Steal a Wallet, Buy a House

From the Washington Post today:

It was a little baffling when Jose F. Lara got a check in the mail for almost $2,800 from a bank in Arlington County in December. When the bank told him that it was the overpayment on his second mortgage, things got really baffling.

He didn't have a second mortgage.

Elizabeth Cabrera-Rivera pleaded guilty to identity fraud, credit card theft, conspiracy and obtaining a loan under false pretenses. (Courtesy Arlington County Police Department. - Courtesy Arlington County Police Department.)

Turned out it all tracked back to that day last year when Lara's wallet was stolen. Elizabeth Cabrera-Rivera found it and used Lara's identification to buy . . . a house.

A $419,000 townhouse in Springfield. With no money down.
. . .
WestStar [Mortgage Inc. in Woodbridge], which financed the first and second mortgages on the Springfield townhouse for $419,000 at 7.125 percent interest, advertises on its Web site "no documentation loans" in which "you can avoid the need to verify your income."

. . . Here's wondering if WestStar will also end up on the Implode-O-Meter list, as the investors for these loans dry up.

Also, U.K. consumers are being forced to cut back on beer (oh, the humanity) as their own mortgage crunch looms:

Ben Craster says he'll be drinking less beer this summer, and Christine Baines is cutting back on clothes and cosmetics. They're among the millions of Britons preparing for a mortgage crunch.
. . .
Designer Craster, 33, said a new mortgage ``is going to cost me an extra 200 to 300 pounds a month, easily.'' After considering the impact on his beer budget, he said he may take more drastic action.

``I may think about selling,'' he said after cycling to visit a client to save a one-pound bus fare. ``It's getting too expensive to live in London.''

Arlington County -- On the Market

1917 RANDOLPH ST
ARLINGTON, VA 22204
List Price: $459,900
Prior Sale: $642,000 01/25/2006
Listing Date: 04/12/07
-28.4%

3017 20TH CT S
ARLINGTON, VA 22204
List Price: $420,000
Prior Sale: $500,000 07/17/2006
Listing Date: 07/23/07
-16.0%

1501 POLLARD ST
ARLINGTON, VA 22204
List Price: $520,000
Prior Sale: $613,000 08/08/2005
Listing Date: 07/30/07
-15.2%

834 GREENBRIER ST #3
ARLINGTON, VA 22204
List Price: $174,900
Prior Sale: $195,000 11/30/2006
Listing Date: 07/27/07
-10.3%

94 WISE ST S
ARLINGTON, VA 22204
List Price: $499,500
Prior Sale: $495,000 04/13/2006
Listing Date: 07/23/07
+.9%

4512 4TH RD N
ARLINGTON, VA 22203
List Price: $685,000
Prior Sale: $675,000 05/16/2006
Listing Date: 07/21/07
+1.5%

4225 HENDERSON RD N #1
ARLINGTON, VA 22203
List Price: $395,000
Prior Sale: $386,300 06/16/2005
+2.3%

5353 COLUMBIA PIKE #504
ARLINGTON, VA 22204
List Price: $210,000
Prior Sale: $205,000 10/07/2005
Listing Date: 07/27/07
+2.4%

3715 2ND ST S
ARLINGTON, VA 22204
List Price: $490,000
Prior Sale: $470,000 05/02/2006
Listing Date: 07/27/07
+4.3%

1001 RANDOLPH ST #606
ARLINGTON, VA 22201
List Price: $339,900
Prior Sale: $324,990 08/05/2005
Listing Date: 07/26/07
+4.6%

1021 GARFIELD ST #614
ARLINGTON, VA 22201
List Price: $519,000
Prior Sale: $467,900 07/21/2005
Listing Date: 07/26/07
+10.9%

Fauquier County -- On the Market

288 AMBER CIRCLE
WARRENTON, VA 20186
List Price: $300,000
Prior Sale: $435,000 08/26/2005
Listing Date: 06/14/07
-31.0%

11665 FLAG ROCK DR
REMINGTON, VA 22734
List Price: $275,000
Prior Sale: $395,000 09/09/2005
Listing Date: 06/27/07
-30.4%

388 DRIFTWOOD CT
WARRENTON, VA 20186
List Price: $299,900
Prior Sale: $405,000 03/16/2005
Listing Date: 04/25/07
-26.0%

11162 ASHLEE BROOKE DR
BEALETON, VA 22712
List Price: $349,000
Prior Sale: $455,390 09/01/2005
Listing Date: 06/13/07
-23.4%

768 CHERRY TREE LN
WARRENTON, VA 20186
List Price: $219,000
Prior Sale: $283,000 02/28/2006
Listing Date: 07/19/07
-22.6%

661 GOLD CUP DR
WARRENTON, VA 20186
List Price: $505,900
Prior Sale: $609,900 06/22/2006
Listing Date: 04/18/07
-17.1%

11731 FORT LEE DR
REMINGTON, VA 22734
List Price: $409,000
Prior Sale: $491,790 03/13/2006
Listing Date: 04/23/07
-16.8%

11116 KIRA CT
BEALETON, VA 22712
List Price: $408,000
Prior Sale: $480,000 11/06/2006
Listing Date: 07/29/07
-15.0%

7486 CEDAR KNOLLS DR
WARRENTON, VA 20187
List Price: $344,900
Prior Sale: $393,000 02/27/2006
Listing Date: 07/21/07
-12.2%

Marketing

The phone rang today. It was a number I didn't recognize. I was rather surprised that it was Ryan Homes calling. The chipper lady said, "we realize we haven't called you in a year, and we wanted to know if you were still in the market for a house." (I remembered I must have signed a card a year ago at an open house). I said that yes, we were renters and were looking at houses from time to time.

She proceeded to ask "what's the most important feature for you in a house?"

I said, "Price."

Other end . . . sputter . . . "Oh, well, but what's the most important thing for you in a house?"

I said again, "Well, the price is really the most important thing to me in a house."

She told me about various Ryan developments around Northern VA, but we determined that there were none where we want to live. So we ended the call amiably.

I must say, receiving a follow-up call from a year-old card at a model home was a first.

Loudoun County -- On the Market

12 LOVETT DR
LOVETTSVILLE, VA 20180
List Price: $383,900
Prior Sale: $545,000 08/23/2006
Listing Date: 07/25/07
-29.6%

20576 SNOWSHOE SQ #102
ASHBURN, VA 20147
List Price: $215,900
Prior Sale: $280,000 11/30/05
Listing Date: 07/27/07
-22.9%

211 ELIZABETH CT
STERLING, VA 20164
List Price: $449,000
Prior Sale: $579,900 08/24/2005
Listing Date: 07/24/07
-22.6%

209 PLAZA ST NE
LEESBURG, VA 20176
List Price: $349,000
Prior Sale: $450,000 03/03/2006
Listing Date: 07/26/07
-22.4%

1405 BEECH RD
STERLING, VA 20164
List Price: $365,000
Prior Sale: $460,000 06/13/2006
Listing Date: 07/17/07
-20.7%

25980 STINGER DR
CHANTILLY, VA 20152
List Price: $649,000
Prior Sale: $813,480 03/15/2006
Listing Date: 07/26/07
-20.2%

21076 CRIPPLE CREEK SQ
ASHBURN, VA 20147
List Price: $320,000
Prior Sale: $399,900 09/01/2005
Listing Date: 07/27/07
-20.0%

20075 CREW SQ
ASHBURN, VA 20147
List Price: $324,500
Prior Sale: $400,000 08/01/2006
Listing Date: 07/24/07
-18.9%

22996 FONTWELL SQ #504
DULLES, VA 20166
List Price: $324,000
Prior Sale: $397,000 06/22/2005
Listing Date: 07/27/07
-18.4%

25937 DONOVAN DR
CHANTILLY, VA 20152
List Price: $629,900
Prior Sale: $765,000 10/03/2006
Listing Date: 07/25/07
-17.7%

17363 KENTSDALE SQ
ROUND HILL, VA 20141
List Price: $299,999
Prior Sale: $350,000 02/28/2006
Listing Date: 07/24/07
-14.3%

45523 LAKE HAVEN TER
STERLING, VA 20165
List Price: $330,000
Prior Sale: $377,500 04/04/2005
Listing Date: 02/19/07
-12.6%

26 HOWARD PL
STERLING, VA 20164
List Price: $299,900
Prior Sale: $338,000 08/26/2005
Listing Date: 07/26/07
-11.3%

44485 CHAMBERLAIN TER #305
ASHBURN, VA 20147
List Price: $299,900
Prior Sale: $336,790 08/30/2005
Listing Date: 04/27/07
-11.0%

20858 DERRYDALE SQ
STERLING, VA 20165
List Price: $448,500
Prior Sale: $499,900 06/16/2005
Listing Date: 07/28/07
-10.3%

42809 FLANNIGAN TER #15D
CHANTILLY, VA 20152
List Price: $339,900
Prior Sale: $375,000 07/14/2006
Listing Date: 07/26/07
-9.4%

25145 SODALITE SQ
ALDIE, VA 20105
List Price: $489,900
Prior Sale: $524,650 09/20/2005
Listing Date: 07/26/07
-6.6%

35516 COLLINGTON DR
ROUND HILL, VA 20141
List Price: $499,000
Prior Sale: $534,092 12/14/2005
Listing Date: 07/28/07
-6.6%

42455 HOLLYHOCK TER #42455
ASHBURN, VA 20148
List Price: $359,999
Prior Sale: $377,900 08/26/2005
Listing Date: 07/26/07
-4.7%

25264 WHIPPOORWILL TER
CHANTILLY, VA 20152
List Price: $429,900
Prior Sale: $451,156 04/29/2005
Listing Date: 07/26/07
-4.7%

909 DEVONSHIRE CIR
PURCELLVILLE, VA 20132
List Price: $549,990
Prior Sale: $570,506 02/25/2005
Listing Date: 07/24/07
-3.6%

504 VALLEY VIEW AVE SW
LEESBURG, VA 20175
List Price: $399,900
Prior Sale: $374,900 12/20/2004
Listing Date: 07/06/06
+6.7%

Glut of Condos: Resellers vs. Developers

The Washington Post has an article today about the glut of condos in the Washington Metro area. In the new condominium pipeline, there are 20,217 units being actively marketed. In the next three years, 18,867 are in the pipeline for marketing. In 2007, there were 1,487 sales of new units and 4,099 resales.

