Fairfax Foreclosures Reflect Statewide Trend

By Emmett Nebbs

photoForeclosures across the nation fell sharply in July, and Fairfax County showed some improvement as well – at least in some areas of the county.

Foreclosures were up in Virginia in July, with RealtyTrac, an online foreclosure marketing company, reporting that there were 4,319 foreclosure actions in the Old Dominion last month, a rate of 1 in every 771 housing units. In Fairfax County, there were 550 foreclosure filings in the month, almost exactly mirroring the statewide rate – 1 in every 710 housing units.

The heaviest areas of foreclosure were on the eastern and western edges of the county. According to RealtyTrac, there were 112 foreclosures in Alexandria, 60 in Falls Church, 33 in Annandale, 60 in Spingfield, and 35 in Lorton.

To the west, Chantilly had only 13 foreclosures, but it was a high rate since it was 1 in every 465 housing units. Centreville recorded 50 foreclosures, or 1 in every 475 units.

Central Fairfax County remains the most stable. Clifton had only three foreclosures, or 1 in every 1753 units. Fairfax Station had just seven foreclosures, or 1 in every 890 units. Great Falls had six foreclosures, Oakton had seven.

Fairfax also continues to fare better than its neighbors, except for Arlington. Prince William County recorded 377 foreclosures in July, or 1 in every 365 housing units. Loudoun County had 173 foreclosures, or 1 in 613 units.

Arlington County, meanwhile, was a model of stability, recording only 49 foreclosures, or 1 in 2118 housing units.

While national trends in terms of foreclosures show signs of promise, James Saccacio, RealtyTrac’s CEO, says it won’t lead to an immediate housing rebound.

“Unfortunately, the falloff in foreclosures is not based on a robust recovery in the housing market but on short-term interventions and delays that will extend the current housing market woes into 2012 and beyond,” Saccacio said. “A stabilizing economy and improving job market are the long-term keys to a housing market recovery.”

 

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Truman Lewis
A former reporter and bureau chief, Truman Lewis has covered presidential campaigns, state politics and stories ranging from organized crime to environmental and consumer protection.