Foreclosures, Bank-Owned Properties Make Up Almost Half of Sales In Loudoun

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.

Related Articles

Loudoun County Foreclosure/Bank-Owned and Short-Sale Property Sales Up 300 Percent

Loudoun County Foreclosure/Bank-Owned and Short-Sale Inventory and Buyer Demand Balance Each Other Out

Loudoun County Foreclosure/Bank-Owned and Short-Sale Inventory and Buyer Demand Balance Each Other Out

Loudoun County has seen a huge increase in the number of foreclosure/bank-owned and short-sale properties that have hit the market so far this year compared to last year during the same period. But the increase in buyer demand so far this year has been at about the same percentage rate, if not higher as the increase in inventory.

Here are the numbers:

• The number of new foreclosure/bank-owned and short-sale properties that came on the market in 2008 YTD is up 64 percent from the same time period in 2007
• The number of foreclosure/bank-owned and short-sale properties that have sold* so far this year is up 70 percent from the same time period in 2007

*by contract date

The demand for these types of properties is keeping up with the rate of new ones coming on the market. This is good news because we need the inventory to be absorbed so the market can stabilize and start recovering.

Loudoun County Foreclosure/Bank-Owned and Short-Sale Property Sales Up 300 Percent

The number of foreclosure/bank-owned and short-sale property sales in Loudoun County in 2008 is up 300 percent over 2007.

• 1134 of the total sales in Loudoun County from January 1, 2008 through May 31, 2008 were foreclosure/bank-owned or short-sale properties
• 341 of the total sales in Loudoun County from January 1, 2007 through May 31, 2007 were foreclosure/bank-owned or short-sale properties

Leading the way in sales of foreclosure/bank-owned and short-sale properties is Sterling Park due to the abundance of those types of properties.

Huge Foreclosure Auction in DC and VA June 7, 8, 9

There is a huge foreclosure auction by Real Estate Disposition Corporation (REDC) and USHomeAuctions.com going on in DC and VA on June 7, 8 and 9. The auction will have hundreds of foreclosure properties located in the DC, MD and VA, including Loudoun County.

The auction on June 7 and 8 is being held in DC at the Washington Convention Center. The event on June 8 is being held in Richmond at the Greater Richmond Convention Center. You’re able to preview and inspect the properties today (June 1).

If you’re interested in going to the event and having professional guidance as to the fair market value and pricing strategy of any property up for auction, I am available to consult on an hourly basis. Contact me for more details.

How To Find Out About Some Of The Best Deals In Loudoun County

Up until recently, some of the best deals in Loudoun County were being posted here on this blog. Many of you emailed or called asking for more information about the properties or to see them in person. Well, unfortunately, I can no longer continue posting those. Based on rules and regulations that govern all Realtors, posting about a property that is listed by another agent/broker is considered "advertising" and is not allowed.

But, there is a solution! You can receive my top picks of properties for sale in Loudoun County via email. If you request the information to be sent to you, then it’s no longer "advertising".

Here’s how you do it…

Insert your email address and first name into the form below and then click "Submit". A thank you page will pop-up stating that you will receive a confirmation email shortly. Just click on the link in the confirmation email and you will start receiving the best deals in Loudoun County immediately.

Please note…your email address, name or personal information will never be sold or provided to third parties. You will not receive any emails other than the best deals in Loudoun County. You will not be harrassed by sales emails or emails trying to solicit your business. It’s completely up to you if/when you wish to initiate contact with me.

Send Me The Best Deals In Loudoun County!

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Loudoun County Considering Foreclosure Program For County Employees

Just ran across this post over at the LoCo Real Estate Musings blog which talks about how the Loudoun County Board of Supervisors will be considering a program to help county employees purchase foreclosed properties. This is similar to what Fairfax County recently proposed with their "Silver Lining Program".

Here’s an excerpt:

"Apparently Chairman Scott York is planning to propose a program to our Board at the June 3rd meeting that would help county employees get low interest loans to purchase foreclosed homes in the easternmost portion of Loudoun County.  It’s early yet for specific details, but according to the article it looks like York wants the program to focus on the Sterling Park area, which has a high number of foreclosures."

To read the full post, click here.

Related Articles

"Foreclosures Eyed As Opportunity" - Leesburg Today

-Danilo

Washington Post Runs Article On “Luxury Foreclosures” - Features Arko and Bogdanovic

The Washington Post ran a story on "luxury foreclosures" yesterday. It featured several local real estate agents, including Tony Arko and Danilo Bogdanovic. Check out the Post article here or the Loudoun Extra version here.

Percentage of Foreclosures and Short-Sales Holds Steady

The percentage of total properties for sale in Loudoun County that are foreclosures/bank-owned or short-sales is holding steady around 25 percent. We’ve been seeing the percentage stay around 25 for most of this year.

Though we’d all like to see that percentage go down, it’s definitely good news that it’s not increasing. The fact that it’s not increasing is another sign that the worse is behind us.

-Danilo

Great Single Family Foreclosure/REO Deal In Broadlands!

This bank-owned single family home in Broadlands is a great deal at $693,900. It’s only 4 years old, has over 6000 finished square feet on three levels and sits on .27 acres.

It has a 3-car side-load garage, upgrades throughout and is in good condition. It’s on a cul-de-sac in the newer part of Broadlands (Broadlands South).

If you’d like more information, feel free to email or call me - 703-582-6900.

Listed by Carter Braxton Real Estate Company - 11 Loudoun St SW, Leesburg, VA 20175

-Danilo

Rate Of New Bank-Owned and Short-Sale Listings Steady

The rate at which new foreclosure/bank-owned and short-sale listings are entering the market in Loudoun County remains steady. Here are the numbers:

• January 2008 saw 310 new foreclosure/bank-owned and short-sale listings come on the market. That’s 10 new ones per day.
• February 2008 had 289 come on the market. That’s 10 per day.
• March 2008 had 301 come on the market. That’s 9.8 per day.
• So far this month (thru 4/22), there have been 253 new foreclosure/bank-owned and short-sale listings come on the market. That’s a slight increase to 11.5 per day, but not too far off the 10 per day average.

The trend so far this year seems to be about 10 or so new foreclosure/bank-owned and short-sale listings on the market each day. I’ll keep you posted on how April ends up and whether this trends continues or changes.

-Danilo

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