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Foreclosures are lower in the D.C. area than elsewhere in the nation, but the ones that do occur are still painful for the homeowners and detrimental to the neighborhood. 

To help reduce them, the Capital Area Foreclosure Network website was recently created by the Metropolitan Washington Council of Governments and the Nonprofit Roundtable of Greater Washington. Funded by Freddie Mac and Fannie Mae, the group will also have participation from local governments and non-profits business as it holds marketing and outreach groups and helps other groups that work toward foreclosure-revention in the Washington D.C. area.

According to the Urban Institute, the Prince Georges Area has an average 2.9% foreclosure rate. This includes numbers as low as 1% for Arlington and as high as 6% in Prince Georges County. The study found that 9.5% of the areas mortgages were delinquent by 30 days.

The good news is that the Washington D.C. area has been one of the least affected areas. Despite the fact that foreclosures reached record highs last month, the Virginia, Maryland and Washington DC areas accounted for only 3% of that growth. Florida and California have the burden of being the two biggest areas of growth for foreclosures. These two states alone account for more than 40% of the nation’s total. Arizona, Georgia, Michigan, Texas, Nevada, Illinois, and Ohio rack up 30% more.

The D.C. area is one of the better places to live and to buy property in. Compared to many of the other states, the foreclosures are lower and the economic outlook is good. Express Realty Services can show you an affordable home or condo in the District or in northern Virginia or eastern Maryland. Just call us at 888-306-9450 or visit our website to chat with a representative about how to get started