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Analysis of Loudoun County, Virginia Foreclosures in 2007-2008: A NSP Candidate Property Study

This report provides an in-depth analysis of foreclosures in Loudoun County, Virginia, during the 2007-2008 period, emphasizing the Neighborhood Stabilization Program (NSP) candidate properties. The analysis utilizes Geographic Information Systems (GIS) to visually and spatially identify properties eligible for stabilization funding amid rising foreclosures linked to sub-prime lending and economic conditions. With a focus on Eastern Loudoun County, the report discusses data collection, organization, and the selection of candidate properties, concluding with actionable recommendations for effectively utilizing NSP resources.

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Analysis of Loudoun County, Virginia Foreclosures in 2007-2008: A NSP Candidate Property Study

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  1. Loudoun County, Virginia Foreclosures, ’07 – ’08: An Analysis of Neighborhood Stabilization Program (NSP) Candidate Properties GIS200

  2. Agenda • Situation • Goals • Data & GIS • Organization & Documentation • Analysis • Conclusion • Resources

  3. $2M $7M $2B Current Situation: A Rise In Foreclosures Nationwide -US Housing “Boom” - -Sub-prime Housing Lending- -Adjustable Rate Mortgages- -Economic Recession- Housing Recovery Act (2008)

  4. Project Goals • Graphically & Spatially depict properties within NSP Neighborhoods • Identify Candidate Properties • Analyze Statistical Data

  5. Spatial Data (Collect  Organize  Scrutinize) Loudoun Demographer: Foreclosure Tables County Boundaries US Census Bureau: Census Tracts Population ESRI Roads* Vector, vector, vector… GIS Steps (Small Scale  Large Scale) Project Data Clip Roads Select Districts Plot XY, tabular data Clip Foreclosures by Distr. Create Buffers Summarize Data & GIS: Spatial Data and GIS Steps *Must be updated

  6. GIS Organization & Documentation • No Geodatabase • Cannot Create Folders in GDB • Minimal Metadata • ESRI • US Census • Loudoun County

  7. Project Analysis:Perspective & Precision • Analyze 24 months of foreclosures within: • Loudoun County • Two Election Districts • Three Neighborhoods

  8. Loudoun County, VA: Perspective & Precision Majority of Foreclosures & Population Located In Eastern Loudoun County

  9. Sugarland Run & Sterling, VA: Perspective & Precision -Greater than 100% rise in 12 months- -Neighborhood Trends- -Open space: Parks, Golf Courses, Commercial Property-

  10. Neighborhoods: Perspective & Precision -37 NSP Candidate Properties, Eligible for $2 million- -Property Value: $8.7 million- -Buffer Results: Residual Benefactors & Possible Candidates- Sugarland Townhomes Sterling Park South

  11. Conclusion • Confirmed: Eastern Loudoun Foreclosures • Verified: Ample Number of Candidates • Learned: NSP Money “Purchase Power” • Option: Include ‘Buffer’ Properties • Recommendations: Add ’09 data, Annual Assessments

  12. References • Loudoun County Demographer • US Census Bureau • ESRI • Loudoun County Independent

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