What's hurting new projects the most are contract cancellations -- when buyers back out of deals.

"A lot of times these projects were sold out. But people would put down deposits and wouldn't go through with the closing," said William Rich, vice president of Delta.
. . .
For sellers, matching developers' incentives, such as closing cost subsidies, can be difficult.

"The developers have a lot deeper pockets than we do," said Jae Lee, whose condo at the Artisan, a 160-unit building in the District's Penn Quarter that was also developed by JBG, recently went under contract after months on the market. "If I try to match them or try to outdo them, I will be losing money."

Housing Back to "Normal" in 2010

Mark Zandi, chief economist of Moody's Economy.com, spoke about the risks to the global financial system and economy in a conference call with MarketWatch on Thursday.

Highlights from the forecast:

Home prices will fall 10% from the peak nationally, more in the bubble regions in California, Florida, Nevada, Arizona and Washington, D.C.

Home sales could bottom later this year, home construction could bottom early next year, and house prices could bottom late next year. It'll be 2010 before the housing market could be termed "normal."

About 17% of total mortgage debt is at risk, totaling about $2.5 trillion in subprime, Alt-A and jumbo debt. About $1.4 trillion is at serious risk of default.

Investors will lose about $113 billion as $460 billion worth of mortgages default.

About 20% of the subprime loans written in the last half of 2006 will fail, with the peak of the defaults not coming until 2011. A "significant number" of these borrowers never made a single payment.

More than 2.5 million first mortgages will default this year and next year. Subprime borrowers will experience significant financial distress.

The U.S. economy will grow less than 3% annualized through the middle of 2009. A healthy job market should prevent a recession, although the jobless rate will likely rise to 5% from 4.5% by the end of the year.

Consumer spending has already slowed and will slow further.

Virginia's in the Home Loan Business

A new state program allows first-time Loudoun home buyers earning up to $108,000 and couples who make up to $135,000 to borrow up to $417,000, with the interest partly subsidized by the Virginia Housing Development Authority.

More from the Wash. Post:

A similar program is available for first-time or repeat homebuyers who make 70 to 100 percent of Loudoun's median income, which is $94,000 by the county's calculations.

Both programs were started on an experimental basis this year, allowing several Loudoun families to benefit, said Karen Thorson, a loan specialist for the county's Department of Family Services. Loudoun has $4.5 million in loans to offer this fiscal year, so not everyone who qualifies will be able to get one.

Programs for all of Northern VA are listed here.

Fairfax County -- On the Market

2210 SOUTHGATE SQ
RESTON, VA 20191
List Price: $244,900
Prior Sale: $360,000 01/19/2006
Listing Date: 06/29/07
-32.0%

13809 LAURA RATCLIFF CT
CENTREVILLE, VA 20121
List Price: $299,000
Prior Sale: $395,000 08/28/2006
Listing Date: 07/26/07
-24.3%

2053 ROYAL FERN CT #45/1C
RESTON, VA 20191
List Price: $269,000
Prior Sale: $343,000 11/09/2005
Listing Date: 06/18/07
-21.6%

13906 LUDINGTON PL
CENTREVILLE, VA 20121
List Price: $334,900
Prior Sale: $419,900 07/01/2005
Listing Date: 07/24/07
-20.2%

1207 WILSHIRE DR
HERNDON, VA 20170
List Price: $289,900
Prior Sale: $353,000 08/10/2005
Listing Date: 05/02/07
-17.9%

5009 LINCOLN AVE
ALEXANDRIA, VA 22312
List Price: $550,000
Prior Sale: $665,000 07/22/2005
Listing Date: 07/25/07
-17.3%

2230 GEORGE C MARSHALL DR #1207
FALLS CHURCH, VA 22043
List Price: $329,000
Prior Sale: $396,600 12/20/2005
Listing Date: 07/24/07
-17.0%

12120 GARDEN RIDGE LN #301
FAIRFAX, VA 22030
List Price: $250,000
Prior Sale: $300,500 04/13/2006
Listing Date: 07/26/07
-16.8%

1260 WILSHIRE DR
HERNDON, VA 20170
List Price: $349,900
Prior Sale: $420,000 09/16/2005
Listing Date: 07/02/07
-16.7%

6368 ST TIMOTHYS LN
CENTREVILLE, VA 20121
List Price: $370,000
Prior Sale: $443,000 11/23/2005
Listing Date: 07/26/07
-16.5%

1021 LEXUS WAY
HERNDON, VA 20170
List Price: $370,000
Prior Sale: $443,000 09/28/2006
Listing Date: 07/25/07
-16.5%

13212 CUSTOM HOUSE CT
FAIRFAX, VA 22033
List Price: $370,000
Prior Sale: $440,000 11/06/2006
Listing Date: 07/26/07
-15.9%

13960 GUNNERS PL
CENTREVILLE, VA 20121
List Price: $320,000
Prior Sale: $380,000 03/30/2006
Listing Date: 07/25/07
-15.8%

2345 EMERALD HEIGHTS CT
RESTON, VA 20191
List Price: $259,000
Prior Sale: $304,900 01/03/2005
Listing Date: 04/23/07
-15.1%

1205 WILSHIRE DR
HERNDON, VA 20170
List Price: $289,000
Prior Sale: $338,350 03/14/2006
Listing Date: 07/05/07
-14.6%

6321 ALBRO LN
ALEXANDRIA, VA 22312
List Price: $520,000
Prior Sale: $600,000 06/28/2006
Listing Date: 06/12/07
-13.3%

12001 MARKET ST #T29
RESTON, VA 20190
List Price: $295,000
Prior Sale: $340,000 05/27/2005
Listing Date: 07/25/07
-13.2%

8964 BIRCH BAY CIR
LORTON, VA 22079
List Price: $679,900
Prior Sale: $782,000 06/22/2005
Listing Date: 07/24/07
-13.1%

6703 HALLWOOD AVE
FALLS CHURCH, VA 22046
List Price: $480,000
Prior Sale: $550,000 08/15/2006
Listing Date: 07/23/07
-12.7%

6108 CRAFT RD
ALEXANDRIA, VA 22310
List Price: $449,000
Prior Sale: $509,000 01/30/2006
Listing Date: 06/13/07
-11.8%

11990 MARKET ST #204
RESTON, VA 20190
List Price: $499,900
Prior Sale: $560,130 10/16/2006
Listing Date: 06/05/07
-10.8%

7004 LEEWOOD FOREST DR
SPRINGFIELD, VA 22151
List Price: $399,900
Prior Sale: $448,000 09/05/2006
Listing Date: 07/25/07
-10.7%

1220 WILSHIRE DR
HERNDON, VA 20170
List Price: $289,900
Prior Sale: $315,000 04/11/2005
Listing Date: 06/15/07
-8.0%

3820 LIGHTFOOT ST #217
CHANTILLY, VA 20151
List Price: $244,000
Prior Sale: $263,000 09/28/2005
Listing Date: 07/20/07
-7.2%

2305 FREETOWN CT #16/12C
RESTON, VA 20191
List Price: $200,000
Prior Sale: $215,000 12/21/2004
Listing Date: 05/07/07
-7.0%

3312 ARUNDEL AVE
ALEXANDRIA, VA 22306
List Price: $479,900
Prior Sale: $515,000 04/07/2006
Listing Date: 07/24/07
-6.8%

6309 ALDERMAN DR
ALEXANDRIA, VA 22315
List Price: $699,990
Prior Sale: $750,000 11/14/2005
Listing Date: 02/28/07
-6.7%

14504 OAK CLUSTER DR
CENTREVILLE, VA 20120
List Price: $549,000
Prior Sale: $584,000 04/25/2006
Listing Date: 07/24/07
-6.0%

6113 ROCKY WAY CT
CENTREVILLE, VA 20120
List Price: $320,000
Prior Sale: $340,000 06/07/2006
Listing Date: 07/24/07
-5.9%

"Materially More Severe"

From the Washington Business Blog:

The head of Freddie Mac has a bearish outlook for the housing market.

