Foreclosures are surging in the Washington, DC area. The Washington Biz Journals reports that:
The housing bust in the Washington, DC area is far from over. This year a rising inventory of foreclosures will put significant dowarnd pressure on prices.
District of Columbia homeowners continued to feel the impact from the nationwide housing crisis in January, as foreclosures jumped 90 percent from the previous month, according to a market report released Tuesday.Also reported: "In the fourth quarter of 2007, Prince George's County reported 2,732 foreclosures, the highest in Maryland." However, during the 4th quarter in Prince George's County only 1279 sold according to the MRIS. Basically, the number of foreclosures was double the number of houses that sold.
RealtyTrac, an online foreclosure tracking firm, didn't give D.C. a state ranking in foreclosure rates, but Virginia 14th and Maryland ranked 15th.
The housing bust in the Washington, DC area is far from over. This year a rising inventory of foreclosures will put significant dowarnd pressure on prices.
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