Foreclosure Activity in Bethesa/Chevy Chase & DC

Original Source: Foreclosures & Short Sales in Bethesda, Chevy Chase & DC

It's hard to peruse the news these days without hearing about the foreclosure crisis. While some parts of the country are gripped in an unfolding foreclosure nightmare (think Florida & Las Vegas), other parts of the country are doing alright.  Because I haven't seen a whole lot of first-hand foreclosure/short sale activity, I figured it was time to crunch some numbers to see how our close-in DC market is doing.  

Now, if I were a better blogger, I would have figured out how to insert my very detailed graph RIGHT HERE.  Alas, I am technically challenged, and not up to this particular task. If you would like to take a look (and I suggest you do... it makes for interesting reading), please click on the following link:  Foreclosures & Short Sales in Bethesda, Chevy Chase & DC.

In 2008, there was little or no activity in most zip codes.  Come 2009 we had some activity.  The numbers almost doubled in 2010.  Heading into the end of 2010, we appear to have a market made up of 4.5% foreclosure and short sales, or about 1 out of 22 transactions.  Not bad compared to other markets. Get outside of the beltway and the numbers are dramatically different.  In Germantown, MD (zip 20874), foreclosures and short sales numbered 348 for all of 2010 (through October 28).  Total sales in 20874 for 2010 numbered 694.  An astonishing 50% of all 2010 transactions involved a bank. Rockville, MD (zip 20850) fares better with a total of 73 foreclosure and short sale transactions for 2010.  With the total # of sales for 2010 at 397, the number of bank sales is at 18.3%. These are sobering figures. Really, when you get right down to it, the 4.5% rate of foreclosure/short sale for Bethesda/Chevy Chase and parts of DC seems just shy of a miracle.

If you are interested in learning more about local market trends, give me a call.