"I think on a national level the whole housing market has another year and a half of tough times ahead of it," Richard F. Syron, chairman and chief executive of the government-sponsored mortgage funding company, said in an interview Wednesday.

"I think it will get materially more severe," he said. "I think we'll probably see in real terms . . . housing prices will go down."

Freddie Mac CEO Richard F. SyronSyron, who has a doctorate in economics and once worked for Paul Volcker at the Federal Reserve, brings a special perspective to the topic: McLean-based Freddie Mac has about $712 billion of mortgage-related investments.

Prince William County -- On the Market

2540 PORT POTOMAC AVE
WOODBRIDGE, VA 22191
List Price: $454,900
Prior Sale: $740,000 9/5/2006
Listing Date: 07/18/07
-38.5%

14318 RANDALL DR
WOODBRIDGE, VA 22191
List Price: $249,900
Prior Sale: $374,900 11/30/2005
Listing Date: 07/24/07
-33.3%

3641 THOMASSON CROSSING DR
TRIANGLE, VA 22172
List Price: $515,000
Prior Sale: $741,595 1/31/2006
Listing Date: 07/25/07
-30.6%

9516 LOMOND DR
MANASSAS, VA 20109
List Price: $305,900
Prior Sale: $430,000 10/16/2006
Listing Date: 07/19/07
-28.9%

14323 FULLERTON RD
WOODBRIDGE, VA 22193
List Price: $282,900
Prior Sale: $395,000 6/12/2006
Listing Date: 07/17/07
-28.4%

13504 PHOTO DR
WOODBRIDGE, VA 22193
List Price: $300,000
Prior Sale: $412,000 12/21/2005
Listing Date: 07/21/07
-27.2%

7918 BRIGHTON WAY #18
MANASSAS, VA 20109
List Price: $199,900
Prior Sale: $270,000 12/21/2005
Listing Date: 07/18/07
-26.0%

9600 LAURENCEKIRK PL
BRISTOW, VA 20136
List Price: $515,000
Prior Sale: $694,000 5/16/2006
Listing Date: 07/24/07
-25.8%

16547 SHERWOOD PL
WOODBRIDGE, VA 22191
List Price: $214,000
Prior Sale: $285,000 4/3/2006
Listing Date: 07/24/07
-24.9%

15832 FOURMILE CREEK CT
HAYMARKET, VA 20169
List Price: $424,000
Prior Sale: $553,479 2/21/2006
Listing Date: 07/21/07
-23.4%

4411 EVANSDALE RD
WOODBRIDGE, VA 22193
List Price: $279,900
Prior Sale: $360,000 6/7/2005
Listing Date: 07/19/07
-22.3%

13098 QUATE LN
WOODBRIDGE, VA 22192
List Price: $689,900
Prior Sale: $862,464 5/1/2006
Listing Date: 07/19/07
-20.0%

6064 OMEGA LN
MANASSAS, VA 20112
List Price; $425,000
Prior Sale: $510,000 4/5/2005
Listing Date: 07/21/07
-16.7%

14306 BISMARK AVE
WOODBRIDGE, VA 22193
List Price: $299,000
Prior Sale: $355,000 12/7/2005
Listing Date: 07/20/07
-15.8%

17480 DENALI PL
DUMFRIES, VA 22025
List Price: $350,000
Prior Sale: $415,000 9/13/2005
Listing Date: 07/20/07
-15.7%

12031 INFANTRY LN
BRISTOW, VA 20136
List Price: $575,000
Prior Sale: $681,910 3/21/2006
Listing Date: 07/20/07
-15.7%

4125 AGENCY LOOP
TRIANGLE, VA 22172
List Price: $499,000
Prior Sale: $587,659 5/3/2006
Listing Date: 07/20/07
-15.1%

8144 CELLO WAY
MANASSAS, VA 20111
List Price: $365,900
Prior Sale: $430,000 2/21/2006
Listing Date: 07/24/07
-14.9%

6009 OMEGA LN
MANASSAS, VA 20112
List Price: $379,900
Prior Sale: $438,500 1/7/2005
Listing Date: 07/23/07
-13.4%

9628 TARVIE CIR
BRISTOW, VA 20136
List Price: $493,500
Prior Sale: $570,000 6/1/2005
Listing Date: 07/25/07
-13.4%

11655 BREVET CT
BRISTOW, VA 20136
List Price: $469,000
Prior Sale: $534,900 6/28/2005
Listing Date: 07/19/07
-12.3%

8948 YELLOWLEG CT
GAINESVILLE, VA 20155
List Price: $430,000
Prior Sale: $487,240 12/8/2005
Listing Date: 07/23/07
-11.7%

15218 JEANS CT
WOODBRIDGE, VA 22193
List Price: $525,000
Prior Sale: $575,000 6/8/2006
Listing Date: 07/20/07
-8.7%

9901 HENRICO ST
MANASSAS, VA 20109
List Price: $440,000
Prior Sale: $482,000 11/2/2005
Listing Date: 07/19/07
-8.7%

15800 BOBOLINK DR
WOODBRIDGE, VA 22191
List Price: $395,000
Prior Sale: $430,000 5/15/2006
Listing Date: 07/20/07
-8.1%

8313 ROLLING RD
MANASSAS, VA 20110
List Price: $400,000
Prior Sale: $434,900 11/18/2005
Listing Date: 07/23/07
-8.0%

13526 KASLO CT
WOODBRIDGE, VA 22193
List Price: $370,000
Prior Sale: $399,999 9/28/2005
Listing Date: 07/21/07
-7.5%

8995 BREWER CREEK PL
MANASSAS, VA 20109
List Price: $399,000
Prior Sale: $415,990 9/5/2006
Listing Date: 07/18/07
-4.1%

8161 HILLCREST DR
MANASSAS, VA 20111
List Price: $465,000
Prior Sale: $450,000 9/21/2004
Listing Date: 07/20/07
+3.3%

9723 KING GEORGE DR
MANASSAS, VA 20109
List Price: $270,000
Prior Sale: $254,400 7/30/2003
Listing Date: 07/25/07
+6.3%

USS Mortgage Market

From WSJ Online:

Countrywide Financial Corp., the nation's largest home lender, said losses on certain types of prime mortgage loans contributed to a 33% drop in second-quarter net income.

Countrywide again slashed its 2007 earnings forecast, citing expectations of "increasingly challenging" housing and mortgage markets.

Chairman and Chief Executive Angelo Mozilo, who earlier this year expected the mortgage industry to rebound by next year, now doesn't expect a recovery until 2009. "It just takes a long time to change, to turn a battleship around," he said yesterday during a conference call, referring to escalating late payments and defaults amid the persistent housing slump. "This is a huge battleship, and it's headed in the wrong direction," he added.

Falls Church City -- On the Market

100 ROOSEVELT ST
FALLS CHURCH, VA 22042
List Price: $625,000
Prior Sale: $741,000 12/21/2005
Listing Date: 03/30/07
-15.7%

308 GUNDRY DR
FALLS CHURCH, VA 22046
List Price: $490,000
Prior Sale: $515,000 04/04/2006
Listing Date: 04/24/07
-4.9%

513 WEST BROAD ST W #202
FALLS CHURCH, VA 22046
List Price: $715,000
Prior Sale: $733,820 12/22/2006
Listing Date: 03/29/07
-2.6%

503 SPRING ST S
FALLS CHURCH, VA 22046
List Price: $525,000
Prior Sale: $515,000 06/20/2005
Listing Date: 06/29/07
+1.9%

513 BROAD ST W #705
FALLS CHURCH, VA 22046
List Price: $659,990
Prior Sale: $603,820 10/30/2006
Listing Date: 09/20/06
+9.3%

502 BROAD ST #406
FALLS CHURCH, VA 22046
List Price: $499,000
Prior Sale: $450,000 10/20/2004
Listing Date: 04/20/07
+10.9%

1018 ELLISON SQ
FALLS CHURCH, VA 22046
List Price: $670,000
Prior Sale: $511,000 03/07/2005
Listing Date: 07/21/07
+31.1%

Arlington County -- On the Market

1021 ARLINGTON BLVD #1136
ARLINGTON, VA 22209
List Price: $159,000
Prior Sale: $177,000 10/27/2005
Listing Date: 07/20/07
-10.2%

3017 20TH CT S
ARLINGTON, VA 22204
List Price: $480,000
Prior Sale: $500,000 7/17/2006
Listing Date: 07/23/07
-4.0%

1415 EDGEWOOD ST #459
ARLINGTON, VA 22204
List Price: $319,900
Prior Sale: $325,000 9/15/2005
Listing Date: 07/17/07
-1.6%

1021 GARFIELD ST #304
ARLINGTON, VA 22201
List Price: $389,900
Prior Sale: $386,400 6/22/2005
Listing Date: 07/20/07
+0.9%

94 WISE ST S
ARLINGTON, VA 22204
List Price: $499,500
Prior Sale: $495,000 4/13/2006
Listing Date: 07/23/07
0.9%

880 POLLARD ST #427
ARLINGTON, VA 22203
List Price: $375,000
Prior Sale: $365,100 7/27/2005
Listing Date: 07/19/07
+2.7%

5574 LEE HWY #C-53
ARLINGTON, VA 22207
List Price: $385,000
Prior Sale: $360,000 5/18/2004
Listing Date: 07/18/07
+6.9%

818 ADAMS ST
ARLINGTON, VA 22204
List Price: $549,900
Prior Sale: $506,000 8/26/2004
Listing Date: 07/18/07
+8.7%

Upcoming Foreclosure Seminar

(Saw this in the comments at THB Blog, thought I'd pass it on).

