Foreclosure Demographics – Who has Been Hit the Hardest? People Living in Metro Areas – Part 3
This is the third post in a three blog series. For details on the effects of foreclosure on affluent communities and people of color, visit Part 1 and Part 2.
Foreclosures have Affected Metro Area Inhabitants the Most:
Research conducted by RealtyTrac has suggested that three-quarters of some of the largest U.S. metropolitan areas – cities with over 200,000 people – have been directly affected by foreclosure in the first half of 2010 alone!
Across the U.S. over a million households – approximately 1.6 million properties received some form of foreclosure-related notice between January and June this year.
The Washington D.C. metro area has also been affected, but it’s a lot lesser than other parts of the country. In D.C., one in every 78 homes has experienced some form of foreclosure in the first six months of 2010.
Though banks and lenders are trying their best to clear the backlog of foreclosures, there’s a new bout of homes that’s bound to hit the market again. According to RealtyTrac head, James Saccacio, the expectation is to exceed three million properties with foreclosure filings and about one million bank repossessions by the end of the year!
It isn’t surprising to not that foreclosures are directly related to the high rates of unemployment. Areas that have had a higher rate of job-loss have seen more families that couldn’t keep up with their mortgage payments.
As bleak as it sounds, not all hope is lost. The markets are indeed picking up slowly. Buyers are finding more competition than they’d anticipated, as many people are looking to invest in new homes. If you’re looking to buy a foreclosed home (or a brand new home) in Prince George’s County and don’t really know where to start, Express Realty Services can help. Having sold over 800 homes in the past 5 years, we can comfortably assure you that it’s not as overwhelming as it may seem!
Just call us at 888-306-9450 or visit our website to chat with a representative about how to get started.
If you have any tips or suggestions that you’d like to share, please feel free to comment on this blog post.
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