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Despite the rage and fury, foreclosures have totally failed to impact HomeNet programme. It has reported zero foreclosures among its low to moderate house buyers. In seven years HomeNet has dealt with more than 300 clients.

June has the distinction of being the National Homeownership Month. Programmes are undertaken to highlight the advantages of owning houses and citizens are encouraged to become responsible owners of houses. HomeNet programme works in partnership with NRHA, some local lending bodies, property developers, real estate companies and financial advisers. It has the cooperation of local, state and federal housing agencies. It is a centre for housing resources and connects persons with houses of their choice and affordability in Norfolk. In other words they have been active in making housing dreams become realities.

The Mortgage Bankers Association released reports of foreclosure figures. The statistics was alarming. Foreclosures were cutting across all socio-economic divide lines. Against this background of spiking foreclosures, those buyers who had availed of the services of HomeNet programme, are continuing to light their hearth fires in houses that are their own homes, according to LaShawn Fortes the manager of HomeNet. The buyers qualify for financial help in the form of low market mortgages if they complete successfully training programmes run by HomeNet.

HomeNet aims to demystify the house purchasing process by empowering participants to make decisions after knowing about all the pros and cons. House buying is a complex procedure. The programme involves counseling as regards credit and purchase. Educating classes are held for first time buyers. Loans are taken only from qualified lenders. The realtors and attorneys involved are all connected with this organization so that the buyer comes under the shade of a protective umbrella. This leads to a discount in overall interest rate.

The NRHA was founded in 1940. It is a flag bearer in matters involving community revitalization and sustaining mixed income communities in a bond of togetherness. In Virginia it is the largest redevelopment and housing body. NRHA has a prominent role in making the city of Norfolk an ideal place in which to build a house, work, play and live out quality life.

Against the background of surging foreclosures, Norfolk stands out as an island thanks to the activities of NRHA. The protection it gave to the locals prevented the entry of predatory lenders and grabbers who have brought harm to the rest of the country.

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Fannie Mae predictions are that the real estate prices will fall further by 25%. The head of the mortgage body said that it was the ripe time for action to make the market turn around without being specific. It is too early to say if Bush will give the green signal to the bi-partisan housing bill that would robustly regulate the two giants – Fannie Mae and Freddie Mac. The bill is the handiwork of Senators Chris Dodd and Richard Shelby. It will allow the government to insure $300 billion of refinanced mortgages through FHA. The money would be tapped from Freddie and Fannie.

While Washington is thus engaged in wrangling, the states and their counties are not waiting but moving ahead with their own plans to address the foreclosure problem. Prince William County is battling foreclosures having the highest rate in Virginia. It is desperately looking around for solutions. In Prince William County there are 5,500 Repo houses – about 4% of all the houses in the county. Since the previous year the prices have tumbled by 28%.

The county is mulling over a scheme of offering its employees, 14,000 in number, mortgages with low interest. It is hoped that the plan will be beneficial in two ways. It would make a sizeable number of employees interested and happy while cutting into a big chunk of the foreclosure problem. The employees will get a chance to stay and earn in the county without having to move out. To finance the plan the county would have to move away funds investments already held by banks to allow for the discounted mortgages. In this way the banks too will benefit. The 3% to 4% interest that the county gets from the investments would remain undisturbed while the bank would make loans available to the county employees.

Foreclosures are costly operations according to the Center for Responsible Lending. Within a radius of 8 miles the valuation of the neighbouring houses will drop by 1%. Foreclosures have a snowballing effect in the localities where there are large concentrations of it. The people of the locality, the state and the local government have to pay the price for these increasing foreclosures. The property taxes too go down with the fall in prices. That affects the revenue collection. So there is less money for community development projects. The local government enters a stage of seize with an increase in crime and health problems emanating from foreclosed units.

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During the first quarter foreclosure numbers showed signs of rising in the metro areas. This is in comparison to the figures of the first quarter during the previous year of 2007. Most areas saw double digit and even triple digit rises. There were however few exceptions – Loudoun County, Manassas, Fairfax and Falls Church. James J. Saccacio of RealtyTrac comments that there is no denying that ‘most regions of the country are seeing more foreclosures.’ There are 100 metropolitan areas in US. Washington area stood 22nd. Maryland came 12th, while Virginia ranked 15th.

In Maryland Prince George’s County had the most concentrations of foreclosures with one out of 95 houses slipping into its net. During the first quarter there were 3,334 postings that calculates to a jump of 34.06% over the previous quarter – the last three months of 2007.

The 7th position went to Montgomery County with 1,642 foreclosure listings in the first quarter of this year. This showed a rise of 42.91%. One out of 219 houses were in foreclosures.

In Virginia the top rankers were
Prince William County, Manassas and Loudoun County. In Prince William one out of 35 houses were in foreclosure – an increase of 91.36% with 3,764 foreclosure listings. Manassas recorded 151 foreclosures during the first three months and showed a decrease of 50.81% from the last quarter of the previous year. Here the ratio of foreclosure was one out of every 85 houses. In Loudoun County the increase was a modest 0.73% from the last quarter with 1,110 foreclosure postings. The proportion was one out of 89 houses were stained with foreclosure.

Fairfax ranked 8th with an increase of 101.96%. The number of foreclosure noting was 3,189 and the ratio was one out of every 123 houses being in the dreaded zone.

Arlington County and Alexandria saw three fold increases but the proportion was low with one out of 399 and 351houses being in foreclosure respectively. There were only 20 postings in Fairfax City, which showed a decrease of 64.29%, with 56 postings. Falls Church had merely three foreclosure listings after having notched 11 numbers in the last quarter.

