Alexandria Real Estate - Is It a Crises or Just a Problem Blown Out of Proportion?
July 22nd, 2008 Categories: Real Estate News
Are we really in a real estate crises or is it just a problem blown out of proportion? In Alexandria and Northern Virginia, Coldwell banker offices reported a 17.5% increase in homes under contract in April.
In May sales numbers rose 2% across the country and in some parts of the mid-Atlantic there were double digit increases over April.
And finally, just last week the National Association of Realtors reported four straight months of sales increases.
Consider the following:
- There are 120 million homeowners in the United States.
- Of that 120 million, one third are owned free and clear with no mortgage.
- One half of the remaining 80 million homes were bought before 2000 and still enjoy a 34% increase in median home prices.
- 95% of all homeowner pay their mortgage on time.
The homes in foreclosure? It’s 2%, with most of that in states like California, Nevada, Arizona and Florida. In fact, California has more foreclosures than 40 other states combined.
Want to hear more about what the numbers really say? Listen to Dennis Kneale on CNBC’s Business Nation, I think you’ll be glad you did.
As for the problem? For first time home owners it could be a real opportunity. Call me at 703.927.4554 and let’s add you to the growing numbers of home owners in Northern Virginia.
Michael
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