I just completed an analysis of the real estate transactions for 2009 for the entire 10th Congressional District. I was asked to do this by one of the candidates that will be running for this seat later in the year, Jeff Barnett. We had a lengthy conversation about the state of the real estate market in Loudoun County as well as other parts of the congressional district. It seems that Loudoun County is a good barometer for this distrct.
With 4767 transactions in 2009, Loudoun County represents about 27% of the market. And with 42% of the transactions being either short sales or foreclosures, this is very close to the 43% distressed sales rate for the district. In 2009, 4605 homes were sold by banks via real estate agents and 3017 homes were sold short by agents in the 10th Congressional District.
And there is really no reason to believe these numbers will get any better any time soon. Banks continue to control the flow of properties they are willing to put on the market. And the banks refuse to offer permanent loan modifications to homeowners in any significant amounts.
In fact, they seem to be trying to prevent loan modifications by telling the Obama administration that the homeowners are not sending in all the information. The truth is probably the banks are telling the homeowners to fax in the documents and then they banks just delete them from the queues. I have had this happen to me many many times and every bank does it. And it seems no one from the administration is checking to see if what the banks is saying is true. But then again why would they since Obama was one of the biggest recipients of campaign funding from these very banks. But I digress.
Here is a link to a breakdown of all the zip codes within the 10th Congressional District.