Prince William County Inventory-What's Missing From Our Numbers?

By
Real Estate Agent with Integrity Real Estate Group

Prince William County Inventory-What's Missing From our NumbersCurrently the MRIS data shows that the number of new listings in our area is down.  Okay that should be good news.  However along with every set of data comes the back story. 

In the case of lower inventory some of that back story has to do with foreclosure listings.  Last fall Freddie Mac along with other lenders put a moratorium on new foreclosure proceedings until the economic stimulus packages worked their way through Congress.  Only those properties that had already been through the foreclosure process made their way to the MLS and not even all of those have been listed.

For example one agent in my office who handles Freddie Mac foreclosures has just now received the go ahead to list a few of the properties that had been through the foreclosure process last October and November.  Even more interesting is that in one case the owner of the property is still living in the property five months after the foreclosure.  A quick look through RealtyTrac.com in Prince William County shows a few hundred properties with the title transfers to a lender, yet none of them have made it to the market.  A recent Friday Washington Post showed close to 300 Trustee Sales at the PW Court House steps and those properties haven't hit the market yet either.

At some point many of those properties that have been in a holding pattern for the last three to five months will make their way to the spring market.  Add to those the properties where tenants have been living with their lender landlords and you begin to see when the foreclosure moratorium is lifted that we could have a huge influx of new foreclosures on the market.

Hopefully the lenders are looking at the impact of how unleashing all of these listings at one time could devastate an already fragile Prince William County market.  If  they don't consider a staggered release of this pent up inventory  we could be facing another significant drop in prices, creating even more problems for those sellers in the middle of trying to refinance their homes.

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If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

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Anonymous
Anonymous

Yes - and those backlogged foreclosures are just now starting to flush out into our markets in a big way.

Mar 18, 2009 07:22 PM #1
Rainmaker
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Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

Can you say tidal wave? I have not been tracking the pending cases but I imagine our stats are up there too. Something else to watch for. Thanks, Cindy.

Mar 18, 2009 07:28 PM #2
Rainmaker
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Dorie Dillard
Coldwell Banker United Realtors - Austin, TX
Realtor-Canyon Creek- NW, Austin TX Homes For Sale

Thanks for the post..you have a valid point!

Mar 18, 2009 07:49 PM #3
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Konnie Mac McCarthy
The Majestic Group - Mc Lean, VA
Associate Broker - VA & MD

Hey Cindy..I heard that... what we don't need is a huge influx of listings... actually homes are moving pretty good in certain price ranges.. hopefully somone will pay attention to the damage that will cause.... :)

Mar 18, 2009 08:22 PM #4
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Bryan-oh dear.  Even the beautiful low country is having foreclosure issues? 

Mar 19, 2009 06:38 AM #5
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Wayne-I spent time yesterday with another agent looking through RealtyTrac and it was worisome.

Mar 19, 2009 06:39 AM #6
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Dorie-we all have to pay attention to multiple sets of data these days.  There is a lot going on in our markets and just looking through the Friday Washington Post can give you a go idea of the Tsunami that could be coming this spring.

Mar 19, 2009 06:42 AM #7
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Dorie-we all have to pay attention to multiple sets of data these days.  There is a lot going on in our markets and just looking through the Friday Washington Post can give you a go idea of the Tsunami that could be coming this spring.

Mar 19, 2009 06:42 AM #8
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Konnie-we have been lucky to see in some zip codes a huge increase of sales over last year.  The lower inventory right now in my opinion is artificial.  I think the lenders are going to start releasing some of the properties that they have been holding on the spring market.  The issue will be if all the lenders open the doors at one time what will happen to not only inventory but prices as well.

Mar 19, 2009 06:47 AM #9
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Jim Crawford
RE/MAX Paramount Properties - Atlanta, GA
Jim Crawford Atlanta Realtor - Atlanta Real Estate

Great observation.  There are many homes that have been foreclosed that are not showing up in current inventory.  This is occuring across the country.  Shadow inventory.

Mar 19, 2009 01:51 PM #10
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Jim-I'm sure it isn't unique to our area.  What happens when the lenders start releasing the inventory again could cause even further price errosions in some areas.

Mar 19, 2009 02:57 PM #11
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD
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We have the same situation in Maryland. The lenders have not been releasing the REO properties to be listed.

Mar 19, 2009 08:23 PM #12
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Roy-it is an issue anywhere there are a significant number of REO properties.  The lenders have been holding them as part of the stimulis bill.  Now they are starting to trickle out again.

Mar 19, 2009 09:17 PM #13
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Patricia Kennedy
Evers & Company Real Estate, Inc. - Washington, DC
For Your Home in the Capital

There have been predictions that this could happen.  Let's just hope they are smart about how they handle these sales.

Mar 20, 2009 09:26 PM #14
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Pat-If we look at the recent trend of lenders on how they handle foreclosures in our area I'm not 100% optimistic that the backlog will be happen in a logical manner. 

Mar 21, 2009 07:00 AM #15
Rainmaker
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Dave Roberts
Healdsburg Sotheby's International Realty - Healdsburg, CA

I have looked at the stats in our area for the big tsunami, and it doesn't look overwhelming. I may be missing something, but at the current absorption rate it only looks like a month or two of bank owned homes aren't already on the market.

May 28, 2009 08:44 AM #16
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Cindy Jones

Pentagon, Fort Belvoir & Quantico Real Estate News
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