Impact of Foreclosures on Impact of Foreclosures on Single-Family Home SalesSingle-Family Home Sales

in Jefferson County 2007-2009in Jefferson County 2007-2009

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3

9

8

2

7

5

4

6

1

12

47

61

86

110

200

267

284

574

22

78

57

93

149

189

235

274

654

27

74

75

123

202

247

307

362

607

2007 2008 2009

Number of Foreclosures in Each Residential Area

by Year

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Source: 2007 Tax Rolls

39%

30%

22%

28%

27%

23%

21%

23%

18%

1

2

3

4

5

6

7

8

9

Percent of Assessed Value Lost Due to Foreclosure

Impact of Foreclosures on Single-Family Home SalesImpact of Foreclosures on Single-Family Home Sales in Jefferson County 2007in Jefferson County 2007

PVA Residential

Area

Number of Foreclosed

Homes

Total Assessed Value of

Foreclosed Homes

Average Assessed Value of

Foreclosed Homes

Total Sales of

Foreclosed Homes

Average Sale of

Foreclosed Homes

Difference Between Sale

Price and Assessed Value

Difference as Percent of

Total Assessed Value

Average Loss on Sale of Foreclosed

Home

1 574 $39,726,120 $66,335 $24,047,319 $40,000 $15,678,801 39% -40%2 86 $7,883,940 $78,235 $5,539,835 $53,368 $2,344,105 30% -32%3 12 $3,380,470 $164,725 $2,622,782 $139,391 $757,688 22% -15%4 267 $27,191,590 $98,950 $19,651,414 $71,000 $7,540,176 28% -28%5 200 $21,011,700 $94,060 $15,393,386 $70,050 $5,618,314 27% -26%6 284 $32,821,020 $106,880 $25,280,998 $82,225 $7,540,022 23% -23%7 110 $18,815,540 $146,705 $14,919,359 $121,629 $3,896,181 21% -17%8 61 $17,841,180 $240,260 $13,780,957 $202,000 $4,060,223 23% -16%9 47 $8,362,920 $151,050 $6,849,546 $120,000 $1,513,374 18% -21%

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Source: 2008 Tax Rolls

Impact of Foreclosures on Single-Family Home SalesImpact of Foreclosures on Single-Family Home Sales in Jefferson County 2008in Jefferson County 2008

PVA Residential

Area

Number of Foreclosed

Homes

Total Assessed Value of

Foreclosed Homes

Average Assessed Value of Foreclosed

Homes

Total Sales of

Foreclosed Homes

Average Sale of

Foreclosed Homes

Difference Between Sale

Price and Assessed Value

Difference as Percent of

Total Assessed Value

Average Loss on Sale of Foreclosed

Home

1 654 $43,812,180 $63,000 $24,761,083 $35,000 $19,051,096 42% -44%2 93 $9,279,520 $81,520 $6,212,140 $50,100 $3,067,381 36% -39%3 22 $4,736,820 $155,290 $3,892,634 $136,500 $844,186 24% -12%4 235 $24,214,540 $99,500 $15,494,551 $64,000 $8,719,989 36% -36%5 189 $19,677,510 $97,600 $13,250,323 $65,000 $6,427,187 34% -33%6 274 $33,323,110 $114,400 $23,433,335 $78,884 $9,889,775 30% -31%7 149 $26,511,010 $148,720 $19,215,930 $110,000 $7,295,079 26% -26%8 57 $16,960,850 $223,600 $12,737,831 $184,500 $4,223,019 23% -17%9 78 $16,330,920 $184,465 $11,718,729 $139,000 $4,612,191 25% -25%

42%

36%

24%

36%

34%

30%

26%

23%

25%

1

2

3

4

5

6

7

8

9

Percent of Assessed Value Lost Due to Foreclosure

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Source: 2009 Tax Rolls

Impact of Foreclosures on Single-Family Home SalesImpact of Foreclosures on Single-Family Home Sales in Jefferson County 2009in Jefferson County 2009

PVA Residential

Area

Number of Foreclosed

Homes

Total Assessed Value of

Foreclosed Homes

Average Assessed Value of Foreclosed

Homes

Total Sales of

Foreclosed Homes

Average Sale of

Foreclosed Homes

Difference Between Sale

Price and Assessed Value

Difference as Percent of

Total Assessed Value

Average Loss on Sale of

Foreclosed Home

1 607 $36,116,250 $53,300 $21,473,071 $30,000 $14,643,179 40% -44%2 123 $13,314,300 $85,920 $9,060,980 $58,500 $4,253,320 34% -32%3 27 $4,306,460 $165,540 $3,257,296 $140,000 $1,049,164 24% -15%4 307 $32,629,010 $101,770 $19,735,925 $63,750 $12,893,085 39% -37%5 247 $26,313,030 $94,490 $16,717,260 $60,000 $9,595,770 37% -37%6 362 $45,501,440 $118,095 $28,710,546 $75,000 $16,790,894 37% -36%7 202 $33,247,190 $144,500 $22,108,137 $100,000 $11,139,053 33% -31%8 75 $19,379,440 $215,000 $13,332,758 $152,000 $6,046,682 31% -29%9 74 $13,886,130 $158,525 $9,807,329 $114,875 $4,078,802 31% -28%

40%

34%

24%

39%

37%

37%

33%

31%

31%

1

2

3

4

5

6

7

8

9

Percent of Assessed Value Lost Due to Foreclosure

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Notes:

• Data sources for this report include the 2007, 2008, and 2009 Tax Rolls; the Master Commissioner lists of foreclosure sales for 2007, 2008 and 2009; PVA Residential Zones; and the current REMF Parcel database.

• The Tax Rolls were used to get the correct assessment value prior to foreclosure sale.• The Master Commissioner’s lists of foreclosure sales were used to get the value at time of sale.• The parcels were used to link the addresses and locate them in the correct PVA Residential zones.

• Next steps…• To acquire the 2007, 2008 and 2009 “L” “V” sales and add that to the existing tables.

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