Distressed Property Sales Drop to Lowest Level Since 2009

by Shilpi Paul

Distressed Property Sales Drop to Lowest Level Since 2009: Figure 1

According to a report released this morning from RealEstate Business Intelligence (RBI), DC proper has one of the lowest rates of distressed property sales in the region.

Out of 45 counties analyzed, DC ranked the sixth lowest when it came to short sales as a proportion of total sales and third lowest for foreclosures. (So far this year, 5.3 percent of all sales in DC have been short sales, and just 3.2 percent have been foreclosures.) Prince George’s County led the pack with the highest proportion of short sales for overall total sales and Warren County, VA for foreclosures.

Distressed Property Sales Drop to Lowest Level Since 2009: Figure 2
Courtesy of RealEstate Business Intelligence

The report revealed that, so far in 2012, there has been a drop in the share of distressed property sales in 44 out of the 45 jurisdictions examined versus the same period in 2011. The biggest takeaway from the report may be this, though: distressed listings in the entire Mid-Atlantic region have dropped to their lowest level since RBI started tracking in 2009.

This article originally published at http://dc.urbanturf.com/articles/blog/distressed_property_sales_in_mid_atlantic_drop_to_lowest_level_since_2009/5784

1 Comment

  1. Scott said at 1:30 am on Friday July 20, 2012:
    One thing that is overlooked is that lenders are backing way off from foreclosing on owners in the District because of the tenant friendly laws. Whether tenants are in the properties or owners stay in them and stay tenants, the implications become much more complex due to the lack of term leases and the TOPA requirements.

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