I have been tracking a small group of foreclosure and short sale properties located in the West Springfield area (zip code 22152) for the last few months to see where prices head.  This area has mature neighborhoods with loads of trees, is in the popular West Springfield HS pyramid and has easy access to public transportation for DC commuters, which is why I selected it to watch.

I am beginning to see some movement in the right direction price wise for these properties and the one that SOLD shows that the banks are starting to understand that in order to move these "as is" properties that they need to be realistic.  I believe that as we head in to the fall months and the inventory of foreclosure/REO properties continues to rise that there are going to be more properties that will be reasonable deals.

Though I have focused on this group as my "control" group I am seeing some nice opportunities starting to present themselves among newer home communities in Prince William County.  When one of the local builders was offering "blow out" prices two weeks ago I found a REO property in the same neighborhood for $50,000 less than what the builder was offering.  Just another reminder as to why having a buyer's agent represent you in your home search is important.

Other information on Forecloure Properties in Fairfax County"

Can You Find Me a Really Good Foreclosure Deal?

Foreclosures Are an Elusive Prey

Virginia Foreclosure Process