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DC Real Estate Dead and Getting Deader

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13

November 14, 2007 – Comments (3)

MSA | Filings | filing/HH  | Properties with Filings | % Change Q3 2006

DC    |   9,099  | 1/182       |           6,672                  |         491.5

Wish we had tables. In case that's just a mess, here's what it says (from RealtyTrac). For the metro DC area, Q3, 2007, foreclosure form filing activity was up 491.5% from Q3, 2006. There was a filing for every 182 households. That's nowhere near as bad as, say, Stockton, Calif., with 1 filing per 33 households, but it ain't good.

With prices tanking and ARMs resetting up the wazoo (no easy refis, so sorry), things are gonna get deader.

3 Comments – Post Your Own

#1) On November 14, 2007 at 2:22 PM, floridabuilder2 (99.32) wrote:

the best part is that most of the builder write-offs have been in the west, followed by the southeast, and then the central regions... the publics haven't even begun to write down their northeastern assets

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#2) On November 14, 2007 at 3:57 PM, GS751 (27.55) wrote:

will take it in the tank.

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#3) On November 15, 2007 at 1:44 AM, abitare (52.16) wrote:

The other thing about DC is the amount of new building that is still going on. There are building cranes everywhere. I see 9 cranes on my commute home. The market is collapsing and they are still building.

"In my building (DC) prices are down from $330-350k in 2006 to $260-220k now. The building sale board is floaded with listings (10+). Some people are still asking $350, trying get the peak prices, even though units are listed at $240k."

Also there is a new regime going to take over in Jan 08. Which usually means a "purge" of the former players, who might need to see their homes.  

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