Continuing to examine and hold a lively discussion of the Northern Virginia Real Estate market.
Please post your local house search updates, MLS finds, on-topic ideas, and links here.
For all looking for the Fed to start raising rates I think you may need to wait a while longer. Bernanke met with the House Budget Committee today and said that even if the economy grew at 4.5%/year it would take 4+ years to get unemployment to acceptable levels. He also said that 4.5% is an optimistic target. Although Bernanke may start raising rates before unemployment is back to 5-6% I doubt he will do it significantly before this. So I would be surprised if we saw the Fed raise short term rates for several years.
Everyone is so sure the next move is higher. I'll bet it's lower. More bond purchases or whatever else Ben has up his sleeve.
Robert-I would not be surprised if you are right. Interest rate markets are fickle, so who knows what they will do. The one thing I am pretty confident about though is that the market is wrong in thinking Bernanke will raise rates this year.
Low rates for a few years don't bother me at all. It hurts retiree's that count on CD's etc. to augment income.Anyway, where is the inventory? The tsunami? Does anyone else believe the worst is behind us (contrarian excluded)? Does anyone believe that the worst of the great recession is in the rearview mirror?(Of course, assuming no nuclear war or other calamity).
"Does anyone believe that the worst of the great recession is in the rearview mirror?"Now comes the Great Stagnation.Miserable food/energy price rises,lousy employment, dragging property values for a decade.
The worst is over for housing prices in NOVA. They may dip a little bit from here, but will resume higher sooner rather than later.I think the policies implemented during the Great Recession will reverberate around the world for years. Egypt is one example.
http://franklymls.com/DC7411926assessed 339 sells for 139down 60% sells in a day
TRUSTEE'S SALE OF 5908 9TH STREET NORTH TRUSTEE'S SALE OF 5908 9TH STREET NORTH Arlington, VA 22205 In execution of a Deed of Trust in the original principal amount of $420,000.00, with an annual interest rate of 7.1250% from FIDEL CORDOBA dated November 29, 2004, what do you bet this is the first foreclosing and there was a HELOC or Second for another 300K on the property.went bad in 09, and just now is headed to auction.at 420, it's probably a good deal, its close to Jewel, I think
How about this listing?Sold in 2005 for 505K, it was listed in April 2010 for 1.7M with an assessed value of $289K. It is currtently on the market for 299K.Tax records show that it is a Fannie Mae foreclosure, but the $1.7M prior listing is very odd. I can believe a prior valuation of 170K, seeing as the building has been updated and remodeled.I wonder if the 1.7M listing is a typo. If not, can anyone else conjecture what kind of manipulation was going on?Just curious.
C or anybody,Related to the house you linked to that is next to Potomac High, are those downstair bedrooms legal? The windows don't look like they are big enough to allow somebody to escape in case of fire.Thxs.
Jaime,The County can give you the measurements. Basement rooms are often listed as "bedrooms" when they don't meet code.
Jaime =The county tax records list 4 bedrooms so I assume they are legit. Some additional guidance on code requirements are listed athttp://www.fairfaxcounty.gov/code/property/overcrowding.htm
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