I get a lot of calls from potential clients looking for "a deal". In my experience, most of the callers are watching infomercials late at night because they believe that Foreclosures and HUD owned homes are deals. My purpose today, is to inform and enlighten on the continuing dynamic Washington DC metro area housing market. There are currently 254 single family homes listed as foreclosures, 41 single family homes listed as pre-foreclosures, 1 single family home listed as a HUD owned, and 218 single family homes listed as bank owned properties in the MRIS in the extended DC metro area. These homes are priced as follows: Price Range # Foreclosures # Pre-foreclosures # HUD # Bank Owned Under $100,000: 1 $100,000 - $199,999: 7 4 $200,000 - $299,999: 39 3 1 33 $300,000 - $399,999: 85 9 79 $400,000 - $499,999: 52 18 36 $500,000 - $599,999: 43 5 40 $600,000 - $699,999: 20 5 20 $700,000 - $799,999: 2 1 1 $800,000 - $899,999: 3 3 $900,000 - $999,999: 2 2 These totals are not mutually exclusive as some foreclosures may be listed as bank owned as well. However, the findings from my study appear to indicate the largest number of homeowners undergoing financial difficulty in the Washington DC metro area and thereby, losing their homes, are between $300,000 and $599,999. A number of reasons including employment changes, predatory lenders, and the sub-prime meltdown may have contributed to this phenomenon. Therein lies the dilemma our lovely area faces now. The following timely article sums up what the "real deal" can be when a client intends to pursue a foreclosure, pre-foreclosure, HUD owned or Bank Owned home. Buying a Foreclosed Home? Get Ready to Clean Owners of houses in foreclosure often leave them in poor shape, including abandoning desperate pets and rotting garbage, say properly inspectors and real estate professionals. "It's almost every day now that we see a [foreclosed] house in awful condition," says Scott Mitchell, president of National Property Inspections, a company that provides home inspections and assessments in the Las Vegas area. "They know they are going to lose their house, so they have no pride of ownership anymore." He says some home owners will leave the water on so there's flooding and mold, or they'll tear the chandelier or the ceiling fan out of the ceiling. He's also seen doors and walls kicked in, making it easy for bugs, rodents, and other critters to take over the home. Pets are often the real victims. In May, authorities found 23 abandoned animals in a house in Lake Carmel, N.Y.; three pigs trapped in an Oregon home; 20 birds in a Lorain, Ohio, house: 24 horses on a Bixby, Okla., property; and more than 60 cats in a house in Cincinnati. All of the properties were in foreclosure. Source: BusinessWeek Online, Maya Roney (06/07/2007)

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