H/T Ben Jones from the Housing Bubble Blog:
From the McLean Connection:
"By all accounts, Ali and Shanaz Alavi bought their new home in Great Falls for a bargain basement price. The couple purchased the five-bedroom home sitting on five acres of gated woodland for $1.1 million. The property owner, Jennifer Lynne Ridley, had been trying to sell the house for just under $2 million for the past 18 months.
. . .
“Almost all Realtors would admit the housing market, even in areas like Great Falls and McLean, has slowed. ‘There are more homes in the market than there are buyers for,’ said Realtor Sepideh Farivar, who added, a person has to be motivated to sell in this market.”
“Joe O’Hara, a Realtor with Washington Fine Properties, said he expects to see prices drop on many of the homes in and around Georgetown Pike. ‘Most of the homes along Georgetown Pike are very expensive. There are a limited number of buyers and lots of sellers.’”
From the Star Exponent:
“In 2007, banks foreclosed on 182 properties in all in the town and county of Culpeper.”
. . .
"Nancy Heflin, president of the Greater Piedmont Area Association of Realtors, said she has never seen anything like it in her 19 years in the business. And she doesn’t expect the picture to improve anytime soon.”
“‘We are anticipating another flood of foreclosures in the fall,’ said Heflin of Front Royal.”