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

By
Real Estate Broker with CJ Realty Group, Inc.

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 CJ Realty Group,  a call at 703-346-2213. 

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Topic:
Real Estate General Information
Location:
Virginia Prince William County
Groups:
Foreclosure Talk
Market Updates
Northern Virginia Real Estate
RE/MAX Active Rain Bloggers
REO
Tags:
prince william county foreclosures
woodbridge
buying a foreclosure
prince william county real estate

Comments 16 New Comment

Rainmaker
1,762,097
Roy Kelley
Retired Real Estate Broker, Maryland Blogger

We have the same situation in Maryland. The lenders have not been releasing the REO properties to be listed.

March 19, 2009 08:23 PM
Ambassador
1,772,475
Cindy Jones
Pentagon, Fort Belvoir & Quantico Real Estate News
CJ Realty Group, Inc.

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.

March 19, 2009 09:17 PM
Ambassador
2,272,112
Patricia Kennedy
For Your Home in the Capital
Evers & Company Real Estate, Inc.

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

March 20, 2009 09:26 PM
Ambassador
1,772,475
Cindy Jones
Pentagon, Fort Belvoir & Quantico Real Estate News
CJ Realty Group, Inc.

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. 

March 21, 2009 07:00 AM
Rainmaker
265,088
Dave Roberts
Healdsburg Sotheby's International Realty

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
Ambassador
1,772,475

Cindy Jones

Pentagon, Fort Belvoir & Quantico Real Estate News
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