Riding the Rising Tide of Foreclosures: Borrower, Lender and Investor Options

Arlington, VA
August 7, 2007

Attend this seminar and receive an overview of the Virginia foreclosure process from the points of view of lenders, borrowers and investors. The seminar will cover the reasons why more and more lenders must resort to foreclosure; technical details and stages of foreclosures; various means to avoid, stop or challenge foreclosures; opportunities for investors in the course of the foreclosure proceeding; and pitfalls for unwary property owners.

Who Should Attend?

This seminar is designed for attorneys, presidents, vice presidents, credit and collections managers, loan officers, paralegals and real estate professionals.

It's offered through Lorman Education Services, an Accredited Continuing Education Provider (ACEP) of the Institute of Certified Bankers.

Loudoun County -- On the Market

457 SILVERBELL TER NE
LEESBURG, VA 20176
List Price: $294,900
Prior Sale: $419,950 10/04/2005
Listing Date: 07/19/07
-29.8%

401 ALDER AVE
STERLING, VA 20164
List Price: $340,000
Prior Sale: $480,000 03/14/2006
Listing Date: 07/20/07
-29.2%

1205 ARGONNE AVE
STERLING, VA 20164
List Price: $282,975
Prior Sale: $398,000 05/31/2005
Listing Date: 07/21/07
-28.9%

43393 FRENCHMANS CREEK TER
ASHBURN, VA 20147
List Price: $459,900
Prior Sale: $630,000 12/11/2006
Listing Date: 07/18/07
-27.0%

43889 CHURCHILL GLEN DR
CHANTILLY, VA 20152
List Price: $679,900
Prior Sale: $900,000 11/14/2006
Listing Date: 07/20/07
-24.5%

28 ALDRIDGE CT
STERLING, VA 20165
List Price: $309,900
Prior Sale: $406,000 08/19/2005
Listing Date: 07/18/07
-23.7%

148 OAK VIEW DR SE
LEESBURG, VA 20175
List Price: $322,900
Prior Sale: $420,000 01/09/2006
Listing Date: 07/19/07
-23.1%

44385 NAVAJO DR
ASHBURN, VA 20147
List Price: $434,900
Prior Sale: $565,000 06/28/2006
Listing Date: 07/19/07
-23.0%

25239 DESTINATION SQ
ALDIE, VA 20105
List Price: $444,900
Prior Sale: $561,590 03/20/2006
Listing Date: 07/18/07
-20.8%

44049 FLORENCE TER
ASHBURN, VA 20147
List Price: $389,000
Prior Sale: $468,000 05/24/2006
Listing Date: 07/18/07
-16.9%

18842 MARVINS MILL TER
LEESBURG, VA 20176
List Price: $589,900
Prior Sale: $668,420 08/01/2005
Listing Date: 07/20/07
-11.7%

22706 BLUE ELDER TER #201
ASHBURN, VA 20148
List Price: $254,900
Prior Sale: $287,900 07/15/2005
Listing Date: 07/18/07
-11.5%

22231 WATERBERRY TER
ASHBURN, VA 20148
List Price: $420,000
Prior Sale: $472,515 10/16/2006
Listing Date: 07/18/07
-11.1%

43015 BEACHALL ST
CHANTILLY, VA 20152
List Price: $404,500
Prior Sale: $454,000 11/08/2005
Listing Date: 01/20/07
-10.9%

21723 CALAMARY CIR #81
STERLING, VA 20164
List Price: $349,900
Prior Sale: $382,000 02/01/2006
Listing Date: 07/18/07
-8.4%

Housing Bubble Fallout Synopsis

Mark Zandi, the chief economist for Moody's Economy.com, wrote a good synopsis in an editorial today of the potential broader implications of the problems in housing and mortgages. Here are some excerpts:

Some 2.5 million homeowners -- 5 percent of all mortgage holders -- are expected to default on their mortgage loans this year and next. This is a record percentage that will mean a whopping $400 billion worth of defaults and $100 billion in losses to investors in mortgage securities. The fallout will hit nearly all of us.

First, home values will sink. Loans will be tougher to get, meaning fewer families will qualify for mortgages. Foreclosure sales will put more properties on the market at steep discounts. Less housing demand and more supply add up to lower prices.

Homeowners will find it more difficult to tap the equity in their homes for cash via home-equity loans or cash-out refinancing. Such lending is already fading quickly.

On the other side of the coin are investors who chose the riskier flavors of the new mortgage securities and now face big losses. If that sounds like someone else's problem, think again. Lots of pension plans that manage the savings of millions of ordinary workers and retirees have invested in hedge funds in recent years. Many of those funds are exposed to the mortgage market.
. . .
Finally, policy makers should prepare for the possibility that the fallout will undermine the stability of the global financial system and thus the broader economy.

Alexandria City -- On the Market

5935 QUANTRELL AVE #101
ALEXANDRIA, VA 22312
List Price: $229,000
Prior Sale: $288,000 10/24/2005
Listing Date: 05/25/07
-20.5%

3220 28TH ST #303
ALEXANDRIA, VA 22302
List Price: $170,000
Prior Sale: $210,000 07/28/2005
Listing Date: 06/26/07
-19.0%

438 ARMISTEAD ST #202
ALEXANDRIA, VA 22312
List Price: $224,900
Prior Sale: $275,000 04/04/2006
Listing Date: 06/15/07
-18.2%

5230 FILLMORE AVE
ALEXANDRIA, VA 22311
List Price: $415,000
Prior Sale: $505,000 12/02/2005
Listing Date: 06/25/07
-17.8%

5226 FILLMORE AVE
ALEXANDRIA, VA 22311
List Price: $400,000
Prior Sale: $472,000 12/06/2005
Listing Date: 06/25/07
-15.3%

416 EUILLE ST
ALEXANDRIA, VA 22314
List Price: $798,000
Prior Sale: $909,060 09/29/2005
Listing Date: 04/24/07
-12.2%

6155 EDSALL RD #6155N
ALEXANDRIA, VA 22304
List Price: $234,897
Prior Sale: $265,000 06/21/2005
Listing Date: 06/01/07
-11.4%

203 YOAKUM PKWY #203
ALEXANDRIA, VA 22304
List Price: $299,900
Prior Sale: $322,000 10/06/2005
Listing Date: 07/18/07
-6.9%

422 COOK ST
ALEXANDRIA, VA 22314
List Price: $799,000
Prior Sale: $799,040 07/06/2005
Listing Date: 04/26/07
+0.0%

1361 VAN DORN ST #1361
ALEXANDRIA, VA 22304
List Price: $331,400
Prior Sale: $331,400 02/14/2006
Listing Date: 07/18/07
+0.0%

1610 RIPON PL #841
ALEXANDRIA, VA 22302
List Price: $339,000
Prior Sale: $303,000 07/21/2004
Listing Date: 07/22/07
+1.9%

4550 STRUTFIELD LN #2221
ALEXANDRIA, VA 22311
List Price: $359,950
Prior Sale: $330,000 03/03/2006
Listing Date: 07/19/07
+9.1%

Fairfax County -- On the Market

1400 OLDE TOWNE RD
ALEXANDRIA, VA 22307
List Price: $300,000
Prior Sale: $435,000 08/01/2005
Listing Date: 07/18/07
-31.0%

661 PEMBERTON CT
HERNDON, VA 20170
List Price: $351,900
Prior Sale: $507,000 11/07/2005
Listing Date: 07/20/07
-30.6%

5815 CHANNING RD
SPRINGFIELD, VA 22150
List Price: $360,000
Prior Sale: $499,000 11/21/2005
Listing Date: 07/16/07
-27.9%

6309 DANA AVE
SPRINGFIELD, VA 22150
List Price: $415,000
Prior Sale: $559,000 10/07/2005
Listing Date: 07/13/07
-25.8%

1229 BOND ST
HERNDON, VA 20170
List Price: $335,000
Prior Sale: $450,000 04/19/2006
Listing Date: 07/21/07
-25.6%

5502 HOLLINS LN
BURKE, VA 22015
List Price: $319,000
Prior Sale: $419,900 08/18/2006
Listing Date: 07/18/07
-24.0%

109 MELODY LN
VIENNA, VA 22180
List Price: $469,900
Prior Sale: $599,500 07/20/2006
Listing Date: 06/06/07
-21.6%

8642 VILLAGE SQ #13/864
ALEXANDRIA, VA 22309
List Price: $227,905
Prior Sale: $287,000 01/31/2006
Listing Date: 02/22/07
-20.6%

3229 NEALON DR
FALLS CHURCH, VA 22042
List Price: $437,000
Prior Sale: $537,500 03/09/2006
Listing Date: 02/08/07
-18.7%

8014 NORTHUMBERLAND RD
SPRINGFIELD, VA 22153
List Price: $359,900
Prior Sale: $436,000 04/19/2006
Listing Date: 07/21/07
-17.5%

