On February 20, 2008, The Loudoun Easterner reported on the impact of subprime lending on certain areas in Loudoun County.

In 2007, Clerk of the Circuit Court Gary Clemens counted 1,215 deeds of foreclosure filed with the court. In 2006, there were only 139; in 2005, just 12. Another 39 were filed January, 2008.  Because the filing of a deed in court is the last step in the foreclosure process, these filings don’t indicate whether the number of foreclosures has yet peaked.

The increase in foreclosures has led to the reduction of home valuations in the local housing market, and to the reductions in individual home valuations by county tax assessor Todd Kaufman.

The Sterling and Sugarland Run districts, plus the CountrySide area of the Potomac District, and northeast Leesburg, had high incidences of subprime mortgages in 2005.

According to the Center on Responsible Lending Center, Virginia is the 9th in the nation on a list of average devaluation of homes neighboring foreclosures with Virginia’s total devaluation estimated at $3.9 billion.

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