Regardless of the area of Nations Capitol, Northwest DC, Southwest DC, Northeast DC or Southeast DC no matter what neighborhood or quadrant the city is similar to all other cities in the nation when it comes to foreclosure homes. Since the sub-prime mortgage crisis that started a global economic meltdown Washington DC has suffered from homes that where over valued several years ago when every resident of the city could qualify for a subprime mortgage and the housing market was edging ever closer to the brink of disaster.
After the disaster finally struck and home prices began to plummet throughout the city, lending restrictions tightened and qualifying for a mortgage in today's market has become far more difficult causing a further depression in the value of homes. This depreciation which is beyond anyone's experience has been made all the worse by banks and lending institutions selling foreclosed homes at reduced prices in order to clear their books of the troubled assets.
Foreclosures are in no short supply in Washington DC. Unemployment in the city is well below the national average as the federal employment has exploded in recent years. In recent years the number of federally employed workers doubled from 14% of the residents of the city to 28% currently. This employment figure has enabled Washington DC to maintain an unemployment figure of 6.9% which is more than 25% below the national figure of 9.7% currently.
Washington DC is the 8th largest city in the country in regards to total population in the entire metro area which is good news for real estate investors and foreclosure home buyers as the population continues to grow. Five Fortune 1000 companies have made DC their principal Head Quarters and of those two are also in the Fortune 500 listings. Trade Organizations, Unions, Non profits, and legal firms of all sizes and practices have made the DC metropolitan area their location. These private industries are on the path of growth even during the recent recession. Each are labor intensive and require an ever growing employment base to draw from.
The average income in Washington DC is the highest of any city in the nation. The city also was recently rated the second most favorable real estate market for long term home buyers. These are just some of the reasons that buying foreclosures in Washington DC is one of the best investments in the economy today.
So what do you do if your home is not going to foreclosure in Washington DC? You should be buying homes that have gone to foreclosure. Buying as many homes below market as your credit can withstand. Why buy in a down market? Buying in a down market instead of timing the market at its lowest point will allow smart investors to buy more foreclosed homes and rent them out or reselling before buying additional foreclosure homes and repeating the process. The thousands of people that lost their homes and those yet to lose their homes will require a home to live in and provide their family shelter. This new real estate market is where the greatest boom in recent history in Washington DC will be seen. The greatest wealth opportunities are also in this time of high foreclosures and increasing population for the district. If you are not in the foreclosures home buying game, get in the game.
If you are going to foreclosure, contact a local real estate agent and loan officer and see what your options are. Your options will be predicated on several variables to include location, loan amount and value of the home. Do not be afraid or intimidated by your situation as thousands of Americans have been through the same situation and deals are being made every day to save peoples homes from foreclosure. If the situation is too far gone, foreclosure may be a good option for a home owner to start over with fresh credit and building an economic profile that will soon allow them to buy another home at a reduced price.
