Wednesday, December 28, 2011

Short Sales Replacing Foreclosures Locally!

Take a quick look at the chart below and you will see foreclosure sales, as a percentage of our market, are at their lowest point in the last two years. At the same time short sales are near their peak. As we look forward to the coming year the trend appears to be increasing numbers of short sales not foreclosure sales. It is hard to understand why this is occurring while banks are continuing to foreclose on properties, but the reality is that banks are foreclosing, holding the properties in their inventory, and simply not reselling them. It will be interesting to see if the banks are going to use some other method to move REO's from their inventory.

Thursday, December 22, 2011

Shadow Inventory Report - CoreLogic

The December 2011 shadow inventory report from CoreLogic has just been released. This report shows that the shadow inventory has been unchanged in the last quarter and is still at January of 2009 levels. This represents a five month supply of homes in the shadow inventory. For an in-depth report click here .

Wednesday, December 21, 2011

Housing Crash 14% Worse Than Reported!

The housing crash of the last few years was 14% worse than it had been reported. This error was caused by the error in the numbers that were reported by the national Association of realtors. For a complete explanation click here for a comprehensive CNBC article.

Existing Home Sales Increase 4%!

Existing home sales increased 4% in November, however the sales numbers were revised downward over 10% because of NAR statistical errors. more

Monday, December 19, 2011

Mortgage Fraud - Ashburn Real Estate Agent Charged!

The Washington Examiner is reporting that a local Real Estate Agent has been charged in a mortgage fraud case! more

Friday, December 16, 2011

An early Christmas present from VDOT!

The final link of the Atlantic Parkway, which parallels Route 28 to the east, has opened. This small piece of road can actually make a major difference for many of us. The new portion of the Atlantic Parkway connects from Church road to Magnolia Road. You can now travel from Sterling Boulevard to the Dulles Town Ctr., Mall and beyond without having to utilize Route 28. This will provide a convenient method of travel to the shopping centers and mall as well as to Orbital Sciences. Give it a try, I think you'll like it!

Wednesday, December 14, 2011

NAR sales statistics revised down!

The National Association of Realtors has recently announced what many people have been aware of for years, that they have been significantly overstating the number of homes sold! This is an embarrassing mistake that need not happen. The real problem stems from their collection methods and formulas, for many years their data collection method was the best available however now that most of the nations courthouses are automated there are far more accurate statistics available. If you are interested in more accurate information check out CoreLogic!

Tuesday, December 13, 2011

Detailed Report! Real Estate Loudoun County Nov. 2011

The November numbers are in and a detailed report follows. Overall there is not a lot of good news but there has been no significant decline in the market. I will address specifics in future posts.