Foreclosure rates have taken a leap across Northern Virginia in Jan-Feb 2008, according to recent statistics revealed by George Mason University's Center for Regional Analysis. These studies are based on data collected from the U.S. Census Bureau and the leading realty website ForeclosureConnections. Virginia foreclosure property is now available for cheaper rates with the median purchase value poised at $262,500 in areas such as Fredericksburg as of last month, which is the lowest so far from October 2004.
While the number of homes in foreclosure has not just increased in Virginia State alone, the heat of this trend can be felt far and wide. With an increase of 16.4% in Stafford County, it’s a great time for the investor to pick up good, clean, and cheaply priced property across Virginia. Other counties in the state such as Spotsylvania County, which showed an increase of 58.6% with forclosure rates of 107 in Nov 2007, 111 in Dec 2007, and 176 in Feb 2008; or Fauquier County, where foreclosed homes percentage grew by a whopping 30.4% with only 63 forclosures in Nov 2007, 79 in Dec 2007 and as many as 103 in Feb 2008, are just a few examples of the soaring forclosure rates across the state.
Considering that based on foreclosures by state, Virginia is quickly climbing the charts; it’s no surprise to know that the above mentioned figures are less severe than those from the northern part of the state. The forclosed homes count in Prince William County doubled in the past few months. The county reported only 262 foreclosures in Nov 2007, which slowly creeped up to 288 by Dec 2007 and has now rapidly doubled to 552 in Feb 2008. Also, the rate in Loudoun County continues to be high with 276 forclosures reported in Feb 2008 as compared to 219 and 235 in November and December 2007 respectively.
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