1408 CELESTA CT
VIENNA, VA 22182
List Price: $700,000
Prior Sale: $831,000 08/24/2006
Listing Date: 07/02/07
-15.8%

14840 HANCOCK CT
CENTREVILLE, VA 20120
List Price: $324,900
Prior Sale: $385,000 07/20/2005
Listing Date: 07/19/07
-15.6%

8911 WAITES WAY
LORTON, VA 22079
List Price: $319,900
Prior Sale: $374,000 01/26/2006
Listing Date: 06/19/07
-14.5%

7248 HILLMEAD CT
SPRINGFIELD, VA 22150
List Price: $359,900
Prior Sale: $420,000 12/05/2005
Listing Date: 07/18/07
-14.3%

6921 MARY CAROLINE CIR #L
ALEXANDRIA, VA 22310
List Price: $279,900
Prior Sale: $325,000 07/24/2006
Listing Date: 07/20/07
-13.9%

1319 SPRINGTIDE PL
HERNDON, VA 20170
List Price: $299,000
Prior Sale: $340,000 07/01/2005
Listing Date: 07/19/07
-12.1%

705 MORNINGSIDE CT
HERNDON, VA 20170
List Price: $420,000
Prior Sale: $471,000 04/19/2005
Listing Date: 07/16/07
-10.8%

904 KRAMER CT SE
VIENNA, VA 22180
List Price: $639,900
Prior Sale: $715,000 07/27/2005
Listing Date: 07/06/07
-10.5%

7896 GODOLPHIN DR
SPRINGFIELD, VA 22153
List Price: $579,900
Prior Sale: $640,000 08/15/2005
Listing Date: 07/17/07
-9.4%

12604 MILLBANK WAY
HERNDON, VA 20170
List Price: $379,900
Prior Sale: $415,000 06/01/2005
Listing Date: 07/19/07
-8.5%

8399 FERN LEAF CT
SPRINGFIELD, VA 22153
List Price: $370,000
Prior Sale: $390,000 09/13/2005
Listing Date: 07/16/07
-5.1%

5123 TRAVIS EDWARD WAY #E
CENTREVILLE, VA 20120
List Price: $228,000
Prior Sale: $240,000 12/15/2004
Listing Date: 06/08/07
-5.0%

1014 SABER LN
HERNDON, VA 20170
List Price: $295,000
Prior Sale: $299,900 08/31/2004
Listing Date: 07/18/07
-1.6%

Real Estate "Live" Today

The Washington Post's Real Estate Editor Maryann Haggerty and Columnist Elizabeth Razzi answered questions today.

Here's a transcript.

Our Largest Builder Reports

NVR (NV and Ryan Homes) reported earnings today:

NVR Inc.'s earnings were down 50 percent for the second quarter compared with the same quarter last year.

The Reston-based homebuilding and mortgage banking company said it earned $90.7 million on sales of $1.3 billion in the second quarter ended June 30, compared with $190 million of net income on sales of $1.7 billion in the year-ago quarter.

Buyers are losing confidence in the market and there's a glut of new and existing homes, the company said.

NVR is the largest residential homebuilder in Greater Washington based on units sold, according Washington Business Journal research.

Prince William County -- On the Market

14037 BANEBERRY CIR
MANASSAS, VA 20112
List Price: $572,900 [Fixtures Removed]
Prior Sale: $909,166 5/1/2006
Listing Date: 07/19/07
-37.0%

17603 HARPERS FERRY DR
DUMFRIES, VA 22025
List Price: $364,900
Prior Sale: $535,000 7/24/2006
Listing Date: 07/16/07
-31.8%

10113 ORLAND STONE DR
BRISTOW, VA 20136
List Price: $445,000
Prior Sale: $610,000 11/10/2005
Listing Date: 07/18/07
-27.0%

12908 OARLOCK CT
MANASSAS, VA 20112
List Price: $395,000
Prior Sale: $525,275 11/15/2005
Listing Date: 07/17/07
-24.8%

820 BELMONT BAY DR #306
WOODBRIDGE, VA 22191
List Price: $345,000
Prior Sale: $458,250 8/1/2005
Listing Date: 07/14/07
-24.7%

15244 LORD CULPEPER CT
WOODBRIDGE, VA 22191
List Price: $450,000
Prior Sale: $595,495 7/27/2005
Listing Date: 07/18/07
-24.4%

8189 COBBLE POND WAY
MANASSAS, VA 20111
List Price: $363,900
Prior Sale: $470,000 8/29/2005
Listing Date: 07/17/07
-22.6%

13105 QUATE LN
WOODBRIDGE, VA 22192
List Price: $620,000
Prior Sale: $794,326 12/5/2005
Listing Date: 07/18/07
-21.9%

2413 KILPATRICK PL
DUMFRIES, VA 22026
List Price: $219,900
Prior Sale: $281,000 4/5/2006
Listing Date: 07/18/07
-21.7%

16809 SWEENEY LN
WOODBRIDGE, VA 22191
List Price: $399,000
Prior Sale: $509,900 10/4/2005
Listing Date: 07/16/07
-21.7%

8871 YELLOW HAMMER DR
GAINESVILLE, VA 20155
List Price: $519,900
Prior Sale: $663,290 11/8/2005
Listing Date: 07/17/07
-21.6%

15406 BAMBI CT
WOODBRIDGE, VA 22193
List Price: $340,000
Prior Sale: $432,739 10/4/2005
Listing Date: 07/18/07
-21.4%

15058 DANEHURST CIR
GAINESVILLE, VA 20155
List Price: $344,900
Prior Sale: $435,000 1/27/2006
Listing Date: 07/14/07
-20.7%

2406 SAGAMORE CT
WOODBRIDGE, VA 22192
List Price: $352,900
Prior Sale: $442,000 3/3/2006
Listing Date: 07/18/07
-20.2%

2218 MONTGOMERY AVE
WOODBRIDGE, VA 22191
List Price: $365,000
Prior Sale: $456,000 12/11/2006
Listing Date: 07/17/07
-20.0%

1908 COPPERSMITH TER
WOODBRIDGE, VA 22191
List Price: $245,000
Prior Sale: $305,000 7/14/2005
Listing Date: 07/19/07
-19.7%

9763 TOMBRECK CT
BRISTOW, VA 20136
List Price: $419,900
Prior Sale: $515,540 5/6/2005
Listing Date: 07/19/07
-18.6%

10193 JAMAICA LN
MANASSAS, VA 20109
List Price: $280,000
Prior Sale: $340,000 4/1/2005
Listing Date: 07/19/07
-17.6%

6986 MANAHOAC PL
GAINESVILLE, VA 20155
List Price: $315,000
Prior Sale: $380,000 7/25/2005
Listing Date: 07/17/07
-17.1%

8087 LACY DR #101
MANASSAS, VA 20109
List Price: $240,000
Prior Sale: $286,000 7/5/2006
Listing Date: 07/17/07
-16.1%

3271 GINA PL
WOODBRIDGE, VA 22193
List Price: $335,000
Prior Sale: $395,000 11/22/2005
Listing Date: 07/14/07
-15.2%

15436 LEEDS HILL WAY
WOODBRIDGE, VA 22191
List Price: $444,900
Prior Sale: $520,025 3/1/2005
Listing Date: 07/17/07
-14.4%

14635 EARLHAM CT
WOODBRIDGE, VA 22193
List Price: $234,900
Prior Sale: $275,000 4/28/2006
Listing Date: 07/17/07
-14.2%

13105 OTTO RD
WOODBRIDGE, VA 22193
List Price: $499,800
Prior Sale: $580,000 5/3/2006
Listing Date: 07/18/07
-13.8%

2855 HEADWAY DR
WOODBRIDGE, VA 22191
List Price: $610,500
Prior Sale: $700,000 4/18/2006
Listing Date: 07/14/07
-12.8%

912 HOPTON RD
WOODBRIDGE, VA 22191
List Price: $320,000
Prior Sale: $365,000 6/29/2006
Listing Date: 07/14/07
-12.3%

12901 LEATHERWOOD LN
WOODBRIDGE, VA 22192
List Price: $424,900
Prior Sale: $480,000 4/20/2005
Listing Date: 07/16/07
-11.5%

9604 LAURENCEKIRK PL
BRISTOW, VA 20136
List Price: $625,000
Prior Sale: $704,790 5/2/2006
Listing Date: 07/17/07
-11.3%

17258 WEXFORD LOOP
DUMFRIES, VA 22026
List Price: $324,900
Prior Sale: $362,000 5/1/2006
Listing Date: 07/16/07
-10.2%

8103 HARD SHALE RD
MANASSAS, VA 20111
List Price: $374,900
Prior Sale: $416,500 4/28/2005
Listing Date: 07/17/07
-10.0%

12425 EDEN LN
WOODBRIDGE, VA 22192
List Price: $320,000
Prior Sale: $355,000 8/19/2005
Listing Date: 07/14/07
-9.9%

8649 BANNERWOOD DR
MANASSAS, VA 20109
List Price: $520,000
Prior Sale: $575,000 12/6/2006
Listing Date: 07/17/07
-9.6%

2521 LUCKLAND LN
WOODBRIDGE, VA 22191
List Price: $345,900
Prior Sale: $380,705 3/4/2005
Listing Date: 07/17/07
-9.1%

14471 BELVEDERE DR
WOODBRIDGE, VA 22193
List Price: $235,900
Prior Sale: $257,000 6/7/2005
Listing Date: 07/16/07
-8.2%

Arlington County -- On the Market

801 GREENBRIER ST S #311
ARLINGTON, VA 22204
List Price: $299,900
Prior Sale: $397,152 6/28/2005
Listing Date: 07/14/07
-24.5%

