Elizabeth Razzi formally apologized in Sunday's Washington Post for missing 2,500 houses in her search for houses in Fairfax County under $350,000:
Not a Rounding ErrorNow we must examine a suspicious-looking statistic in today's article (posted below) from Reuters:
In last week's column, I said that a quick search of homes for sale in Fairfax County showed only six properties priced at $350,000 or below. I was incredulous at the figure -- and should have been much more so. That was the result of repeated searches on one brokerage's Web site, but other sites (and numerous real estate agents) showed the true number to be in the thousands. I apologize for the error.
At the end of 2007, 20 of the 25 houses for sale for more than $850,000 in Loudoun County appeared to be foreclosures, according to Tony Arko, [local realtor Danilo Bogdanovic's] partner.Currently a search of ZipRealty shows 427 properties for sale (88 of those listings are new construction) in Loudoun County priced at more than $850,000. I haven't gone through them to see which ones appear to be foreclosures, but I'm nearly positive it's less than the 80% the Reuters article is quoting. I also refuse to believe that at the end of 2007 there were only 25 houses for sale in Loudoun that cost more than $850,000.
Did the Reuters reporter misquote Bogdanovic and Arko, or just what is going on this time?
Update: Perhaps the words causing the confusion for me are "for sale" instead of "sold". It does look like anything priced over $800K is very challenging to sell, and it's possible that a high percentage of these few that did sell were foreclosures.
Update #2: "Harriet, Thanks for pointing this out. It should read "20 of the 25 houses under contract". I will let Andy Sullivan know and hopefully he can change it. Thanks again.
Posted by: Tony Arko | April 08, 2008 at 06:02 PM"
from the Loudoun Foreclosures Blog.