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Old 05-12-2008, 09:12 AM
 
523 posts, read 1,327,114 times
Reputation: 134

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Don't be fooled by the media when they tout that "the worst is behind us". In fact, the worst declines on record are now upon us.

Year-over-Year Price Change (April 2007 - April 2008)

Alexandria City.............. -6%
Arlington County............. -2%
Fairfax City................. -12%
Fairfax County............... -16%
Faquier County............... -14%
Loudoun County............... -19%
Manassas City................ -33%
Manassas Park City........... -42%
Prince William County........ -29%
Stafford County.............. -16%

More counties and cities can be found via the link below.

MRIS Statistics

Last edited by mojo_1979; 05-12-2008 at 10:04 AM..
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Old 05-12-2008, 10:54 AM
 
2,730 posts, read 7,630,400 times
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this is not a comment for you mojo, just for the readers....

Hang in there, stop thinking about moving or panicing. Focus on improving your quality of education and job skills so you can make more money. Live in your houses and be happy. I plan on living here for 30+ years, so I'm not too worried.
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Old 05-12-2008, 11:18 AM
 
10,675 posts, read 8,776,476 times
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The median values are up about 2-3 percent from last month. I think that there's a larger inclusion of higher-priced detached SFRs in this month's closures and to be expected in subsquent months. Pending sales appear to be rising for the jurisdictions I checked so I don't think that the 2008 market is turning down just yet.

Some of the foreclosure hotbeds in Manassas, Woodbridge, Sterling (20164), Leesburg (20176), etc. are still in freefall.
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Old 05-12-2008, 11:52 AM
 
2,730 posts, read 7,630,400 times
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Quote:
Originally Posted by lchoro View Post
The median values are up about 2-3 percent from last month. I think that there's a larger inclusion of higher-priced detached SFRs in this month's closures and to be expected in subsquent months. Pending sales appear to be rising for the jurisdictions I checked so I don't think that the 2008 market is turning down just yet.

Some of the foreclosure hotbeds in Manassas, Woodbridge, Sterling (20164), Leesburg (20176), etc. are still in freefall.
I think they are late on their free falls.
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Old 05-12-2008, 12:00 PM
 
523 posts, read 1,327,114 times
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Quote:
Originally Posted by lchoro View Post
The median values are up about 2-3 percent from last month. I think that there's a larger inclusion of higher-priced detached SFRs in this month's closures and to be expected in subsquent months. Pending sales appear to be rising for the jurisdictions I checked so I don't think that the 2008 market is turning down just yet.

Some of the foreclosure hotbeds in Manassas, Woodbridge, Sterling (20164), Leesburg (20176), etc. are still in freefall.
Month to month numbers do not mean much of anything, that is why the year-over-year numbers are so widely used. Real estate has a seasonal cycle. In most "normal" years, the median price peaks each year in the summer months before retracting in the fall and winter.
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Old 05-12-2008, 12:02 PM
 
10,675 posts, read 8,776,476 times
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Some of the above still have declining numbers of sales versus last year. Manassas may be farther along towards the bottom because of the large increase in sales.
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Old 05-12-2008, 01:04 PM
 
Location: Arlington, VA
1,622 posts, read 3,735,244 times
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Good...prices in this area were WAY too inflated anyway, they will probably go down even more. Don't take this the wrong way, there is nothing wrong with living in an area with higher priced housing, but when wages go up about 25% and housing prices shoot up over 100% (and in some cases much higher than that) in just a couple years, you get a market trend that is simply not sustainable, anyone who thought so is/was naive...
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Old 05-12-2008, 01:45 PM
 
523 posts, read 1,327,114 times
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Quote:
Originally Posted by mtneeratheart View Post
Good...prices in this area were WAY too inflated anyway, they will probably go down even more. Don't take this the wrong way, there is nothing wrong with living in an area with higher priced housing, but when wages go up about 25% and housing prices shoot up over 100% (and in some cases much higher than that) in just a couple years, you get a market trend that is simply not sustainable, anyone who thought so is/was naive...
I couldn't have said it better myself. This is the definition of a bubble. Actually, you were being very generous when you said that wages have increased 25% over the last couple of years. I would say wages haven't increased anywhere close to that amount... yet housing did go up 100% or more in certain areas.
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Old 05-19-2008, 08:22 AM
 
523 posts, read 1,327,114 times
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"...a 27-year-old woman was arrested by Loudoun County sheriff's deputies after she, her husband and two children moved into a foreclosed house in Ashburn..."

Is this the new way of shopping for a home?

As Foreclosed Homes Empty, Crime Arrives - washingtonpost.com
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