Virginia Foreclosures and Rental Housing Overview - - PowerPoint PPT Presentation

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Virginia Foreclosures and Rental Housing Overview - - PowerPoint PPT Presentation

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Virginia Foreclosures and Rental Housing Overview ___________________________ Patrick M. Bowen Bowen National Research November 17, 2011 Virginia Foreclosures of Select Cities Foreclosure Filings - Past 12 Months Winchester 723 Northampton

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Virginia

Foreclosures and Rental Housing Overview

___________________________

Patrick M. Bowen Bowen National Research November 17, 2011

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Virginia Foreclosures of Select Cities

10/2010-9/2011 Source: RealtyTrac

Northampton 15 Lexington 16 Abingdon 20 Emporia 22 Marion 22 Accomack 31 Wytheville 54 Martinsville 69 Staunton 88 Waynesboro 113 Harrisonburg 164 Danville 258 Lynchburg 271 Petersburg 309 Charlottesville 332 Williamsburg 436 Arlington 453 Winchester 723 Roanoke 817 Hampton 1,160 Portsmouth 1,271 Newport News 1,357 Fredericksburg 1,563 Alexandria 1,692 Chesapeake 2,088 Richmond 4,484

Foreclosure Filings - Past 12 Months

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  • Overall - 774 Rental Properties in 24 Markets
  • Overall - 117,985 Units, 94.8% Occupied
  • 207 LIHTC Projects, 96.0% Occupied
  • 567 Market-Rate Projects, 94.5% Occupied
  • Strongest Overall Regions:

NE-97.1% (Alexandria, Arlington and Winchester) SW-97.3% (Abington, Marion and Wytheville)

  • Weakest Overall Region:

SE-92.3% (Hampton, Newport News, Portsmouth)

Virginia Rental Housing Overview 2011 Summary Data

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SLIDE 4

East Region Rental Housing Overview

  • 154 Total Projects – 6.3% Vacant
  • 91 Market-rate Projects – 6.8% Vacant
  • 63 Tax Credit Projects – 5.2% Vacant

Petersburg

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Fredericksburg Foreclosure Activity

Fredericksburg foreclosure activity peaked in October of 2010 with 178 filings. The Fredericksburg (City) foreclosure rate of 0.20% is nearly double the Virginia (0.11%) rate.

Source: RealtyTrac Source: RealtyTrac

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SLIDE 6

Fredericksburg Rental Housing

Tax Credit Market-Rate Total Projects 10 10 20 Units 1,518 2,269 3,787 Vacancy 98 54 152

  • Vac. Rate

6.5% 2.4% 4.0%

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Petersburg Foreclosure Activity

Petersburg foreclosure activity peaked in August of 2011 with 40 filings. The Petersburg (City) foreclosure rate

  • f 0.11% is equal to the Virginia

(0.11%) rate and below the National (0.17%) rate.

Source: RealtyTrac Source: RealtyTrac

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Petersburg Rental Housing

Tax Credit Market-Rate Total Projects 8 27 35 Units 834 2,268 3,102 Vacancy 9 247 256

  • Vac. Rate

1.1% 10.9% 8.3%

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SLIDE 9

Accomack County Foreclosure Activity

Accomack foreclosure activity last peaked in March of 2011 with 4 filings. The Accomack (County) foreclosure rate of 0.01% is well below the Virginia (0.11%) and National (0.17%) rates.

Source: RealtyTrac Source: RealtyTrac

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Northampton County Foreclosure Activity

Northampton foreclosure activity last peaked in July of 2011 with 3 filings. The Northampton (County) foreclosure rate of 0.01% is well below the Virginia (0.11%) and National (0.17%) rates.

Source: RealtyTrac Source: RealtyTrac

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Accomack/Northampton Rental Housing

Tax Credit Market-Rate Total Projects 4 6 10 Units 91 19 110 Vacancy

  • Vac. Rate

0.0% 0.0% 0.0%

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Richmond Foreclosure Activity

Richmond foreclosure activity peaked in October of 2010 with 621 filings. The Richmond (City) foreclosure rate of 0.14% is slightly above the Virginia (0.11%) rate but below the National (0.17%) rate.

