My partner and I were looking through the listings in Ashburn and we noticed a lot of properties owned or controlled by relocation companies or lenders. So I went through all 203 single family homes for sale in Ashburn and counted the relos and bank owned property. As of today the number is 29 or 14.3% of the market.
That is a huge number compared to almost none a year ago. The good news is the banks will usually hold on for longer than most homeowners. They have deeper pockets. The bad news is they can unload for huge losses and it really doesn't affect them that much. But it does drive down the prices in a particular neighborhood.
Lets hope they don't all dump at the same time.
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