Virginia Foreclosures Make Home Ownership Possible for Many New Families
Virginia foreclosures provide a large pool of houses at affordable prices for families, particularly first time homeowners, looking for a placed to live. The majority of the foreclosures are in Northern Virginia, including all of the counties in the greater Washington, DC area and Tidewater, the area surrounding the lower Chesapeake Bay.
Virginia unemployment is substantially below the national rate. It has not been hit as hard as other states, largely because of the size of the government and military workforce.
It also appears that places that have the largest stock of relatively new homes in more suburban settings have experienced a large percentage of foreclosures. These newer communities in the far suburbs of Washington, where homes have sprouted up in the last decade, have seen more trouble.
Some foreclosed homes sale prices have increased during the last month:
* The price for Roanoke foreclosures increased by 2.9% over the last month with nearly 600 foreclosed homes on the market. The average sales price was $97,300.
* The price for Newport News foreclosures increased by 4.1% with nearly 700 foreclosed homes on the market. The average sale price was $180,000. Like many of the towns listed here, Newport News is in the tidewater area of the state.
* The price for Chesapeake foreclosures increased by a significant 22.5% with over 1,000 foreclosed homes currently on the market. The average sale price was $240,100.
Many other Virginia cities have seen a decrease in the average sale price of foreclosed homes during the last month, including these three cities in the tidewater area:
* The price for Hampton foreclosures fell by 0.8% with nearly 600 units available. The average sale price was $118,900.
* The price for Portsmouth foreclosures fell by11.8% last month with over 600 houses on the market. The average sale price was $91,600.
* The price for Suffolk foreclosures fell by 6.5% with over 400 foreclosed homes available to buy. The average sales price was $190,200.
There are a wide variety of reasons to live in Virginia. Close to the beach and the mountains, with historical sites virtually around every corner, there are dozens of attractions. You can walk through our first president’s private home.
Visit Colonial Williamsburg and eat in an actual colonial tavern or see a college founded in 1693 by the King and Queen of England, or hike the longest portion of the Appalachian Trail. Virginia foreclosures have provided a possible home for many looking for their first place to own.
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