Your Distressed Property and Short Sale Expert in Maryland.
Most of the DC area: DC; Montgomery, Howard, Frederick , Prince Georges, and Charles Counties in MD; Loudoun, Fairfax, Prince William, Arlington, and Alexandria Counties in VA, saw improvement in the housing market in 2010.
Counties hit worst by the mortgage crisis; Frederick + 0.4%, Prince Georges + 21.6%, and Charles +12.1%, saw increased sales over 2009. DC sales also rose by 3.0% There were decreases in home sales in: Montgomery -0.1%, Howard -2.1%, Arlington -3.4%, Fairfax -5.7%, Alexndria -6.8%, Loudoun -9.5%, and Prince William -25.8%.
Prices rose in all counties/DC but Frederick, Charles, and Prince Georges Counties in MD. Only Prince Georges and Prince William saw more than a few percentage points in price changes. Days on market for homes for sale were greatly improved for all jurisdictions, with VA Counties all improving from the 65 days to 70 days on market range in 2009, to 40 days to 56 days on market in 2010. DC went from 91 days to 67 days on average. MD jurisdictions trailed quite a bit, going from 92 days on market to 135 days in 2009, to 63days to 102 days on market in 2010.
Three factors at play here:
VA allows for a quick non-judicial foreclosure process, and even shortened it to 15 days in 2010, while MD lenghtend it's foreclosure process a few years ago, giving homeowners receiving a foreclosure notice(NFS) 60 days to work with the bank.
More importantly Virginia cleared it's inventory of foreclosure quicker than Maryland, prices dropped more drastically in hard hit counties, and volume of sales increased at a quicker pace.
Also, job growth in Virginia has been greater than in Maryland.
An economist at Moody's Analytics estimates there were 4 million homes in or near foreclosure at the start of 2010, on top of the 6.2 million foreclosed upon from 2007 to 2010. This led to a 26% drop in home prices nationwide, with foreclosures constituting about one third of the housing market, again nationwide.
With prices dropping so drastically, about 25% of US homeowners are "under water" - their home is worth less on the market than what they owe on their mortgage, and economists think this could worsen the foreclosure crisis, because these homeowners can not refinance, or sell their homes if they face a job loss or other setback.
Over all the DC area has been hit a lot less than much of the nation, and looks to recover quicker and with more stamina Dennis www.MarylandDistressedProperties.com www.Frederick-MontgomeryCountyHomes.com
Comments(0)