98 ADAMS DR NE #53
LEESBURG, VA 20176
List Price: $98,900
Prior Sale: $263,000 06/02/2006
Listing Date: 04/22/08
-62.4%
262 COVENTRY SQ #262
STERLING, VA 20164
List Price: $130,000
Prior Sale: $325,000 02/16/2006
Listing Date: 04/29/08
-60.0%
30 HOWARD PL
STERLING, VA 20164
List Price: $134,900
Prior Sale: $325,000 10/21/2005
Listing Date: 04/24/08
-58.5%
807 POPLAR RD
STERLING, VA 20164
List Price: $224,900
Prior Sale: $474,900 4/21/2005
Listing Date: 04/25/08
-52.6%
310 POPLAR RD
STERLING, VA 20164
List Price: $229,900
Prior Sale: $475,000 10/19/2005
Listing Date: 04/28/08
-51.6%
201 GRAYSON PL
STERLING, VA 20164
List Price: $239,900
Prior Sale: $490,000 3/19/2007
Listing Date: 04/28/08
-51.0%
See Loudoun County 4/30/2008 for more comparisons from this week's listings.
(Links by FranklyMLS.com)
Tuesday, April 29, 2008
Loudoun County -- On the Market
Posted by Harriet at 11:32 PM
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9 comments:
Harriet,
Remember when 50% off the last sales price was a significant event? What was the bank thinking loaning money on a property that won't even return 40 cents on the dollar.
If we want a stable real estate market, we must have a return to normal lending guidelines. Soon I expect down payment requirements to return to the historical norm. I wonder how much overshoot there will be?
Got Popcorn?
Neil
Check out the post from Zerodown in the previous thread.
From the sound of things lending continues to tighten...
(not that we didn't already know that)
I feel like the reporter didn't do much of a job getting to the root of the issue in that article. He says how the new "conforming" jumbo loans aren't really helping, but doesn't seem to get much into why they aren't and makes it sound like it is all an issue of government moving slowly.
It seems likely that a lot of the problem is the fact that the relatively few markets where the conforming limit has been raised are almost without exception the worst of the bubble markets, which are at this point all heading towards huge declines.
Even with Fannie and Freddie involved it is hard to estimate the risk on these loans. Nobody with any sense is going to take them on unless they can get a significant premium.
Interesting comment from LA Times Blog:
"These were doomed to fail the day Fannie/Freddie announced their underwriting criteria.. full doc, 15% down payment in declining markets, borrower has to be qualified at the fully amortized fully indexed rate, PMI for loan amounts over 80%.. it isn't interest rates that are killing the market.. it is rational lending criteria."
http://tinyurl.com/3lmyo9
Workouts on PRIME loans rise:
Mortgage companies negotiated new terms on 206,495 prime loans last quarter, Hope Now said, a 19 percent gain from the fourth quarter's 173,499.
That increase may be a result of prices falling much more quickly on more expensive homes, often financed with jumbo loans to prime borrowers, said Michael Youngblood, a managing director with Friedman Billings Ramsey in Arlington, Virginia. The rising need of workouts for prime mortgages also reflects the U.S. economic slowdown, he said.
"We've moved past the period where borrowers were defaulting (only) as a function of poor underwriting," Youngblood said. "They are now due to more fundamental reasons such as job loss, or reduction in income."
http://tinyurl.com/4882ga
zerodown: i agree!
What's up with this one?
Must need lots of TLC!
616 Live Oak Drive, Mclean (22101) foreclosure, sale price: $1,175,000
http://www.franklymls.com/FX6713418
2008 Tax assessment: $2,327,680
http://tinyurl.com/5suvsm
Neil, Zerodown,
Good points that are finally being raised from the "MSM". Whenever I hear about these government rescue programs, I wondered how current mortgagers are going to qualify with any form of lending guidelines (as in, one needs enough income to pay the mortgage).
I also think if lenders reverted to the old ways, prices would shoot up again. But they can't, because investors now know it's all garbage.
The overshoot question is a good one. I'd like to hear from current folks who are getting mortgages now and what they are being required to put down and verify in the way of income/assets.
616 Live Oak Drive, Mclean 22101, foreclosure, sale price: $1,175,000
Very curious. It sold for $950K in 1992.
That's one to watch.
According to the franklymls listing, it is under contract.
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