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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

  1. Virginia Foreclosures and Rental Housing Overview ___________________________ Patrick M. Bowen Bowen National Research November 17, 2011

  2. Virginia Foreclosures of Select Cities Foreclosure Filings - Past 12 Months Winchester 723 Northampton 15 Waynesboro 113 Lexington 16 Roanoke 817 Harrisonburg 164 Abingdon 20 Hampton 1,160 Danville 258 Emporia 22 Portsmouth 1,271 Lynchburg 271 Marion 22 Newport News 1,357 Petersburg 309 Accomack 31 Fredericksburg 1,563 Charlottesville 332 Wytheville 54 Alexandria 1,692 Williamsburg 436 Martinsville 69 Chesapeake 2,088 Arlington 453 Richmond 4,484 Staunton 88 Source: RealtyTrac 10/2010-9/2011

  3. Virginia Rental Housing Overview 2011 Summary Data • 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 )

  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

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

  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%

  7. Petersburg Foreclosure Activity Source: RealtyTrac The Petersburg (City) foreclosure rate of 0.11% is equal to the Virginia (0.11%) rate and below the National (0.17%) rate. Source: RealtyTrac Petersburg foreclosure activity peaked in August of 2011 with 40 filings.

  8. 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%

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

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

  11. Accomack/Northampton Rental Housing Tax Credit Market-Rate Total Projects 4 6 10 Units 91 19 110 Vacancy 0 0 0 Vac. Rate 0.0% 0.0% 0.0%

  12. Richmond Foreclosure Activity Source: RealtyTrac 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 Richmond foreclosure activity peaked in October of 2010 with 621 filings.

  13. Richmond Rental Housing Tax Credit Market-Rate Total Projects 41 48 89 Units 4,075 6,744 10,819 Map here Vacancy 235 472 707 Vac. Rate 5.8% 7.0% 6.5%

  14. 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

  15. Williamsburg Foreclosure Activity Source: RealtyTrac 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. Source: RealtyTrac Williamsburg foreclosure activity peaked in December of 2010 with 57 filings.

  16. Williamsburg Rental Housing Tax Credit Market-Rate Total Projects 12 22 37 Map here Units 939 3,160 4,099 Vacancy 24 203 227 Vac. Rate 2.6% 6.4% 5.5%

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

  18. Newport News Foreclosure Activity Source: RealtyTrac 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. Source: RealtyTrac Newport foreclosure activity peaked in March of 2011 with 143 filings.

  19. Hampton/Newport News Rental Housing 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%

  20. Portsmouth Foreclosure Activity Source: RealtyTrac 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 Portsmouth foreclosure activity peaked in October of 2010 with 165 filings.

  21. Portsmouth Rental Housing Tax Credit Market-Rate Total Projects 7 11 18 Units 960 1,430 2,390 Map here Vacancy 12 69 81 Vac. Rate 1.3% 4.8% 3.4%

  22. Chesapeake Foreclosure Activity Source: RealtyTrac 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 Chesapeake foreclosure activity peaked in October of 2010 with 311 filings.

  23. Chesapeake Rental Housing Tax Credit Market-Rate Total Projects 12 5 17 Map here Units 1,678 1,763 3,411 Vacancy 18 39 57 Vac. Rate 1.1% 2.2% 1.7%

  24. 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

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

  26. Danville Rental Housing 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%

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

  28. Emporia Rental Housing Tax Credit Market-Rate Total Projects 2 6 8 Map here Units 164 100 264 Vacancy 5 4 9 Vac. Rate 3.0% 4.0% 3.4%

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

  30. Martinsville Rental Housing Tax Credit Market-Rate Total Projects 2 10 12 Units 48 442 490 Map here Vacancy 0 49 49 Vac. Rate 0.0% 11.1% 10.0%

  31. 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 Marion Abingdon

  32. Wytheville Foreclosure Activity Source: RealtyTrac The Wytheville (Town) foreclosure rate of 0.01% is well below the Virginia (0.11%) and National (0.17%) rates. Source: RealtyTrac Wytheville foreclosure activity peaked in April of 2011 with 39 filings.

  33. Wytheville Rental Housing Map here Tax Credit Market-Rate Total Projects 3 6 9 Units 98 71 169 Vacancy 0 6 6 Vac. Rate 0.0% 8.5% 3.6%

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

  35. Abingdon Rental Housing 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%

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

  37. Marion Rental Housing Tax Credit Market-Rate Total Projects 2 9 11 Map here Units 52 237 289 Vacancy 0 9 9 Vac. Rate 0.0% 3.8% 3.1%

  38. West Region Rental Housing Overview Lexington 90 Total Projects: 6.1% Vacant 68 Market-rate Projects: 6.5% Vacant 22 Tax Credit Projects: 4.3% Vacant

  39. Lexington Foreclosure Activity Source: RealtyTrac The Lexington (City) foreclosure rate of 0.02% is well below the Virginia (0.11%) and National (0.17%) rates. Source: RealtyTrac Lexington foreclosure activity peaked in November of 2010 with 5 filings.

  40. Lexington Rental Housing Tax Credit Market-Rate Total Projects 6 15 21 Map here Units 225 376 601 Vacancy 2 36 38 Vac. Rate 0.9% 9.6% 6.3%

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

  42. Roanoke Rental Housing Tax Credit Market-Rate Total Projects 10 14 24 Units 1,367 4,237 5,604 Map here Vacancy 65 251 316 Vac. Rate 4.8% 5.9% 5.6%

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