It is unbelievable but true that Fairfax foreclosures are a reality in the region that boasts to have sent up the first President of the United States, George Washington. Fairfax foreclosures are haunting the city and the county of Fairfax in US. It is in Northern Virginia and forms part of Washington metropolis. Within Virginia it is the most populous region with a high household average income of $100,318 – it being the first to reach six figures. Thus it may seem baffling that Fairfax foreclosures are hitting the news headlines. It is bounded on the north and south east by the River Potomac. Washington is just across the river. About 11 sq miles of the county are underlain with asbestos. This was discovered 20 years ago leading to the passing of stringent environmental laws relating to air. Today the air is vitiated by Fairfax foreclosures while the law fumbles to find solutions to stop the fumes of foreclosures from choking ordinary residents. Some opine that Fairfax foreclosures may be emanating from racial imbalances. In Fairfax county there are about 73% whites, 9% Afro-Americans and the rest comprising of Hispanics, Native Americans and Asians. Thus the argument that Fairfax foreclosures target the minorities does not hold water in this instance. Perhaps affluence is the cause for Fairfax foreclosures. Experts are groping for watertight arguments. Fairfax has a thriving service economy relying on the Federal government for jobs. Fairfax County has the headquarters of seven Fortune 500 companies. Despite the fact that it is a leading center for business and technology there are many Fairfax foreclosures.
Fairfax foreclosures and a falling real estate market has pushed the county government into a budget crisis from which it will not be able to pull itself out for many years to come. The schools, public safety departments and humanitarian services will have to feel the pinch. With Fairfax foreclosures on the rise social problems are also rising related to vandalism and homelessness. The county government faces a shortfall of $220 million – mainly because of Fairfax foreclosures. Fairfax is an inner suburb. It is causing grave concern that Fairfax foreclosures should happen at all. This means that the effect of foreclosures on the regional scene is just being felt. Fairfax foreclosures point to a new direction of foreclosures spilling over to the interior. County budgets are beginning to groan. However Fairfax foreclosures are still relatively lower than other parts of the country.
