Church in Old Town
Alexandria, a nationally designated historic area that today is a thriving
shopping center and tourist attraction. Alexandria’s violent crime rate is
half the national average, but its median house prices topped $500,000
this past July.
This city of 450,000 people at the southern end of Chesapeake Bay is
notable as much for its low crime rate as its beautiful beaches, three-mile boardwalk and fresh Atlantic seafood. The annual Neptune Festival, which closes summer, is rated in the top 10 of East Coast festivals.
The median household income in Virginia Beach is $66,600, 23. 4 percent higher than the $53,900 national median, while the $249,900 median home price this past May was 1.2 percent lower than the $252,800
Nestled in the heart of the Blue Ridge Mountains on the Western edge
of Virginia, Roanoke is home to nearly 100,000 people, many of whom
are millennial-age graduates of one of the more than 20 nearby colleges and universities. Education is an obvious priority in Roanoke, which
has been named an All-America City six times by the Campaign for
Grade-Level Reading. Roanoke also is one of the most affordable cities
in Virginia, boasting a median home price of $180,000 this past July.
3 Cities to Watch
Virginia Foreclosure Filings
Source: Attom Data Solutions