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Top 10 Hardest Hit Communities Affected by Foreclosure in Prince William County, Virginia

Manassas, VA (PRWEB) August 12, 2008 -- Foreclosures continue to be a nationwide problem not only for those in the real estate, banking, and mortgage industry but, also for the hundreds of thousands of consumers facing the loss of their once greatest asset - their home.

The "subprime" debate continues as to who is at fault. Some believe that the homeowner should claim responsibility for their actions and pay back their loans. While others blame the lenders for being reckless in who they chose to grant loans to. A good example of this might be; issuing "no-doc" subprime loans without verifying applicant employment, stated income, or, debt ratio information. Another more general perspective would say that this is just an example of the free enterprise system at work - Consumers wanted to buy homes and Lenders provided the means to do so. Plain and simple.

"There is no question that the current housing market has created problems for some families and tremendous opportunities for others" said Keith M. Elliott Jr a Realtor® with RE/MAX Olympic Realty in Haymarket, Virginia.

The following is a list of the Top 10 hardest hit areas across the county in ascending order with number 1 being most significant. This information is based on current "active" foreclosure listings.

10. WAYSIDE VILLAGE - There are currently 15 foreclosures in the Wayside Village community of Dumfries. This community is made up of Townhouses and Single Family detached homes ranging in price from $145,000 up to $359,900. The average Days On Market (DOM) for these properties is 99 days.

9. RIVER OAKS - There are currently 17 foreclosures in the River Oaks community of Woodbridge. This community is made up of Townhouses ranging in price from $165,900 up to $299,900. The average Days On Market (DOM) for these properties is 113 days.

8. IRONGATE - There are currently 17 foreclosures in the Irongate community of Manassas. This community of Townhouses range in price from $69,000 up to $109,900. The average Days On Market (DOM) for these properties is 135 days.

7. MARUMSCO ACRES - There are currently 17 foreclosures in the Marumsco Acres community of Woodbridge. This community of Single Family detached homes range in price from $99,900 up to $154,900. The average Days On Market (DOM) for these properties is 104 days.

6. WILLIAMSTOWN - There are currently 18 foreclosures in the Williamstown community of Dumfries. This community is made up of Townhouses ranging in price from $60,000 up to $145,000. The average Days On Market (DOM) for these properties is 154 days.

5. SUDLEY - There are currently 19 foreclosures in the Sudley community of Manassas. This community of Single Family detached homes range in price from $99,500 up to $249,900. The average Days On Market (DOM) for these properties is 127 days.

4. MARUMSCO WOODS - There are currently 23 foreclosures in the Marumsco Woods community of Woodbridge. This community of Single Family detached homes range in price from $117,000 up to $174,900. The average Days On Market (DOM) for these properties is 112 days.

3. MARUMSCO HILLS - There are currently 25 foreclosures in the Marumsco Hills community of Woodbridge. This community of Single Family detached homes range in price from $99,900 up to $229,900. The average Days On Market (DOM) for these properties is 177 days.

2. LAKE RIDGE - There are currently 43 foreclosures in the Lake Ridge community of Woodbridge. This community is made up of Townhouses and Single Family detached homes ranging in price from $119,000 up to $293,000. The average Days On Market (DOM) for these properties is 135 days.

1. DALE CITY - There is currently a staggering 235 foreclosures in the Dale City community of Woodbridge. This community is made up of Townhouses and Single Family detached homes ranging in price from $84,900 up to $489,000. The average Days On Market (DOM) for these properties is 130 days.

Collectively, the most affected city within the county appears to be Woodbridge.

"There are so many fantastic buying opportunites out there right now...I'm personally trying to raise $10 million in capital to expand my own investment portfolio" Elliott said confidently. "Now is a great time to buy a home" he said enthusiastically.

Do you think buyers will continue to enter the market place thus reducing local inventories?

"Absolutely, but I also believe that for those that do not...they may fail to include into their buying decision the vital role that population trends have on our economy and the county in which we live. It is by carefully analyzing these figures that we can reasonably predict future housing demands" Elliott said. "With an increase in future housing demands and a limited supply of land to build on, existing home prices are likely to appreciate in the foreseeable future" he added. "Investors recognize this and are patient enough to wait awhile to reap the rewards. Your average homebuyer is more emotionally connected with the day-to-day value versus the future value...thus missing out on future equity appreciation" Elliott concluded.

According to the Prince William County, Virginia Department of Economic Development (http://www.pwcecondev.org/default.asp?section=15&subsection=99&sidebar=off) "Population has increased by 36.6% since 2000, making Prince William County the state's second most populous county". If the correlation in what Elliott suggests is correct -- this truly is an ideal time to buy a home or, investment property. "It's the basic laws of supply and demand at work not a carnival sideshow involving smoke and mirrors" Elliott said.

About Keith M. Elliott Jr.:

Mr. Elliott represents consumers, investors, and institutional clients in the purchase and sale of Prince William County Virginia real estate. He does this by carefully listening to your current needs and requirements and then creates an action plan to achieve your goals with the least expense and inconvenience to you in the shortest time possible.

Contact Information:

Keith M. Elliott Jr.

Prince William County Real Estate Expert

Realtor®, e-PRO®, ABR®, SRES®, Commercial Specialist®

RE/MAX Olympic Realty

15100 Washington Street

Haymarket, VA 20169

Office: (703) 530-2955, Ext. 6316

Cell: (540) 272-9012

Fax: (703) 891-9490

Email: kelliott @ comcast.net

Website: MyRealtorKeith.com (http://www.MyRealtorKeith.com)

Blog: Active Rain Blog (http://www.activerain.com/kelliott5264)

Copyright© 2004-2008 by MyRealtorKeith.com, All Rights Reserved.

All Content, protected by US and International Copyright Laws, and may not be copied, published, reprinted or, otherwise distributed by any means without explicit permission. Each RE/MAX office is Independently Owned and Operated. MLS Data provided by the Metropolitan Regional Information System.

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