What's Hot: 300 MPH, 18 Million Riders: How the Maglev Might Impact Traffic and Transit in the DC Area
Foreclosure Sales Drop in DC and Virginia as Prices Rise

Over the past few years, investors and industrious home buyers in the region have been drawn to foreclosures as the low price points frequently outweigh what can be a painstaking buying process. However, recent data shows that the deals for bank-owned homes may be disappearing.
Prices for foreclosed homes in DC proper rose 4.5 percent quarter-over-quarter, according to RealtyTrac’s second quarter sales report released recently. In Virginia, the report revealed that prices rose over 9 percent during that time. While prices rose between quarters, sales of foreclosed homes have dropped off by almost 50 percent in both DC and Virginia. (In Maryland, sales dropped slightly between quarters, but prices decreased as well.)
The rest of the country appears to be following the same “price up, sales down” trend. The raw number of foreclosure sales across the country in the second quarter dropped 12 percent from the previous quarter, and the average price rose 6 percent.
From RealtyTrac Vice President Daren Blomquist:
The second quarter sales numbers provide solid statistical evidence of what we’ve been hearing anecdotally from real estate agents, buyers and investors over the past few months: there is a limited supply of available foreclosure inventory to choose from in many markets.
The data from RealtyTrac’s second quarter report is in line with what RealEstate Business Intelligence (RBI) reported a few months ago. RBI revealed that for the first half of 2012, foreclosure sales in the DC area dropped off noticeably, accounting for 13.6 percent of sales during that period versus 23.7 percent last year.
See other articles related to: realty trac
This article originally published at http://dc.urbanturf.com/articles/blog/foreclosure_sales_drop_in_dc_and_virginia_as_prices_rise/5967
Most Popular... This Week • Last 30 Days • Ever

When Johnsie Walsh rented a unit in her Stanton Park apartment building, she had no i... read »

UrbanTurf has compiled virtual tours from large new developments around the DC region... read »

The massive new development would sit on a triangular parking lot at First Street and... read »

The draft environmental impact statement for the transportation project expected to g... read »

The project has added 10 units since its last milestone approval in 2019.... read »
- Obama, The Tenant: A Chat With The President's DC Landlord
- A Virtual Tour of More Than 30 DC-Area Developments
- Douglas Development Pitches 557-Unit Development Across From Dave Thomas Circle
- 300 MPH, 18 Million Riders: How the Maglev Might Impact Traffic and Transit in the DC Area
- From 60 to 72 Condos: Georgetown West Heating Plant Development Grows in Size
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro