Washington DC Foreclosures

Posted in Foreclosures, August 28th, 2007 |

Foreclosure homes are always preferred by knowledgeable buyers. Why? Because they know very well that foreclosing of housing property arises by default in payment by the borrower/house owner for many reasons – death, bankruptcy, relocation to other places or simple inability to meet the repayment schedule by reason of soaring prices and so on. All the foreclosed housing properties need not necessarily be in bad or dilapidated condition and even sound and beautiful homes can also fall into this category by one of the sudden developments listed above.

Talking of buying and selling of housing properties, location gets the top priority. On that count Washington merits high in the entire U.S. states, nicknamed as the Evergreen State, because of its credentials. As an investment for future by way of renting and getting a steady monthly income or reselling with sizeable margins to people who have an eye in such locations always or for use as your own residence, Washington State can be selected easily for the purpose. Whether your proposal is for a modern home in the best sought after Seattle by flock of people or convenient farm house in the suburban areas for living in peacefully, Washington is the best bet.

Next comes the timing. As in any other business appropriate timing is essential for plunging into action to get advantageous mileage in realty business. You must have seen the financial news headlines screaming about the fall in property asking rates nationwide, activity levels in the realty sector declining very fast in all the states and the number of foreclosed properties coming for sale steadily on the increase when compared to the recent past of last year. As per latest figures in August there is an unbelievable 24% increase in foreclosure activities in the entire U.S. and the number of “distressed properties” as they are called – to be in some stage of the foreclosure process – is a whooping 115,292.

In the state of Washington alone, the following figures are very obvious to reveal facts:

No. of homes available for sale as per Multiple Listing Services (that is all varieties, single family homes, multiple family residents, condominiums, town-homes, vacation homes etc.) = 66,647
Average Price = $339,950
Brand new homes ready for sale = 676
Average Price = $342,900
Foreclosure homes = 6,325
Average Price = $171,000

Thus it can be seen from the above statistics that foreclosure homes are priced just 50% of the average market value of secondary homes or brand new homes.

Hence this is the best time to embark on your proposed activity in realty business and especially in an ideal state like Washington which is the cultural center, industrial center and abundant in natural wealth of the U.S.A.