In Case You Didn’t Know About LoudounScene.com…

In case some of you did not know, I also write a sister blog - LoudounScene.com - that covers the general Loudoun County real estate scene, market statistics and more. If you haven't checked it out yet, please do so when you have a moment. Would love to hear your feedback and comments about either/both.

Thanks!

Danilo

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 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.

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