5122 11TH ST S
ARLINGTON, VA 22204
List Price: $479,900
Prior Sale: $540,000 11/9/2005
Listing Date: 07/12/07
-11.1%

4500 FOUR MILE RUN DR #824
ARLINGTON, VA 22204
List Price: $349,900
Prior Sale: $387,000 4/20/2006
Listing Date: 07/12/07
-9.6%

880 POLLARD ST N #303
ARLINGTON, VA 22203
List Price: $395,000
Prior Sale: $419,000 5/31/2005
Listing Date: 04/18/07
-5.7%

1021 GARFIELD ST. N #526
ARLINGTON, VA 22201
List Price: $629,000
Prior Sale: $619,900 8/4/2005
Listing Date: 07/16/07
+1.47%

1276 WAYNE ST #1009
ARLINGTON, VA 22201
List Price: $575,000
Prior Sale: $555,000 7/29/2005
Listing Date: 06/27/07
+3.6%

4308 2ND RD N #43084
ARLINGTON, VA 22203
List Price: $299,900
Prior Sale: $252,500 11/5/2004
Listing Date: 07/16/07
+3.6%

1633 COLONIAL TER #104
ARLINGTON, VA 22209
List Price: $495,000
Prior Sale: $469,900 8/19/2005
Listing Date: 07/13/07
+5.34%

2200 WESTMORELAND ST N #217
ARLINGTON, VA 22213
List Price: $529,900
Prior Sale: $491,090 10/24/2006
Listing Date: 02/08/07
+7.90%

"Market Conditions Vary Widely"

The Fairfax County Times has an article out based on the July Northern Virginia Association of Realtors' report.

Home sales fell by 5.89 percent for the first half of the year, to a total of 10,011, according to the [NVAR] July report. The median sales price also dipped, from $476,225 to $465,000, for a 2.4-percent decrease. The picture became bleaker as the six-month period went on.

Some communities were spared the suffering, though. These close-in, move-up markets actually saw gains, as market expert David Howell reported. But they were the exceptions to the rule.

. . .

'It is undeniably true that the residential real estate market is softer as a whole than this time last year," said David Howell, a Mount Vernon resident who is executive vice president of McEnearney Associates and author of its Metropolitan Washington Residential Real Estate Market Report and Market Watch newsletter.

However, he added, "Market conditions vary widely among submarkets.'"

In McLean and Great Falls, sales increased by 9.5 percent. "The 117 homes priced over $1.5 million represented 52 percent of all such sales in Northern Virginia." (DOM (days on the market) rose to 113 from 73 in 2006).

Oakton, Reston and Vienna gained 0.7 percent in sales. DOM rose from 58 to 78.

In the Fairfax County section of Alexandria, sales were down by 15.8 percent. The City of Alexandria declined 5.1 percent. DOM rose in both places from 48.6 to 77.9.

Meltdown

Two Bear Stearns hedge funds collapse:

Bear Stearns late yesterday informed investors in two battered hedge funds that their investments have become practically worthless. The firm's higher-risk Enhanced Leverage Fund, vested heavily in subprime mortgage assets, has effectively lost all of its value, but the more conservative High-Grade fund is also down 91 percent. Bear Stearns shares dropped 3.6 percent in after-hours trading. At the end of March, the Leveraged fund held $638 million of capital and the High-Grade fund $925 million. The meltdown is a "watershed" event, said Sean Egan of Egan-Jones ratings. "It begs the question of how other market participants have fared."

Our Neighbor to the North

The Washington Post had an article in the Metro section today about Montgomery County:

More than 700 homes were in foreclosure in Montgomery County between April and June of this year, up from 49 during the same period last year.

Maryland's foreclosure ranking jumped from 40th in the nation last year to 18th in June.

In Montgomery, there were more foreclosures in the first quarter of this year than in all of 2006.

Prince George's County continues to have the highest percentage of homes in foreclosure in Maryland. More than 2,300 foreclosures have been recorded in the county this year.

Also, Homebuilder sentiment is at a 16-year low:

NEW YORK (Reuters) - Homebuilder sentiment slid in July to its lowest since January 1991 as fallout from the housing slump and subprime mortgage crisis caused a glut of new homes, the National Association of Home Builders said on Tuesday.

The NAHB/Wells Fargo Housing Market index fell to 24 from 28 in June, the group said in a statement. Economists polled by Reuters had thought it would slip to 27. Readings below 50 mean more builders view market conditions as poor than favorable.

Loudoun County -- On the Market

201 FILLMORE AVE #7
STERLING, VA 20164
List Price: $154,900
Prior Sale: $227,000 10/31/2005
Listing Date: 01/04/07
-31.8%

25799 RAWLEY SPRINGS DR
CHANTILLY, VA 20152
List Price: $619,900
Prior Sale: $852,000 11/21/2006
Listing Date: 07/10/07
-27.2%

120 HICKORY RD
STERLING, VA 20164
List Price: $289,900
Prior Sale: $390,000 07/20/2005
Listing Date: 07/13/07
-25.7%

41792 EXPECTATION SQ
ALDIE, VA 20105
List Price: $415,900
Prior Sale: $530,000 1/18/2006
Listing Date: 07/17/07
-21.5%

207 BEACON DR
STERLING, VA 20164
List Price: $354,900
Prior Sale: $450,000 11/01/2005
Listing Date: 03/13/07
-21.1%

512 SKYLINE DR E
PURCELLVILLE, VA 20132
List Price: $489,900
Prior Sale: $600,000 07/17/2006
Listing Date: 07/11/07
-18.4%

20273 MOHEGAN DR
ASHBURN, VA 20147
List Price: $399,000
Prior Sale: $486,000 08/16/2006
Listing Date: 07/13/07
-17.9%

1604 HOLLY AVE
STERLING, VA 20164
List Price: $395,000
Prior Sale: $474,900 05/31/2006
Listing Date: 07/16/07
-16.8%

1026 TEMPLE CT #120
STERLING, VA 20164
List Price: $280,000
Prior Sale: $320,000 07/28/2006
Listing Date: 07/16/07
-12.5%

43691 FROGS LEAP TER
ASHBURN, VA 20147
List Price: $410,000
Prior Sale: $465,000 11/08/2006
Listing Date: 07/16/07
-11.8%

42411 HOLLYHOCK TER #42411
ASHBURN, VA 20148
List Price: $315,000
Prior Sale: $351,900 08/09/2005
Listing Date: 07/11/07
-10.5%

42002 KUDU CT
ALDIE, VA 20105
List Price: $789,990
Prior Sale: $875,000 08/01/2005
Listing Date: 07/10/07
-9.7%

25131 SODALITE SQ
ALDIE, VA 20105
List Price: $499,900
Prior Sale: $537,929 11/09/2005
Listing Date: 07/14/07
-7.1%

150 MEADOWS LN NE
LEESBURG, VA 20176
List Price: $315,000
Prior Sale: $335,000 06/13/2005
Listing Date: 07/11/07
-6.0%

110 FILLMORE AVE
STERLING, VA 20164
List Price: $359,900
Prior Sale: $369,900 09/27/2004
Listing Date: 04/18/07
-2.7%

43474 RIVERPOINT DR
LEESBURG, VA 20176
List Price: $749,950
Prior Sale: $750,000 06/16/2004
Listing Date: 07/13/07
-0.0%

Fairfax County -- On the Market

8138 NORWOOD DR
ALEXANDRIA, VA 22309
List Price: $399,000
Prior Sale: $549,000 03/01/2007
Listing Date: 07/12/07
-27.3%

427 RENEAU WAY
HERNDON, VA 20170
List Price: $265,000
Prior Sale: $357,900 10/05/2005
Listing Date: 07/10/07
-26.0%

2935 SUMMERFIELD RD
FALLS CHURCH, VA 22042
List Price: $452,000
Prior Sale: $603,000 05/09/2006
Listing Date: 07/13/07
-25.0%

3923 SAN LEANDRO PLACE #D
ALEXANDRIA, VA 22309
List Price: $204,900
Prior Sale: $249,900 02/13/2006
Listing Date: 07/14/07
-18.0%

7332 LEE HWY #201
FALLS CHURCH, VA 22046
List Price: $229,900
Prior Sale: $279,900 06/09/2005
Listing Date: 07/12/07
-17.9%

2436 OLD FARMHOUSE CT
HERNDON, VA 20171
List Price: $360,500
Prior Sale: $438,900 08/11/2005
Listing Date: 07/12/07
-17.9%

