Jackie Feagin

Short sale and foreclosure statistics for Virginia Beach are a little bit different than the national average. This is because of the transient population of the military in Virginia Beach. The total short sale and foreclosure rate in July 2009 in Virginia Beach was about 17%. This year, the total short sale and foreclosure rate for July (2010) in Virginia Beach was about 25%. Comparatively, the national averages for short sales and foreclosures are much higher.

Virginia Beach is supported by a strong military presence as well as a rather large tourist population. In addition, there are several large corporations, which are very successful, and we are home to some of the most cutting-edge health care facilities in the nation.

Virginia Beach is home to one of the lowest tax rates in the area, and provides many services for its residents. The future growth for Virginia Beach looks promising! There are plans for the Burton Station, Pembroke and Resort areas, furthermore the city is working on plans for the Newtown Road area and the area between Oceana and Fentress. Finally, there are also four additional areas with plans for future growth: Centerville, Rosemont, Lynnhaven and Hilltop.

Virginia Beach has a strong financial outlook. Last year, Standard & Poor's gave its highest rating - AAA - to the city's series 2009 general obligation bonds. All in all, Virginia Beach lives up to a very high quality of life, making it a "community for a lifetime."

What does this mean to the Virginia Beach buyer? This means that most of the sales of homes in Virginia Beach are resales of property owners who are current on their mortgage and not in financial distress. They are not a short sale or a foreclosure. The seller is well informed on the current market conditions and with the help of a Realtor has priced their home to meet the market conditions.

For the Virginia Beach buyer this means there is value in the homes in our market. Making this a good place to call home where you can find value in a resale home, a short sale or a foreclosure.

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All of the above reasons are why short sale and foreclosure statistics for Virginia Beach are lower than the national average.