‘American Dream, after Grant Wood’
courtesy of ‘Mike Licht, NotionsCapital.com’
The Washington Post has put together a handy little map on DC area foreclosures, including a few tools to help you see the breakdown of auctioned homes by zip code and time period over the last few years. The foreclosing of residential real estate is one of the biggest indicators of a recessed economy. And while it is the effect or result of a failing economy, it’s also one of the biggest contributing causes to the continuation of that faltering economy. It’s a downright nasty cycle to be stuck in and most likely you know at least one person who has had to suffer because of it. But if you live in Arlington or Bethesda…you probably only know one. Other neighborhoods in our area have not been so lucky.
Clinton, Annandale, Petworth? Ouch. They’ve each had between 500 and 1000 foreclosures over the last 2.5 years. Herndon, Manassas, Woodbridge? Wow – now you’re talking over 1,000 each. Including over 3,000 for Woodbridge, VA, the hardest hit neighborhood in the DC metro area. If you live there, you probably know more than a handful of people who’ve lost their homes.
If you are a glass half empty kind of person, this map might be depressing for you and force you to tighten your belt even more. But if you like to see that glass as half full (and you happen to be in the unique position of actually having money left to invest, but that’s just semantics), check this map out to see where you’re most likely to get a great house at auction and save big bucks in the long run. Or if you’re like so many other young professionals in the DC area and don’t own a home or have the money to plop down for one anytime soon, at least check it out for the pretty colors.
While there are great deals to be found at auctions, most homes sold by auction because of foreclosure have starting bids higher than the market value of the homes.
With no bidders at the auction, the bank takes possession of the house and then eventually puts the house for sale.
Buying homes from the banks after the foreclosure auction is where the great deals can be found.
Very true, thanks for the tip John.
I’ve seen most of the houses on my street in Woodbridge sold and resold. Odd things happen when the majority of houses on a street are not occupied. I’ve had burglaries in my home increase, damage to property, as well as vehicles at unoccupied houses mysteriously appearing and catching on fire in the wee hours of the morning. The quality of the neighborhood has greatly decreased. Wild house parties at all hours of the night, trash discarded everywhere, noticable police visits, loud music, unattended sheep, idleing cars, off-road driving, air horns, squeeling tires, high-speed runs, loud motors reving, and littering the woods all around. It wasn’t like this when I moved into my home in 2001. It’s not depressing, just annoying.
Karl,
I am glad to discover some of your talents.I am a DMV fan. Oops that’s DC, VA and MD! One thing that has caught my attention in your comments is this:” Karl is an Arlingtonian who lives and breathes everything that is DC [Hooray!!!, mine], politics, ethnic restaurants, sad sports teams, the Metro and pretty much anything in between”.
Forget about anything, Karl, but mine concern is on the “sad sports” side that is a killer. I wish we win, win, win and win in sports. Sorry, that is just a wishful thinking. What’s going on with z Nats’ (Number 44 is my favorite), Z Redskins (hard to make it to the finals),Z Mystics, Z Wizzzzzzzzzards….Oh heaven, ouch! That is another sour note…and the sadness goes on and on. Please, help up heaven! The good thing is that we are always champion in politics. That’s why WELOVEDC!!!
Regards,
Coss