Arlington Foreclosures for Sale

The foreclosure crisis stretches further than just those unfortunate homeowners who have been struck by spiking interest rates on immorally sold sub-prime mortgages – it is hitting the whole community. For those people who simply wish to sell their home, not only is it more challenging to find a buyer in the current economic climate, it is becoming increasingly difficult to get a fair valuation.

Arlington has seen a 3 percent increase in the number of foreclosures since the same time in 2008 and as such there are fewer ‘normal house’ sales on the market, and the foreclosure auction is getting all the press. For valuers to accurately predict what a house will obtain on the open market is a tricky task as the courthouses are flooded with thousands of foreclosures every month. In March 2009, there are expected to be 300 foreclosed homes up for auction in Arlington alone.

The realty is that although some owners have kept up all their loan payments and kept their property in good condition, the value is affected by the distressed housing market and the high number of foreclosures for sale.

The construction industry has been hard hit by these economics slow downs too. For newly built developments it has been hard for the real estate agents to sell he properties meaning that they sometimes have to knock up to 10 percent off the asking price. This has clear knock-on effects for the rest of the surrounding areas as they try to get the highest possible price for their home.

The valuation process has been under scrutiny for many years, with observers complaining that a homeowner can received wildly different appraisals by different companies. The process is now being investigated by the Federal Housing Finance Agency to incorporate more fair practices and hopefully gain more parity across the market.

Arlington is one of the worst hit areas of the State and has been a target for receipt of funding from the federal neighbourhood Stabilisation Program aimed at getting families affected by foreclosure back into homes. At least $2 million has been set aside to assist the area. New York Avenue and Mayfield Road in the southeasat near Cooper Street have been worst hit. Financial assistance may fall at the feet of those made homeless who are now trying to buy a foreclosed home themselves. Some families may receive anything between $15,000 and $40,000 to help with the purchase of a property. Much of the money will also go to the City to help dispose of houses that are beyond economic repair and are bringin down the values of homes in the community.