DC’s Foreclosure Comparison
March 26th, 2008 categories: Market Statistics, Short Sales & Foreclosures
Foreclosures are everywhere. Not just low income areas. From the smallest of homes to mansions, foreclosures have no preference.
How does the Northern VA market compare to other metro areas in the United States? Are we the only area struggling to move past this?
Here are the stats comparing us with other large metro areas in the US as of the last quarter of 2007 by Dr. Stephen Fuller.
(click image to enlarge)
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It seems as though the main source of the problem in area markets with large REO inventories is declining property values due to the unavailabilaty health or non-REO comps. The areas of the country that have been the hardest hit…S. Calif, Arizona, Florida will recover only after the distressed inventory is greatly reduced.