A blog reader sent in a tip about a large percentage of bank sales in December in Prince William County. I decided the best way to follow up would be to create a spreadsheet in order to determine the percentage of bank purchases that took place. I also included the name of the mortgage lenders with the transactions.
The spreadsheet can be viewed here.
I used Prince William County's Real Property Assessment database to compile the spreadsheet. I looked up only property sales up to $400K, and I performed four separate searches as the PWC database only allows 100K increments. (That explains the numbers on the left side of the spreadsheet).
These were the results for property sales in PWC up to $400K:
The bank with the largest number of transactions was Deutsche Bank, with 166 foreclosures and 37 sales.
This might explain the dramatic pricing pressure in Prince William County on bank listings. They appear to be taking in a lot more property than they can sell.