Source: RealtyTrac Source: RealtyTrac

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Richmond Rental Housing

Map here Tax Credit Market-Rate Total Projects 41 48 89 Units 4,075 6,744 10,819 Vacancy 235 472 707

  • Vac. Rate

5.8% 7.0% 6.5%

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Southeast Region Rental Housing Overview

170 Total Projects: 7.7% Vacant 121 Market-rate Projects: 8.6% Vacant 49 Tax Credit Projects: 4.2% Vacant

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Williamsburg Foreclosure Activity

The Williamsburg (City) foreclosure rate of 0.08% is slightly below the Virginia rate (0.11%) and less than half the National (0.17%) rate. Williamsburg foreclosure activity peaked in December of 2010 with 57 filings.

Source: RealtyTrac Source: RealtyTrac

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Map here Tax Credit Market-Rate Total Projects 12 22 37 Units 939 3,160 4,099 Vacancy 24 203 227

  • Vac. Rate

2.6% 6.4% 5.5%

Williamsburg Rental Housing

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Hampton Foreclosure Activity

The Hampton (City) foreclosure rate of 0.13% is comparable to the Virginia (0.11%) rate but below the National (0.17%) rate. Hampton foreclosure activity peaked in October of 2010 with 163 filings.

Source: RealtyTrac Source: RealtyTrac

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Newport News Foreclosure Activity

The Newport News (City) foreclosure rate of 0.10% is nearly identical to the Virginia rate (0.11%) but below the National (0.17%) rate. Newport foreclosure activity peaked in March of 2011 with 143 filings.

Source: RealtyTrac Source: RealtyTrac

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Map here Tax Credit Market-Rate Total Projects 18 83 101 Units 2,486 15,816 18,302 Vacancy 200 1,603 1,803

  • Vac. Rate

8.0% 10.1% 9.9%

Hampton/Newport News Rental Housing

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Portsmouth Foreclosure Activity

Portsmouth foreclosure activity peaked in October of 2010 with 165 filings. The Portsmouth (City) foreclosure rate of 0.24% is more than double the Virginia rate (0.11%) and well above the National (0.17%) rate.

Source: RealtyTrac Source: RealtyTrac

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Map here Tax Credit Market-Rate Total Projects 7 11 18 Units 960 1,430 2,390 Vacancy 12 69 81

  • Vac. Rate

1.3% 4.8% 3.4%

Portsmouth Rental Housing

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Chesapeake Foreclosure Activity

Chesapeake foreclosure activity peaked in October of 2010 with 311 filings. The Chesapeake (City) foreclosure rate of 0.17% is well above the Virginia (0.11%) rate but equal to the National (0.17%) rate.

Source: RealtyTrac Source: RealtyTrac

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Map here Tax Credit Market-Rate Total Projects 12 5 17 Units 1,678 1,763 3,411 Vacancy 18 39 57

  • Vac. Rate

1.1% 2.2% 1.7%

Chesapeake Rental Housing

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South Region Rental Housing Overview

39 Total Projects: 6.8% Vacant 30 Market-rate Projects: 8.1% Vacant 9 Tax Credit Projects: 4.8% Vacant

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Danville Foreclosure Activity

Danville foreclosure activity peaked in September of 2011 with 39 filings. The Danville (City) foreclosure rate of 0.13% is between the Virginia (0.11%) and National (0.17%) rates.

Source: RealtyTrac Source: RealtyTrac

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Map here Tax Credit Market-Rate Total Projects 5 14 19 Units 516 572 1088 Vacancy 30 37 67

  • Vac. Rate

5.8% 6.5% 6.2%

Danville Rental Housing

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Emporia Foreclosure Activity

Emporia foreclosure activity peaked in March of 2011 with 4 filings. The Emporia (City) foreclosure rate of 0.05% is well below the Virginia (0.11%) and National (0.17%) rates.

Source: RealtyTrac Source: RealtyTrac

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Map here Tax Credit Market-Rate Total Projects 2 6 8 Units 164 100 264 Vacancy 5 4 9

  • Vac. Rate

3.0% 4.0% 3.4%

Emporia Rental Housing

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Martinsville Foreclosure Activity

Martinsville foreclosure activity peaked in October of 2010 with 15 filings. The Martinsville (City) foreclosure rate of 0.03% is well below the Virginia (0.11%) and National (0.17%) rates.

