What's Hot: Mortgage Rates Fall Towards 6% Following Fed Cut
Foreclosure Sales in the DC Area Down Significantly in 2012
✉️ Want to forward this article? Click here.
It looks like the number of foreclosures in the DC area could indeed be dropping.
In a recent blog post from RealEstate Business Intelligence (RBI), RBI’s Corey Hart takes a look at the state of distressed property sales, both foreclosures and short-sales, in the metro area for the first six months of 2012.
Courtesy of RBI
While distressed sales are down, comprising 27.3 percent of all sales in the area for the first half of 2012, compared to 36.6 percent over the same period last year, foreclosure sales are way down, accounting for 13.6 percent of sales during that period versus 23.7 percent last year. Short sales, on the other hand, are up slightly, to 13.7 percent from 12.9 percent.
Perhaps the most interesting takeaway from the report are that the sales of foreclosures are not just lower across the area than they were last year, but have fallen in each of the 45 counties analyzed, an indication that the number of properties in foreclosure proceedings is also falling. For a full run down, click here.
A common explanation for the falling foreclosure rate over the last 12 months (not just in DC, but across the country) is that banks have slowed their processing of this property type, and a large volume of shadow inventory is still waiting in the wings to hit the market. However, according to a few sources, shadow inventory numbers area dropping all over the country, too.
See other articles related to: realestate business intelligence, short sales
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/foreclosures_in_the_dc_area_down_significantly_in_2012/5724.
Most Popular... This Week • Last 30 Days • Ever
A plan to add another new residential building to the Friendship Heights pipeline is ... read »
Mortgage rate buydowns can be a good option for buyers who want to save money on inte... read »
Plans filed this week provide the latest look at the 106-key hotel in the works at an... read »
The eight-bedroom, 35,000 square-foot home in McLean known as The Cliffs went under c... read »
The large new development would take the place of the Ballston One office building al... read »
- Donohoe Files PUD For 127-Unit Development in Friendship Heights
- How Does a Mortgage Rate Buydown Work?
- A Look At Georgetown's New 100-Key Hotel Along The Canal
- A $30 Million Sale? One Of The DC Area's Most Expensive Homes Finds A Buyer
- Updated Plans Filed For 328-Unit Development At Arlington Office Site
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro