Foreclosure Rates Rise in D.C., NoVA - NBC4 Washington

Foreclosure Rates Rise in D.C., NoVA



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    Foreclosure rates in the District and northern Virginia rose slightly over the last year. Though foreclosure rates in D.C., Arlington and Alexandria fall below the national average, rates in each municipality rose a fraction of a percentage point.

    The foreclosure rates in the District of Columbia rose from 1.56 to 1.85 percent between June 2009 and June 2010. Over the same period, foreclosure rates in the broader region -- including D.C., Arlington and Alexandria -- rose just slightly, from 2.15 to 2.16 percent.

    Mortage delinquency rates rose, too. According to the real-estate analytics company that collected the data, CoreLogic, delinquency rates of 90 days or higher rose from 4.71 to 5.69 percent over the past year. In the area including D.C. and North Virginia, 90-day or greater delinquency rates rose from 6.53 to 8.05 percent.

    Both the national percentage point change in foreclosures (0.43 percent) and delinquincies (1.52 percent) were higher than the increases in D.C. and northern Virginia.

    Virginia's 11th District -- comprising Fairfax and Prince William counties -- is performing best in the region. The Wall Street Journal's Market Watch reports relatively low foreclosure rates and unemployment figures, especially in tony Fairfax County.

    Nevertheless, even slight foreclosure and delinquency rates represent a concern. As the Washington Examiner reports, Fairfax and Prince William have spent respectively $2.8 million and $2.56 million from the purse allocated to Virginia through the federal Neighborhood Stabilization Program. As of early July, Virginia had distributed more than half of those funds statewide. For their parts, Prince William has spent 62 percent of its allocation, whereas Fairfax has spent 44 percent of its share.

    Better still, northern Virginia is in a better position than most areas to continue to weather the economic downturn. According to the Wall Street Journal, northern Virginia is one of four metro regions (out of a total of 48) -- an elite group that also includes San Antonio, Houston and Baltimore -- where the inventory of unsold homes is said to be balanced. Elsewhere, home construction continued through June -- but sales of new homes reached its second-lowest all-time levels.