RealtyStore conducted a market study of Washington DC foreclosures and found a majority of foreclosed homes have been made available for public re-sale. Nearly 9% of all homes for sale in the area are foreclosures.
Online PR News – 02-December-2010 – – Santa Barbara, CA ---- RealtyStore (www.realtystore.com) the national leading provider of local residential foreclosure listings, presents results of its latest foreclosure market study for Washington DC County. The Washington DC Foreclosures Review shows 592 foreclosures, or REOs, recorded locally. Of the total, RealtyStore determined that 407, or over 68% of all REOs are currently listed available for re-sale to the public.
“Of 4,621 homes presently for sale in Washington DC County, 8.8% are REOs owned by banks or government service enterprises such as Fannie Mae or HUD,” said Peter Ranck, Vice President at RealtyStore. “These 407 foreclosure listings represent over 68% of all foreclosures recorded in Washington DC County, which means 32%, or 185, local foreclosures have not yet been made available for public re-sale. These remaining foreclosures contribute to the area’s shadow inventory of inactive repossessed home listings.”
Foreclosure shadow inventory is becoming a larger concern in many housing markets because the potential market impact of this dormant inventory is not fully understood. Because shadow inventory is not actively competing for home buyers, its impact on existing inventory levels, sales rates and home prices cannot yet be measured.
Foreclosure pricing in Washington DC County was also compiled by RealtyStore. Foreclosure listings remain generally under the market median price. The current median foreclosure list price is $154,900, which is 56% below Washington DC County’s median home price of $350,000. The list prices of foreclosures currently available for public re-sale in Washington DC County range from $12,500 to $1.4million. “Foreclosures can be found in a very wide range of price points in the area and can offer a unique financial opportunity for buyers with equally diverse budgets,” said Peter Ranck.
RealtyStore (www.realtystore.com), a division of Nations Info Corporation, is the leading provider of foreclosure listings and discount property data nationwide. RealtyStore's mission is to empower its customers with the tools, education and analysis required to identify and potentially maximize profits with undervalued real estate. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes over 1 million listings including pre foreclosures, foreclosures, short sales, tax defaults and rent to own or owner financed listings. As the foreclosure listings industry leader, RealtyStore.com is the most visited foreclosure website, averaging over 1.1 million unique visitors per month in Q3, 2010. Realtystore.com is the only specialized foreclosures website to rank in the Hitwise Top 20 Internet Usage Report for the Real Estate Category (October 2010). Visit RealtyStore Washington DC foreclosure listings for more information.
The RealtyStore County Foreclosures Review provides the total number of REO (real estate owned) foreclosed properties with a recording date on or before the date of this release. REO properties have completed the foreclosure process and have been repossessed by a bank or government sponsored loan guarantor such as Fannie Mae, Freddie Mac, HUD or the VA. REO title holders and inventory counts in any area can vary at any time. Counts and prices are accessed through RealtyStore’s proprietary database which is derived through hundreds of public and private data providers. Local housing market data is derived from third party and public records offices.