Continuing to examine and hold a lively discussion of the Northern Virginia Real Estate market.
Please post your local house search updates, MLS finds, on-topic ideas, and links here.
http://franklymls.com/DC7553763assessed 342, sells for 174, thats 50% off.now it's a somewhat blue collar working class area, but,it's got a lot of basics. i would expect this to be close to a bottom in that area.
Some food for the bears.Still, state employment officials expressed concern that after months of gains, Northern Virginia lost professional and business services jobs.“Obviously, in the D.C. metropolitan area, we’re affected by the federal government. Over the last 12 months, there’s been an emphasis by the Obama administration on shrinking the size of federal agencies, and we weren’t seeing that a year ago.”
I agree with the comments in the article. It is something to watch.OT: second solicitation in 2 months:"HELP! I am working with a QUALIFIED BUYER who wants a home specifically in your neighborhood. If you are thinking of selling please give me a call."
http://franklymls.com/DC7554929this one is grogeous, great curb appeal, double lot and is walking distance to metro, sold for 470K, 29K less then initial askbut 0% aboe assessed.
http://www.nytimes.com/2011/06/19/business/19foreclosure.html?pagewanted=1&hp62 years to clear up the foreclosure backlog in NYS
Holy McIlroy!pat,do you really think it will take that long? The economy in much of NYS ia awful and has been for decades. But 60 yrs?
pat, why not post that link on the NYS Housing Bubble Fallout blog? Got anything related to NOVA?Based on data from the Department of Tax Administration (Fairfax County), the number of county-wide net remaining foreclosed properties was 694 in March, down from 771 in February. This figure represents the number of properties owned by a mortgage lender. The net decrease of 77 properties in March reflects 70 new foreclosures and 147 properties that were sold by the lender.With 1118 sales in Fairfax County in the last 30 days, it will take about three weeks to work off the existing foreclosures held by the banks.
RobertI posted the NYTimes article as a FWIW thing. I'd say that NY has a real fundamental problem.As foreclosures stack up more and more people will strategically default. what happens when a default lets you not pay the mortgage for 5 years and sure it wrecks your credit but you get free rent for years.?Michigan is having a similiar phenomena, the banks can't issue a foreclosure notice without the note in hand and the foreclosure rate has collapsed.97% reduction in filings. http://www.scribd.com/doc/53627924/Michigan-Court-of-Appeals-Rules-Against-MERSCheryl is probably better at reading this stuff then I am, but,it appears the michigan courts have dropped the presumption of right and now require MERS to prove the notes.This is a real mess, BTW, i think the NY state appelate division ruled in a similiar manner.we may have clouded titles in lots of states.
http://www.scribd.com/doc/57828213/Bank-of-New-York-v-Silverberg-NY-Appellate-Ruling-June-7-2011cherylhere is the NY Appelate ruling,bear in mind NY uses the English court labeling system. What they call a "Supreme" court, we would call a superior or District court. What they call the Appelate division, we would call the court of appeals.What they call the Court of Appeals we would call the supreme court.http://www.nakedcapitalism.com/2011/06/new-york-state-appellate-court-mers-smackdown-another-nail-in-the-coffin.html
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