Regardless of the area of The Green Mountain State from Burlington to Vergennes, from South Burlington to Newport and Rutland to Winooski, from Barre to Montpelier or anywhere in town or hamlet between, Vermont has seen an increase in the number of foreclosure homes in the state. This increase in defaulting mortgages has been completely caused by the mortgage meltdown and the global financial collapse that followed it.
Vermont like all other states has felt the brunt of the foreclosure crisis. Vermont is however, less affected than most states in this statistic due to the states' already low population and population density and ranking as the lowest state revenue of all 50 states.
The gross state product is $23 billion annually which is less than the annual revenue of many American companies and as stated above is dead last among all 50 states.
The Vermont state economy, once built exclusively on agriculture is now an economy whose largest private employer is IBM which provides 25% of all manufacturing jobs in the state. Cottage industries such as Vermont Teddy Bear, Ben & Jerry's Ice Cream and the multitude of Micro-brews that reside in the state due so with the full knowledge that Vermont ranks among the worst states for business. High taxes, a unionized work force and over regulation have combined to reduce the number of operating businesses in Vermont by approximately 500 per year. This lack of industry and business friendliness has worked in some ways toward the stability of the economy of Vermont.
While it was already expensive to live and do business in Vermont, the state has seen few booms. Without booms there are no busts and Vermont has seen nothing if not a consistent reduction of business.
These reasons are just some of the variables that make real estate and foreclosure home buying investments in the state the largest single growth industry in the state in the past 30 years.