1129 CYPRESS TREE PL
HERNDON, VA 20170
List Price: $365,000
Prior Sale: $439,900 06/01/2006
Listing Date: 07/13/07
-17.0%

8007 MARTHA WASHINGTON ST
ALEXANDRIA, VA, 22309
List Price: $369,900
Prior Sale: $445,000 09/28/2005
Listing Date: 07/13/07
-16.9%

6600 WINDHAM AVE
ALEXANDRIA, VA 22315
List Price: $750,000
Prior Sale: $900,000 12/19/2005
Listing Date: 07/11/07
-16.7%

6531 HARVEST MILL CT
CENTREVILLE, VA 20121
List Price: $519,900
Prior Sale: $620,000 09/28/2006
Listing Date: 07/13/07
-16.1%

7213 SUMPTER LN
SPRINGFIELD, VA 22150
List Price: $425,000
Prior Sale: $500,000 07/25/2006
Listing Date: 07/15/07
-15.0%

15250 LOUIS MILL DR
CHANTILLY, VA 20151
List Price: 399,900
Prior Sale: $460,000 12/09/2005
Listing Date: 07/10/07
-13.1%

7226 LENSFIELD CT
ALEXANDRIA, VA 22315
List Price: $447,900
Prior Sale: $513,500 09/12/2005
Listing Date: 07/10/07
-12.8%

367 LINDEN CT
HERNDON, VA 20170
List Price: $360,000
Prior Sale: $410,000 10/21/2005
Listing Date: 07/11/07
-12.2%

10800 OAK WILDS CT
BURKE, VA 22015
List Price: $399,000
Prior Sale: $450,000 02/05/2007
Listing Date: 07/14/07
-11.3%

10657 MYRTLE OAK CT
BURKE, VA 22015
List Price: $320,000
Prior Sale: $360,000 08/23/2006
Listing Date: 07/13/07
-11.1%

7219 QUINCY AVE
FALLS CHURCH, VA 22042
List Price: $465,000
Prior Sale: $500,000 07/28/2005
Listing Date: 07/13/07
-7.0%

Price Reductions

Ziprealty.com has a handy feature -- a clickable box that says "Only show properties with reduced prices." Here's a search on 07/15/2007 and 06/16/2007 of all active properties (residential and land) and the percentage of those that have been reduced in price:

7/15/2007				6/16/2007
Arlington	Active: 972			Active: 987
	Reduced: 331	34%		Reduced: 326	33%
Alexandria	Active: 873			Active: 911
	Reduced: 366	42%		Reduced: 383	42%
Fairfax	Active: 7,776			Active: 7,769
	Reduced: 3,513	45%		Reduced: 3,243	42%
Loudoun	Active: 3,642			Active: 3,649
	Reduced: 1,677	46%		Reduced: 1,616	44%
Prince William	Active: 5,645			Active: 5,561
	Reduced: 2,769	49%		Reduced: 2,608	47%
Fauquier	Active: 1,018			Active: 1,041
	Reduced: 454	45%		Reduced: 423	41%
Stafford	Active: 1,779			Active: 1,785
	Reduced: 841	47%		Reduced: 819	46%
Warren	Active: 941			Active: 957
	Reduced: 336	36%		Reduced: 331	35%

Prince William County -- On the Market

6004 PRESWELL CT
GAINESVILLE, VA 20155
List Price: $382,000
Prior Sale: $618,285 3/23/2006
Listing Date: 07/12/07
-38.2%

12901 DOMINIQUE ESTATES LN
CATHARPIN, VA 20143
List Price: $980,899
Prior Sale: $1,485,802 4/28/2006
Listing Date: 07/10/07
-34.0%

13220 GUILDTOWN PL
BRISTOW, VA 20136
List Price: $559,900
Prior Sale: $810,000 2/13/2006
Listing Date: 07/13/07
-30.9%

7923 MEADOW CT
MANASSAS, VA 20109
List Price: $203,500
Prior Sale: $290,000 9/20/2005
Listing Date: 07/12/07
-29.8%

2452 PORT POTOMAC AVE
WOODBRIDGE, VA 22191
List Price: $539,900
Prior Sale: $729,201 4/4/2006
Listing Date: 07/06/07
-26.0%

15502 BANJO CT
WOODBRIDGE, VA 22193
List Price: $319,900
Prior Sale: $425,000 6/29/2005
Listing Date: 07/11/07
-24.7%

6072 OMEGA LN
MANASSAS, VA 20112
List Price: $394,900
Prior Sale: $520,000 5/23/2005
Listing Date: 07/13/07
-24.1%

10419 EDISTO CT
GAINESVILLE, VA 20155
List Price: $415,000
Prior Sale: $539,545 6/24/2005
Listing Date: 07/09/07
-23.1%

9016 WOODPECKER CT
GAINESVILLE, VA 20155
List Price: $549,900
Prior Sale: $683,955 6/26/2006
Listing Date: 07/09/07
-19.6%

2933 CAMBRIDGE
WOODBRIDGE, VA 22192
List Price: $274,000
Prior Sale: $340,000 7/27/2005
Listing Date: 07/13/07
-19.4%

1925 FORT MONROE CT
DUMFRIES, VA 22026
List Price: $210,000
Prior Sale: $260,000 5/1/2006
Listing Date: 07/11/07.
-19.2%

14260 CATBIRD DR
GAINESVILLE, VA 20155
List Price: $470,000
Prior Sale: $582,040 3/1/2006
Listing Date: 07/11/07
-19.2%

3248 FOOTHILL ST
WOODBRIDGE, VA 22192
List Price: $280,000
Prior Sale: $341,250 12/12/2005
Listing Date: 07/10/07
-17.9%

17620 HARPERS FERRY DR
DUMFRIES, VA 22025
List Price: $423,000
Prior Sale: $514,880 1/20/2006
Listing Date: 07/11/07
-17.8%

12712 GREENHALL DR
WOODBRIDGE, VA 22192
List Price: $369,500
Prior Sale: $444,000 12/6/2005
Listing Date: 06/04/07
-16.8%

8892 SONG SPARROW DR
GAINESVILLE, VA 20155
List Price: $450,000
Prior Sale: $537,990 12/15/2005
Listing Date: 07/10/07
-16.4%

6746 EDGARTOWN WAY
GAINESVILLE, VA 20155
List Price: $520,000
Prior Sale: $609,360 3/30/2005
Listing Date: 07/10/07
-14.7%

8585 COLD HARBOR LOOP
MANASSAS, VA 20111
List Price: $305,000
Prior Sale: $350,000 7/12/2006
Listing Date: 07/11/07
-12.9%

16191 EAGLE BEAK CIR
WOODBRIDGE, VA 22191
List Price: $674,900
Prior Sale: $769,990 11/7/2006
Listing Date: 07/12/07
-12.3%

15718 LANSDALE PL
DUMFRIES, VA 22025
List Price: $302,900
Prior Sale: $345,000 6/16/2005
Listing Date: 01/23/07
-12.2%

8423 LANIER OVERLOOK CT
BRISTOW, VA 20136
List Price: $515,000
Prior Sale: $581,040 9/6/2005
Listing Date: 07/12/07
-11.4%

5223 SPANISH DOLLAR CT
WOODBRIDGE, VA 22193
List Price: $574,900
Prior Sale: $646,361 7/15/2005
Listing Date: 07/09/07
-11.1%

4422 HAMILTON DR
WOODBRIDGE, VA 22193
List Price: $355,000
Prior Sale: $395,000 1/11/2006
Listing Date: 07/07/07
-10.1%

Virginia Foreclosure News

From the Richmond Times-Dispatch:

Virginia had one foreclosure for every 1,678 households last month. In June of 2006, one foreclosure was filed for every 12,549 households.

June foreclosure numbers in Virginia were down 2.2 percent from the previous month.

"Foreclosure activity subsided somewhat in June after hitting a 30-month high in May," said James J. Saccacio, chief executive officer of RealtyTrac.

33 states reported month-over-month decreases.

The foreclosure rates in most states remained substantially above last year's levels.

