Bristow Distressed Sales Market Update

Prince William County New Foreclosure Filing Comparisons

Following up on yesterday’s post concerning new foreclosure notices in Prince William County, we thought it would be useful to provide some additional context so that our readers would be able to put Prince William into a larger perspective. This chart compares Prince William to Miami and Las Vegas, and largely speaks for itself. While 304 Prince William residents received their initial notice last month, the comparable numbers in Miami and Las Vegas were 1,857 and 7,255, respectively. In Prince William there are currently 3,174 houses in some stage of foreclosure—or 1 out of every 455 homes. In Miami there are currently 22,927 homes in some phase of the foreclosure process, which translates into 1 out of every 357. However, neither Prince William nor Miami can touch Las Vegas, where 1 in every 87 homes is somewhere in the process—38,979 in all.

At the other end of the spectrum is the State of Vermont, where just 5 new notices were mailed last month. Only 1 in every 62,849 Vermont home owners is in danger of losing their home.

Prince William County New Foreclosure Filings

 

 

Last month 304 families across Prince William County received the wrenching news that they were about to lose their homes to foreclosure. While such news is devastating to those involved and hardly something to celebrate, there is also hope in these numbers.

Since April of last year the number of new monthly foreclosure notices delivered to county residents has fallen from 792 to 304, a drop of 62%. Let’s hope the trend continues.

Prince William Market Update — March 2011

Prince William County Market Update — February 2011