As Foreclosures Rise Nationally, DC Heads in Opposite Direction

• April 15th 2010

by Mark Wellborn

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RealtyTrac released their latest foreclosure figures today and to the chagrin of housing optimists out there, the national rate of foreclosures last month rose to the highest total since the foreclosure tracking firm started keeping records back in 2005. The good news (at least for DC proper) was that foreclosures in the city dropped almost 40 percent in the first quarter of 2010 compared to last year.

Take this news with a grain of salt, though. As we have reported in previous articles, statistics about the number of foreclosed properties in a particular region can be suspect given that much of the shadow inventory (foreclosed homes not listed in traditional sources) has yet to hit the market. As this inventory seeps back on to the market, DC will almost certainly see its foreclosure rate rise. Furthermore, the foreclosure rate in close-in Maryland and Virginia counties increased by double digits over the past year, exacerbating an already gloomy situation in many area zip codes.

DC area residents can take solace in the fact that the foreclosure situation in the region is better than California and Florida, two states that account for almost 40 percent of the foreclosures in the nation.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/as_foreclosures_rise_nationally_dc_heads_in_opposite_direction/1980.