Arlington County -- On the Market

961 RANDOLPH ST
ARLINGTON, VA 22204
List Price: $649,900
Prior Sale: $713,235 11/29/2006
Listing Date: 03/31/07
-8.9%

801 GREENBRIER ST S #405
ARLINGTON, VA 22204
List Price: $398,000
Prior Sale: $432,541 6/1/2005
Listing Date: 02/16/07
-8.0%

4500 FOUR MILE RUN DR S #712
ARLINGTON, VA 22204
List Price: $380,000
Prior Sale: $389,000 4/28/2006
Listing Date: 07/11/07
-2.3%

1021 GARFIELD ST N #434
ARLINGTON, VA 22201
List Price: $409,900
Prior Sale: $409,900 7/5/2005
Listing Date: 07/07/07
+0.0%

1021N GARFIELD ST #120
ARLINGTON, VA 22201
List Price: $395,000
Prior Sale: $388,900 7/29/2005
Listing Date: 07/10/07
+1.6%

1021 GARFIELD ST N #641
ARLINGTON, VA 22201
List Price: $629,000
Prior Sale: $594,900 7/22/2005
Listing Date: 05/26/07
+5.7%

2200 WESTMORELAND ST N #217
ARLINGTON, VA 22213
List Price: $529,900
Prior Sale: $491,090 10/24/2006
Listing Date: 02/08/07
+7.9%

June Sales -- Culpeper and Fauquier Counties

Culpeper County Year Sales Active Listings Ratio Median Sold Price 2007 31 784 25.29 $329,000 2006 64 738 11.53 $358,750 2005 114 307 2.69 $330,000 2004 81 228 2.81 $267,253 2003 60 212 3.53 $228,000 2002 54 158 2.93 $197,750 2001 53 171 3.23 $154,000 2000 58 232 4.00 $151,700 1999 66 305 4.62 $143,763 1998 47 411 8.74 $127,000 1997 36 442 12.28 $105,000 Fauquier County Year Sales Active Listings Ratio Median Sold Price 2007 65 865 13.31 $405,000 2006 90 781 8.68 $399,500 2005 143 351 2.45 $412,000 2004 138 305 2.21 $353,308 2003 109 370 3.39 $280,000 2002 99 286 2.89 $240,000 2001 120 296 2.47 $219,450 2000 107 273 2.55 $189,000 1999 127 430 3.39 $180,000 1998 114 569 4.99 $179,950 1997 64 753 11.77 $183,180

Loudoun County -- On the Market

25 MONARCH DR
STERLING, VA 20164
List Price: $239,900
Prior Sale: $357,500 06/24/2005
Listing Date: 06/19/07
-32.9%

711 AMELIA ST
STERLING, VA 20164
List Price: $379,900
Prior Sale: $565,000 04/14/2006
Listing Date: 05/19/07
-32.8%

24 MONARCH DR
STERLING, VA 20164
List Price: $258,000
Prior Sale: $370,000 08/08/2005
Listing Date: 06/14/07
-30.3%

105 EVERGREEN ST
STERLING, VA 20164
List Price: $362,250
Prior Sale: $500,000 01/11/2006
Listing Date: 06/16/07
-27.6%

21268 HEDGEROW TER
ASHBURN, VA 20147
List Price: $280,397
Prior Sale: $385,000 03/01/2005
Listing Date: 06/08/07
-27.2%

502 WILLIAMSBURG RD
STERLING, VA 20164
List Price: $330,000
Prior Sale: $415,000 06/02/2006
Listing Date: 07/10/07
-20.5%

208 SANDERSON DR #225
STERLING, VA 20164
List Price: $280,000
Prior Sale: $350,000 04/14/2006
Listing Date: 05/19/07
-20.0%

630 RADFORD TER NE
LEESBURG, VA 20176
List Price: $305,000
Prior Sale: $359,900 03/30/2006
Listing Date: 07/08/07
-15.3%

21791 DRAGONS GREEN SQ #21791
ASHBURN, VA 20147
List Price: $310,000
Prior Sale: $365,000 01/18/2006
Listing Date: 07/06/07
-15.1%

46909 TRUMPET CIR
STERLING, VA 20164
List Price: $351,750
Prior Sale: $410,500 08/30/2005
Listing Date: 07/10/07
-14.3%

805 AMELIA ST N
STERLING, VA 20164
List Price: $379,900
Prior Sale: $440,000 03/21/2005
Listing Date: 03/20/07
-13.7%

20442 COOL FERN SQ.
ASHBURN, VA 20147
List Price: $369,900
Prior Sale: $426,000 10/14/2005
Listing Date: 07/06/07
-13.2%

204 GORDON ST
STERLING, VA 20164
List Price: $420,000
Prior Sale: $482,500 09/13/2005
Listing Date: 07/07/07
-13.0%

27 MONARCH DR
STERLING, VA 20164
List Price: $249,500
Prior Sale: $280,000 12/22/2004
Listing Date: 06/01/07
-10.9%

21116 WINDING BROOK SQ
ASHBURN, VA 20147
List Price: $350,000
Prior Sale: $392,000 06/29/2006
Listing Date: 07/10/07
-10.7%

42720 COOL BREEZE SQ
LEESBURG, VA 20176
List Price: $389,900
Prior Sale: $413,000 11/15/2006
Listing Date: 07/08/07
-5.6%

June Sales - MRIS Chart

Real Estate Chart

This blogger has the June MRIS data in a nice chart format.

Real Estate is (Mostly) Local

I posted this on July 29, quoted from Bloomberg:

Downgrades by S&P, Moody's and Fitch would force hundreds of investors to sell holdings, roiling the $800 billion market for securities backed by subprime mortgages and $1 trillion of collateralized debt obligations, the fastest growing part of the financial markets.

``You'll see massive losses from banks, insurance companies and pension managers,'' said Joshua Rosner, a managing director at investment research firm Graham Fisher & Co. in New York and co-author of a study last month that said S&P, Moody's and Fitch understate the risks of subprime mortgage bonds. ``The longer they wait, the worse it's going to be.''

Today it's coming true . . .

Standard & Poor's said it expects the majority of the 612 classes of mortgage-backed securities it put under review Tuesday to be downgraded "beginning in the next few days."

From Rex Nutting, Washington bureau chief at MarketWatch:

S&P's announcement is a death warrant for the subprime industry. No longer will mortgage brokers be able to help buyers lie their way into a home. Fewer stressed homeowners will be able to refinance their mortgage, thus extending and exacerbating the housing bust.

June Sales

Arlington County 2007, 2006
Total Sold Dollar Volume: $176,287,481; $185,571,387 -5.00%
Median Sold Price: $499,500; $535,000 -6.64 %
Total Units Sold: 308, 300 +2.67%

Alexandria City 2007, 2006
Total Sold Dollar Volume: $124,224,993; $128,651,569 -3.44%
Median Sold Price: $485,000; $459,900 +5.46%
Total Units Sold: 228, 232 -1.72 %

Fairfax County 2007, 2006
Total Sold Dollar Volume: $818,138,371; $965,704,240 -15.28%
Median Sold Price: $490,000 $500,000 -2.00%
Total Units Sold: 1,423; 1,680 -15.30%

Loudoun County 2007, 2006
Total Sold Dollar Volume: $234,832,912; $273,832,384 -14.24%
Median Sold Price: $435,000; $485,000 -10.31%
Total Units Sold: 466, 515 -9.51%

Prince William County 2007, 2006
Total Sold Dollar Volume: $205,437,880; $349,617,968 -41.24 %
Median Sold Price: $375,000; $390,000 -3.85%
Total Units Sold: 511, 816 -37.38 %

Source: MRIS

A Decade of June Sales

Arlington County Year Sales Active Listings Ratio Median Sold Price 2007 308 1,082 3.51 $499,500 2006 300 1,402 4.67 $535,000 2005 402 395 0.98 $500,375 2004 458 400 0.87 $436,500 2003 359 411 1.14 $337,500 2002 353 347 0.98 $326,000 2001 328 333 1.02 $280,000 2000 301 433 1.44 $225,000 1999 349 633 1.81 $212,000 1998 321 N/A N/A $189,500 Alexandria City Year Sales Active Listings Ratio Median Sold Price 2007 228 1,009 4.43 $485,000 2006 232 1,277 5.50 $459,900 2005 348 407 1.17 $443,000 2004 393 345 0.88 $380,000 2003 319 287 0.90 $300,000 2002 296 287 0.97 $243,100 2001 328 305 0.93 $217,950 2000 348 417 1.20 $191,000 1999 250 631 2.52 $191,000 1998 245 N/A N/A $206,000 Fairfax County Year Sales Active Listings Ratio Median Sold Price 2007 1,423 8,309 5.84 $490,000 2006 1,680 9,153 5.45 $500,000 2005 2,737 3,181 1.16 $500,500 2004 3,017 2,799 0.93 $400,000 2003 2,482 3,265 1.32 $325,000 2002 2,244 3,046 1.36 $286,600 2001 2,483 3,245 1.31 $245,000 2000 2,389 3,289 1.38 $218,000 1999 2,248 4,704 2.09 $209,000 1998 2,004 N/A N/A $211,000 Loudoun County Year Sales Active Listings Ratio Median Sold Price 2007 466 3,775 8.10 $435,000 2006 515 4,908 9.53 $485,000 2005 994 1,779 1.79 $491,000 2004 1005 1,295 1.29 $387,500 2003 820 1,513 1.85 $301,000 2002 603 1,511 2.51 $259,900 2001 658 1,400 2.13 $235,200 2000 546 960 1.76 $204,950 1999 453 1,248 2.75 $198,500 1998 312 1,689 5.41 $192,950 1997 303 1,628 5.37 $185,940 Prince William County & Manassas Year Sales Active Listings Ratio Median Sold Price 2007 511 6,537 12.79 $375,000 2006 816 6,191 7.59 $390,000 2005 1,489 1,932 1.30 $380,000 2004 1,345 1,337 0.99 $290,000 2003 1,017 1,716 1.69 $230,000 2002 1,010 1,366 1.35 $190,000 2001 985 1,440 1.46 $164,900 2000 812 1,406 1.73 $143,700 1999 668 2,018 3.02 $142,500 1998 525 2,719 5.18 $142,000 1997 429 2,888 6.73 $137,900

Source: MRIS