Look around real estate these days and you know that foreclosures are a constant hot topic.
You hear about it on the news. It's discussed almost constantly. Where are the foreclosures? How many Americans are underwater on their mortgages? Is the foreclosure moratorium in effect? Is it over? Is their a shadow foreclosure inventory? What are the problems in the banks' handling of foreclosures?
Today, CNNMoney has an article detailing 10 foreclosure hotspots. Take a look at this list out of curiosity.
I'm happy to report that neither Arlington, Virginia, nor any area of Northern Virginia or Washington D.C. made this list. In fact, Northern Virginia is NOT a Foreclosure Hotspot!
The chart below shows the percentage of active real estate listings that are comprised of foreclosure (or REO -- real estate owned by the bank) listings:
As you can see, foreclosure listings are few and far between in most of the regions of Northern Virginia and Washington D.C.
In Arlington, there are only 13 foreclosure properties on the market out of a total inventory of 512 homes. In Alexandria, there are 19 foreclosure properties available. Even Prince William County, which has a 7.3% rate, only has a total of 99 foreclosure properties out of 1363 homes on the market.
If you really want to purchase a foreclosure, your best bet may be to cross the Potomac River into Prince George's County, MD, where 984 out of 5045 available properties on the market (or 19.5%) are foreclosures!
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