Tuesday, August 21, 2007

Live in DC? Concerned about the foreclosure rates across the country, think again!

I know everyone single one of the readers out there has been concerned about whats effecting the real estate market. From the credit crunch to the subprime fallout to the skyrocketing foreclosure rates across much of the country, there is reason for concern and rightfully so. What reassures me about our local market is an article I just came across from Tom Bridge, of DC.Metblogs.com, whose research points to DC maintaining its pricing and market stability for both the short and long term. Based on Tom's research, foreclosure rates in DC are among the lowest in the country, which includes many of the other major metropolitan markets. According to Tom, DC's foreclosure rates are 1 in 16,000 homes as of July, 2007, and only 17 were entering the foreclosure process in June of 2007.

According to my research, based on data from MRIS, Metropolitan Regional Information Systems, there are currently 81 homes on the market with bank addendum's, 18 of which came on in the month of August. Thats better than any market across the country as far as my research is concerned. Maybe you won't be gaining the equity of all of the owners over the past 7 years, but stability is better than many of the other markets across the country. Believe me, my entire family is in Florida.


Anonymous said...

Great blog. I was wondering how you can find whether a property has a bank addendum in MRIS.

I'm bullish on DC but think its shakey in the short-term. Cheers.

Anonymous said...

I am curious . . . . . What was your response to this question on how you can find whether a property has a bank addendum in MRIS ??

Jesse Kaye said...

Realtors are the only ones with access to bank addendum information. Whats the address of the property in question?

Thanks again for the support....YEARS MORE TO COME!!!