Loudoun Foreclosures

Latest Loudoun County and National Foreclosure Data

In case you missed it, check out this post on Loudoun Stats showing that foreclosures and short sales continue to rise in Loudoun County. And check out this post on RealtyTrac's ForeclosurePulse Blog analyzing RealtyTrac's report on US foreclosure activity in 2007. The report shows that US foreclosure activity was up 75% in all of 2007 with December filings up 97% from 2006.

Below is a map of 2007 US foreclosure rates shown in different colors from lowest to highest (click to enlarge). Note the shades of pink and red in the Washington, DC metro area including Northern Virginia and Loudoun County.

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The Effect Of Subprime Loans And Foreclosures/REOs On Property Values

If you missed it, there was an article on the front page of the Washington Post as well as LoudounExtra.com on Sunday regarding the effect of subprime loans and foreclosures/bank-owned properties on property values. It compared the different cities and counties within the Washington, DC metro area, including Sterling Park. It also compared the DC metro area to other areas of the U.S. such as Nevada and California.

According to the article, areas outside the Beltway have been hit the hardest. We would have to agree with that statement. In Northern Virginia, Prince William County has been the hardest with regard to foreclosures with Loudoun County a close second. But it's not as bad as Prince George's County, Maryland, where 42 percent of the home-purchase loans made in 2006 were subprime.

The article also goes on to say how foreclosures/bank-owned properties are dragging the prices of "regular" resales down. This is being felt by everyone in this area as well as the rest of the country. Until this trend reverses, prices may not be able to rebound and may continue to go down.

$1M Bracket Bank Owned Deal In River Creek Country Club

I just ran across this bank-owned single family home in River Creek Country Club that is an excellent value at $899K.

The property has 6800 finished square feet on 3 levels plus a 3 car side load garage. It's on 1/3 acre on a cul-de-sac with views of the Potomac River from the back of the house.

It has 6 bedrooms and 5.5 baths with a fully finished walk-out basement. It has 95 percent of the things a home in the $1M+ price bracket should have including GE Monogram appliances, granite countertops, tray ceilings, sunroom, sitting room in master bedroom, two level patio, 3 zone HVAC, etc.

The property just came back on the market as an REO (bank-owned) at this price and should sell quickly especially considering that they're offering 4 percent in seller concessions right off the bat.

If you're interested in knowing more, feel free to drop us a line.

Great Spec Home/New Construction Deals In Brambleton

There are several awesome spec home deals available in Brambleton at the moment. One particular builder has 5 spec town homes currently available, all heavily discounted. They are all the same model, which has over 2600 finished square feet plus a one car garage.

All 5 of the specs include maple cabinets, 14 X 14 ceramic tile, stainless steel appliances, granite countertops, etc. They range in price from $340K to $382K with 6 percent in closing costs  paid for by the builder (if you use their lender and title company). Part of that 6 percent includes 2 years pre-paid HOA/condo dues.

If you would like more info, feel free to contact me.