Virginia foreclosure homes – Arlington Speak

Despite the real estate market in Arlington displaying stability, in comparison with surrounding jurisdictions, there is no absolute immunity, the problem of foreclosure auction in Virginia affecting it after all.

A report released by the Metropolitan Washington Council of Governments showed that between March 2007 and February 2008, 167 went through foreclosure in Arlington. It added that of the 167 foreclosed homes; more than one fourth were in the 3 relatively small neighborhoods of Claremont, Columbia Forest and Nauck. These neighborhoods are all located along Columbia Pike’s western border.

Claremont Civic Association’s president, John Garren, said that though there was only one repo property that he knew of in his neighborhood, there are more than 10-12 houses that have been for sale but are not selling. He said that when one saw ‘For Sale’ boards sitting in front of houses for months, there was an issue.

Stephanie Britt, president of the Columbia Forest Civic Association also shared similar views. According to her there was lesser number of foreclosures in comparison to houses that were stalled, not finding buyers. She said that despite there being a few sales, more didn’t happen because homeowners still hadn’t come to terms with the Virginia foreclosure homes problem and the fact that prices needed to be dropped further.

An active member of the Nauck Civic Association, Alfred Taylor, said he knew of around ten homes that have been foreclosed in his ethnically diverse community. In his opinion most of them were on variable rates, a large number of homeowners being Latino.

A coordinator with the County’s program for home ownership, Doug Myrick, shared similar sentiments. According to him foreclosures were tilted more towards people of color; Columbia Pike’s western end, having housing that was amongst the most affordable. Homeowners, he said received loans with no documentation.

Arlington County’s Housing Department’s head, Ken Aughenbaugh, said that his office has started classes in English, Vietnamese, Korean and Spanish for potential buyers educating them about the risks and hazards of ‘no-document’ loans. The damage created by these in the overall Virginia foreclosure homes scenario, may well be done.

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