The frequency with which foreclosed homes are arriving in the Virginian real estate market is alarming to say the least. A look at the foreclosure listings of the state will reveal how many mortgaged homes are ending up with defaulted payments and subsequently, foreclosures. Though the concentration of foreclosed houses is high all over the state, some of the highest incidences in Virginia (even in the nation) are reported in the region of Frederick County. This single region has 1 foreclosure filing for every 151 houses, being processed at different stages. Yet, this is not as alarming as the fact that only a few months ago, the foreclosure rate was 1 filing in every 1,932 homes. That means the rate at which foreclosure homes are appearing in this region has jumped up by as much as 12 times!
Other areas where Virginia foreclosures are high are the Loudoun County, which ranks highest in the state for foreclosures, county-wise, followed by the other countries of Fairfax and Prince William. In fact, half of all the bank foreclosures in VA arrive through the four counties of Frederick County, Loudoun County, Fairfax and Prince William. The only counties that have maintained a low rate of foreclosure homes are the countries of Winchester and Clarke County.
The main culprits for this upward trend of foreclosures in the state are the prevalence of several unhealthy financial options that are generally taken by people without planning them out properly. An example is the subprime loan, known popularly as the bad credit loan. People with other kinds of credit problems can get eligible for these loans, but most of them will find managing their finances difficult and then would default on the loans. This is the single most important reason that is increasing the rate of foreclosures within the state of Virginia.
