The number of short sales and foreclosures available for purchase is increasing in the Washington, DC area. Here is one short sale from the Kemp Mill neighborhood which is in Silver Spring a few miles outside of the beltway. It is located at 908 HYDE RD, Silver Spring, MD 20902.
The Maryland Property Search shows this 3 bedroom house was purchased in September 2006 for 459,000. Now almost two years later it is being sold as a short sale for 340,000. Which is a nominal reduction of 26% and a inflation adjusted decline of over 30%.
MLS #: MC6811928.
Prices continue to decline in the Washington, DC area as foreclosure activity increases, mortgage rates rise and the general economic situation declines. This housing bust is not over yet. Expect continued price declines over the coming years.
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