Continuing to examine and hold a lively discussion of the Northern Virginia Real Estate market.
Harriett,Noticed your NoVa active foreclosures. I am following just as closely (maybe somewhat stalkerish) Southern Md as well. And is was not seeing the high numbers of FC's as I expected and then checked the active BK's and saw where people were filing, probably in trying to keep the house, and not realizing that with the new BK laws you have to qualify and therefre i see an address file 7 then 13 and then FC...something for buying time???
mcdude,That's an interesting tidbit. I hadn't thought to check the bankruptcies section as being a possible "prelude" to the foreclosure sales. The bankruptcy laws changed just in time, didn't they . . .
"The bankruptcy laws changed just in time, didn't they . . ."Yup. They did. IMO, It's no coincidence. The banks saw this coming and pressed for the change.My prediction is that most will be forced to renegotiate many of the loans....it will be a better alternative than foreclosing on the house....assuming the borrower could even pay a 40 or 50 year mortgage.
You are assuming that the owner can afford the fixed payment, I thinkj you will see more refi's into ARM's until they cant do it anymore..Also, Harriet, how can I Calculate inventory by months for Charles County?
mcdude,You can go here:http://www.mris.com/reports/statsand get a rough idea by dividing sales by active listings.Another interesting way to calculate months of inventory is to look at what's selling in various price ranges. In Charles County, it looks like your best chance for a sale is if you're priced between 200-299K.
I think you mean active by sales? sales by active gets .13 where as active by sales gives 7.18 so is it 13 months worth or 7.18 months worth...Im inclined to go with 7.18 on detached.And since 200-300K is not even a 20 yr old single wide.....11.86 months for detached 400-499K does compute!!!!!
mcdude,Correct - actives/sales !
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