Foreclosures and Short Sales Continue to Rise in Loudoun County

A quick look at sales activity in January for Loudoun County shows that foreclosure activity continues to increase.  As of today, 148 of the 272 sales in the county are bank owned, reo, foreclosure, short sale or some other form of distressed property. 

These properties now account for 54% of the total number of homes being sold.  That is up from 46% in December (106/229) and 38% in November (107/280). 

A couple of observations about these numbers: 

Non-distressed sales (124) are down from 173 in November and flat versus December (123).  This number should be up significantly over December numbers.  Last year there were 93 more non-distressed sales in January vs December.  This tells us that buyers are continuing to look for values and are searching out the distressed properties to find them.

Note:  Two houses in Beacon Hill went under contract this month.  Both were foreclosures.

39% of the total listings that have come on the market this month are foreclosures or short sales.  This compares to only 11% versus January of last year, but it is less than the 49% in December.

33.7% of current listings are foreclosures, short sales or some other form of distressed sale (827/2456).

For more information on foreclosure/REO, short-sale and distressed properties in Loudoun County, VA, check out Loudoun Foreclosures.

For statistics, data, resources and general information on the real estate market in Loudoun County, VA, check out Loudoun Stats.