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Foreclosures decreasing in D.C.

August 30, 2010 - Fewer Washington, D.C. homeowners are relocating because of foreclosure.

Foreclosure filings across the Washington, D.C. metropolitan area were down 26 percent from July 2009 to July 2010, according to RealtyTrac, which may indicate that the region has seen the worst of the foreclosure crisis. Falling foreclosures could mean an increase in the region's home values, which could spark some interest from relocating homeowners.

"I'm skeptical we'll encounter that level of discomfort again," Anirban Basu, who chairs a Baltimore consulting firm, told the Washington Examiner, "To the extent there is still a lingering hangover from the housing bust, certain jurisdictions and certain product types will continue to feel the most pressure."

Basu told the paper that foreclosures are likely to be centralized in Maryland's Prince George's County and Virginia's Prince William County. But even those areas have likely seen the bottom of the market, said the report, and they can expect rising interest from homebuyers given the largest amount of discounted inventory in the area. The Washington, D.C. area also benefits from a stronger-than-most job market, said the paper.

Other recent reports have highlighted the Mid-Atlantic's better-than-average housing market. Year-to-date home sales in the D.C. area are 24.5 percent higher than they were a year ago, reported RealEstate Business Intelligence, indicating the region's growing popularity among families that are moving.

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