Loudoun County Real Estate Statistics and News

Loudoun County Real Estate News - May 12th, 2011

There are two stories about Loudoun County that will have an effect on real estate in the future. 

The first story is regarding a longtime business in Loudoun County is expanding their presence here.  JK Moving and Storage is adding another 100,000 square feet of space here in Loudoun.  JK is the premier moving company in Loudoun and will continue to be a great company to have headquartered in Loudoun.  They have recently hired 30 new employees and will be adding another 100 in the near future.  It will host a job fair Saturday, from 8 a.m. to noon, at its headquarters, 44112 Mercure Circle.

On the bad side, there is the possibility that Loudoun County will opt out of funding the Metro Line that is being built right now.  There is a disagreement over whether or not to build the stop at Dulles Airport underground.  This will cost an extra $300 Million and with current cost over runs already at $1 Billion the likely cost to dig the hole will more likely be $500 Million with Loudoun paying 4.6% of this additional cost.

The implications of this are huge.  The Metro Airport Authority could build the stop at Dulles Airport and stop there.  This would eliminate the two additional stops in Loudoun County at Route 606 and Route 772.  And Loudoun would still be responsible for maintaining the Airport stop because it is in Loudoun.  Also, this would almost certainly have a negative effect on property values of those developments being build specifically near the future stops.

And another interesting fact in the story today is the future cost of tolls on the Dulles Toll Road.  Currently it costs 75 cents at the various stops along the toll road and $1.25 at the main booth in Tysons.  Once the metro goes the total costs for a one way trip will be $6.75 if they get federal help or $10.75 if they don't.  This is a huge increase in price and I can see this being a huge problem in the future.  

Loudoun County April Home Sales Down 14% Year over Year, Short Sale Deals Down 41%

There were 380 sales transactions completed in April 2011 compared to 440 in April of 2010.  This is a drop of 13.64%.  The housing market in Loudoun County is heading in the wrong direction as demand dries up in the face of stricter lending by zombie banks.

Foreclosure sales were down 14% as well even though the foreclosure turnstiles were stuck as banks were caught falsifying documents, lying on affadavits and overall being fraudulent in their attempts to steal homes from citizens.  This number should have been down much further if the government would just enforce laws of due process regarding foreclosures.  April 2011 had 50 foreclosure sales versus 58 last year.

Shorts sales continue to be a complete disaster with the government doing almost nothing at all to get the banks to approve short sales.  April 2011 showed 65 shorts sales closes versus 111 last year.  This is a 41% drop off in approved and completed short sales.  More evidence that banks are not fixing the problem and nobody is making them.  This is contrary to any rhetoric coming from the government or from anyone else for that matter.  The short sale problem has been a problem for years and banks have fought each and every attempt to fix this problem.  It will never go away as long as banks buy our congressmen at the state and federal levels.  

Here is a story at MSNBC regarding just how ineffective the government has been in fixing the housing problems.  They are being paid a lot of money to kill any bill that will hold the banks accountable and we as regular citizens are on our own to battle them.

http://www.msnbc.msn.com/id/42881365/ns/business-personal_finance