Foreclosures/REO and Short-Sales Selling Like Hot Cakes

Sales of foreclosure/bank-owned and short-sale properties in Loudoun County are up…way up! So what’s "way up"? How about 378 percent!

As of a few weeks ago, distressed properties made up almost half of the total sales in Loudoun County. Investors and traditional buyers are out in full force taking advantage of the deals to be had.

Here are the numbers:

• The number of foreclosure/REO and short-sale properties that sold during the 2nd Qtr of ‘07 - 227
• The number of foreclosure/REO and short-sale properties that sold during the 2nd Qtr of ‘08 - 859
• That’s an increase of 378 percent

With the Loudoun County real estate market looking up and interest rates having jumped recently, this may be just the time to start picking up an investment property or two. And if you’re a traditional home buyer that doesn’t mind putting in some money and sweat equity into a great deal, you may want to check out some of those great deals.

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