Source: RealtyTrac Source: RealtyTrac

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Map here Tax Credit Market-Rate Total Projects 2 10 12 Units 48 442 490 Vacancy 49 49

  • Vac. Rate

0.0% 11.1% 10.0%

Martinsville Rental Housing

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Southwest Region Rental Housing Overview

45 Total Projects: 2.7% Vacant 31 Market-rate Projects: 2.8% Vacant 14 Tax Credit Projects: 2.7% Vacant

Wytheville Abingdon Marion

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Wytheville foreclosure activity peaked in April of 2011 with 39 filings.

Wytheville Foreclosure Activity

The Wytheville (Town) foreclosure rate of 0.01% is well below the Virginia (0.11%) and National (0.17%) rates.

Source: RealtyTrac Source: RealtyTrac

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Map here Tax Credit Market-Rate Total Projects 3 6 9 Units 98 71 169 Vacancy 6 6

  • Vac. Rate

0.0% 8.5% 3.6%

Wytheville Rental Housing

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Abingdon Foreclosure Activity

Abingdon foreclosure activity peaked in August of 2011 with 5 filings. The Abingdon (Town) foreclosure rate of 0.01% is well below the Virginia (0.11%) and National (0.17%) rates.

Source: RealtyTrac Source: RealtyTrac

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Map here Tax Credit Market-Rate Total Projects 9 16 25 Units 259 419 678 Vacancy 11 5 16

  • Vac. Rate

4.2% 1.2% 2.4%

Abingdon Rental Housing

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Marion Foreclosure Activity

Marion foreclosure activity peaked in July of 2011 with 6 filings. The Marion (Town) foreclosure rate of 0.06% is half the Virginia rate (0.11%) and well below National (0.17%) rates.

Source: RealtyTrac Source: RealtyTrac

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Map here Tax Credit Market-Rate Total Projects 2 9 11 Units 52 237 289 Vacancy 9 9

  • Vac. Rate

0.0% 3.8% 3.1%

Marion Rental Housing

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West Region Rental Housing Overview

90 Total Projects: 6.1% Vacant 68 Market-rate Projects: 6.5% Vacant 22 Tax Credit Projects: 4.3% Vacant

Lexington

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The Lexington (City) foreclosure rate of 0.02% is well below the Virginia (0.11%) and National (0.17%) rates.

Lexington Foreclosure Activity

Lexington foreclosure activity peaked in November of 2010 with 5 filings.

Source: RealtyTrac Source: RealtyTrac

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Map here Tax Credit Market-Rate Total Projects 6 15 21 Units 225 376 601 Vacancy 2 36 38

  • Vac. Rate

0.9% 9.6% 6.3%

Lexington Rental Housing

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Roanoke Foreclosure Activity

Roanoke foreclosure activity peaked in November of 2010 with 109 filings. The Roanoke (City) foreclosure rate of 0.06% is about half the Virginia (0.11%) rate

Source: RealtyTrac Source: RealtyTrac

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Map here Tax Credit Market-Rate Total Projects 10 14 24 Units 1,367 4,237 5,604 Vacancy 65 251 316

  • Vac. Rate

4.8% 5.9% 5.6%

Roanoke Rental Housing

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Harrisonburg Foreclosure Activity

Harrisonburg foreclosure activity peaked in November of 2010 with 24 filings. The Harrisonburg (City) foreclosure rate of 0.06% is well below the Virginia (0.11%) and National (0.17%) rates.

Source: RealtyTrac Source: RealtyTrac

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Map here Tax Credit Market-Rate Total Projects 3 20 23 Units 208 2,814 3,022 Vacancy 11 174 185

  • Vac. Rate

5.3% 6.2% 6.1%

Harrisonburg Rental Housing

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Staunton Foreclosure Activity

Staunton foreclosure activity peaked in May of 2011 with 15 filings. The Staunton (City) foreclosure rate of 0.08% is below the Virginia (0.11%) and National (0.17%) rates.

Source: RealtyTrac Source: RealtyTrac

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Map here Tax Credit Market-Rate Total Projects 3 19 22 Units 281 1,318 1,599 Vacancy 11 111 122

  • Vac. Rate

3.9% 8.4% 7.6%

Staunton Rental Housing

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North Region Rental Housing Overview

154 Total Projects: 2.9% Vacant 121 Market-rate Projects: 3.0% Vacant 33 Tax Credit Projects: 1.8% Vacant

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Arlington Foreclosure Activity

Arlington foreclosure activity peaked in July of 2011 with 49 filings. The Arlington (City) foreclosure rate of 0.03% is well below the Virginia (0.11%) and National (0.17%) rates.

Source: RealtyTrac Source: RealtyTrac

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Map here Tax Credit Market-Rate Total Projects 10 6 16 Units 2,121 470 2,591 Vacancy 36 7 43

  • Vac. Rate

1.7% 1.5% 1.7%

Arlington Rental Housing

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Alexandria Foreclosure Activity

Alexandria foreclosure activity peaked in October of 2010 with 180 filings. The Alexandria (City) foreclosure rate of 0.07% is below the Virginia (0.11%) and National (0.17%) rates.

Source: RealtyTrac Source: RealtyTrac

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Tax Credit Market-Rate Total Projects 19 111 130 Units 1,762 41,366 43,128 Vacancy 36 1,241 1,277

  • Vac. Rate

2.0% 3.0% 3.0%

Alexandria Rental Housing

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Winchester Foreclosure Activity

Winchester foreclosure activity last peaked in November of 2010 with 88 filings. The Winchester (City) foreclosure rate

  • f 0.15% is above the Virginia (0.11%)

rate but below the National (0.17%) rate.

Source: RealtyTrac Source: RealtyTrac

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Tax Credit Market-Rate Total Projects 4 4 8 Units 140 70 210 Vacancy

  • Vac. Rate

0.0% 0.0% 0.0%

Winchester Rental Housing

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Central Region Rental Housing Overview

122 Total Projects: 6.0% Vacant 105 Market-rate Projects: 6.4% Vacant 17 Tax Credit Projects: 3.5% Vacant

Waynesboro

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Charlottesville Foreclosure Activity

Charlottesville foreclosure activity peaked in July of 2011 with 66 filings. The Charlottesville (City) foreclosure rate of 0.04% is well below the Virginia (0.11%) and National (0.17%) rates.

Source: RealtyTrac Source: RealtyTrac

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Tax Credit Market-Rate Total Projects 8 74 82 Units 788 7,157 7,945 Vacancy 29 484 513

  • Vac. Rate

3.7% 6.8% 6.5%

Charlottesville Rental Housing

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Lynchburg Foreclosure Activity

Lynchburg foreclosure activity peaked in October of 2010 with 32 filings. The Lynchburg (City) foreclosure rate of 0.05% is well below the Virginia (0.11%) and National (0.17%) rates.

Source: RealtyTrac Source: RealtyTrac

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Tax Credit Market-Rate Total Projects 4 8 12 Units 517 1,698 2,215 Vacancy 14 52 66

  • Vac. Rate

2.7% 3.1% 3.0%

Lynchburg Rental Housing

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Waynesboro Foreclosure Activity

Waynesboro foreclosure activity peaked in January of 2011 with 13 filings. The Waynesboro (City) foreclosure rate of 0.06% is well below the Virginia (0.11%) and National (0.17%) rates.

Source: RealtyTrac Source: RealtyTrac

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Tax Credit Market-Rate Total Projects 5 23 28 Units 373 1,668 2,042 Vacancy 16 135 151

  • Vac. Rate

4.3% 8.1% 7.4%

Waynesboro Rental Housing

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Strongest Tax Credit Rental Markets

Metro

  • Chesapeake
  • Petersburg
  • Portsmouth
  • Arlington
  • Alexandria
  • Lynchburg

All Below 3.0% Vacant

  • Accomack/Northampton
  • Marion
  • Martinsville
  • Winchester
  • Wytheville
  • Lexington

All Below 1.0% Vacant

Rural

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Patrick M. Bowen

___________________________

Bowen National Research Phone: 614-833-9300 E-mail: Patrickb@bowennational.com Website: www.bowennational.com

Contact Information