Bank-owned and short-sale properties currently make up 25 percent of the active real estate inventory in Loudoun County (including new homes/new construction lots for sale).
Is this is a good or bad thing or neither?
Back in October of 2008, the percentage of bank-owned and short-sale properties as compared to the total inventory was 39%. But that percentage has since dropped and has been holding steady around 25 percent for some time now.
That's a good thing in one way because we've seen the percentage drop and we're not seeing an increase (which would mean further downward price pressure). It's not a good thing in another way because we're not seeing that percentage continue to drop below 25 percent (which is key to a real recovery).
Another good thing is that the overall real estate inventory is Loudoun is dropping and is at its lowest level in years. I'm just curious as to if/when the next wave of foreclosures will come and how big it will be if it does. That depends on a lot of things including interest rates, the stimulus bill's effectiveness, loan modifications, the overall economy, etc.
So basically, we're better off than we were last year and we're doing ok for now. But cross your fingers.
Here's how you use the site (4 easy steps)…
- Go to FranklyMLS.com/Danilo
- Enter "Loudoun bank active" next to "Search for" (located at the top of the page)
- Choose your price range (or choose "no min" and "no max" for a list of all of them)
- Click "Go"
Voila! A list of foreclosure/bank-owned properties within your price range in Loudoun will appear on the page. You can sort them from max price to min price or vice versa.
Now, let's say you're only looking for bank-owned properties in the 20164 zip code… Just insert "Loudoun bank active 20164" into the search field and you'll get filtered results that are only bank-owned properties in that price range in the 20164 zip code.
You can do the same with any keyword based on your search criteria - "Ashburn", "20148", "detached", etc. It's that simple.
Would you rather just get email alerts than go back to FranklkMLS.com all the time?
No problem. After you've entered your search criteria at the top of the page and clicked "Go", just go to the bottom of the page, enter your email address and click "Sign Up/Retrieve" - you'll get updates on new properties that come on the market as well as properties that had recent price changes. (No, your email address will not be used to spam you or be sold or rented to third parties)
For more information on how to use FranklyMLS.com and its various features, you can also check out this video tutorial.
If you have any questions about how to use the site or about a property you come across, just contact me and I'd be glad to help.
Forbes recently named the Washington, DC metro area including Loudoun County one of the top 10 best places to buy foreclosed homes. Part of the criteria was whether there were hints of stabilization, which is evident in the latest Loudoun County inventory/supply and buyer demand numbers.
"Our goal was to differentiate inexpensive foreclosure markets from those that are undervalued, as cheap foreclosures in flimsy markets don’t necessarily make strong investments."
Here’s are some of the figures Forbes came up with for the area:
- Median home price: $366,583
- Foreclosure savings: $56,858
- Foreclosure rate: 1.16%
- Price change 2006-2007: 0.77%
To check out how they came up with the rankings, click here.
Buyers and investors in Loudoun County are buying up foreclosure/bank-owned and short-sale properties at a ferocious rate. Almost half (46 percent) of the properties currently under contract in Loudoun County are foreclosure/bank-owned and short-sale properties. In fact, 43 percent of the properties that have settled/closed since January 1st have been foreclosure/bank-owned or short-sale properties.
Here are the "under contract" numbers:
- 1018 - Total number of properties currently under contract in Loudoun County
- 476 - Number of dsitressed properties currently under contract
Here are the "settled"/"closed" numbers:
- 2063 - Total number of properties that have settled/closed in Loudoun County since January 1st
- 892 - Number of distressed properties that have settled/closed in Loudoun since January 1st
As you can see, foreclosure/bank-owned and short-sale properties make up almost half of the properties sold in Loudoun County this year. Buyers and investors in Loudoun County are buying up distressed properties at a very healthy rate. This has has been the case pretty much all year and is one reason why the ratio of distressed properties to total properties for sale in Loudoun County has remained steady all year.