Economist Paul Carrilo of George Washington University opines that foreclosures are the cause behind the fall in real estate markets. If incentives can be increased to rope in more buyers to avail of cheap bargains then the markets will again find its bearings.

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The number of foreclosed houses in Prince William County has gone up by double since 2007. It points to the worsening of the real estate crisis. According to land records office figures, 306 units were taken back by the bank in February. In the previous year the number was les by 140. In Manassas, Manassas Park and Prince William County the foreclosures rose by 89% during the first two months of 2008 as compared to the same period in 2007. The number of defaults are also rising and soaring. In 2007 there were 3,344 foreclosures, 282 in 2006 and 52 in 2005. Real estate agent Carolyn Capalbo says that there is no slowing down.

In North Virginia Prince William had the highest number of foreclosures with 5.5% of all the houses having entered the foreclosure danger zone. Loudon County came second with 2.8% of the total number of houses sliding into foreclosure. The report was published by George Mason University. Last year the rate for the Washington Metro area was 1.7% high from October to December.

One of the major causes for the high foreclosure rate in Prince William is that a large part of the population consists of Hispanic immigrants. They had dreams which have now turned to nightmares. There are many other causes like predatory lending, job losses especially in the construction sector, and the aggressive anti immigrant policies being pursued. As the mortgage rates continue to rise there are more foreclosures in the offing and the trend will continue in all probability. Spring and summer are usually the seasons when people buy houses but now it is for losing properties.

Local government kitties are in serious difficulty because the property taxes are not being paid. While a house is in foreclosure taxes are not paid – they are paid when the dispute is settled.
Corey A. Stewart of Prince William Board says he views the situation as a short term problem – something that comes in cyclical order. The bust has to follow a boom. The bust of course is the most severe in recent memory but the cycle is bound to pass. That is the silver lining. In fact it has given a rest and pause from the frenetic housing activity that had been going on during the past few years. The market will surely correct itself. The issue is affordable housing.

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For those interested in picking up a bargain from foreclosure auctions a visit to a website launched by Long & Foster will be informative. It gives details of all the foreclosed houses ready to be sold in central and northern Virginia. Generally information about foreclosure is difficult to get. To find out if the property is foreclosed or not one has to click on ‘additional home attributes’. The best ones are the REO’s or those reclaimed by the bank. They have clear titles and one can inspect them in and out before bidding.

Some of the units are in a sorry condition. Most carry vibrations of people who could not light their home fires in these houses because of financial trouble. Many houses had been bought by investors who gambled on rising real estate to make quick phenomenal profits.

In all there are 2,610 foreclosed properties comprising of single family houses, town houses as well as condos. Most of these are located in northern Virginia. The compilation of the data is being done by Central Virginia Regional Multiple Listing Service. It provides regional information for the metropolitan area of northern Virginia. Richmond bagged the top position with 53 foreclosures. Chesterfield came second with 33 and Hanover county ranked third with 24 foreclosures. In central Virginia there were 146 foreclosures covering 19 localities. Most of the houses were owned by the banks, commented a spokesperson of Long & Foster. He is also the president of the Richmond Association of Realtors.

Realtors hunting around for a smart bargain may sometimes be lucky. Banks are more than eager to dispose of these estates weighing them down and offer discounts and incentives.
Long & Foster has adopted the strategy of organizing bus tours to attract potential buyers in northern Virginia. One of the costliest units is a house priced at $699,900, standing on Ridgeway Road next to the Country Club of Virginia in Richmond. There will be multiple offers and the buyers will have to compete for the best.
It is the law Nature that what is meat for one may be poison for another. Foreclosures are causing loss of homes while for many others it is a good time to move into a new nest with hopes and dreams. The best thing about bank repossessed properties is that the tears and sighs no longer cling to the walls and are things of the past.

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In five years no foreclosed house has fetched such a handsome price. In Hunting Hills a sprawling mansion has brought in $870,000 for the lender who took possession of it from one William Crick, in a foreclosure sale – a record for Roanoke region in five years. The average value of this type of property in this locality is anything between $60,000 and $100,000.

Crick is one among many why are losing palatial dwellings. Crick had taken a housing loan from Wachovia Bank on the understanding the initial payments would include only the interest. Later the rate would be adjusted. The newly built unit on 6,000 square feet had a movie room, spacious master bedroom and garages above and below ground level. Crick’s monthly payment for $909,950 property was $4,597.14. He could afford the high amount being general manager of one of the renowned companies in the automobile industry, Berglund Chevrolet. His income was $20,000 per month. But suddenly his dealership came to be terminated in early 2006 for unknown reasons. Immediately he put up the house for sale. At that time it was a seller’s market. In December 2006 he filed for bankruptcy listing debts amounting to $1.3 million more than whatever assets he had. In the end of August the bank put up the house for sale in the market. The estate was in a sorry estate with tall overgrown grass. The inside of the house was however in shipshape condition. All that was required was mowing down the grass to make it ready for the showpiece sale. Each house has a story to tell.

Foreclosures are surging through the nation with the highest waves hitting Virginia. Here it was up by 300% in July and 900% in August as compared to the same months in the previous year. Across the country the gain was 115% against 2006.

The foreclosure process consists of four steps. First the borrower goes into delinquency by being unable to pay monthly dues. The lender then sends foreclosure notice. This is followed by auction sale and repossession. There are many reasons why the borrower stumbles – unforeseen medical expenses, job loss, divorce etc.

But these cannot account for the tsunami that is surging through the country. Under the foreclosure lash houses are falling like ninepins. The accusing finger points straight at the sub-prime lending sector for this fiasco.

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