Loudoun County '08 Foreclosure Numbers

The Washington Post (Aug. 6) reported that from January through June, there were 956 foreclosures in Loudoun County and there were 1,172 permits authorized for new construction during that same period. Just to give you some perspective, there were over 6,600 building permits in 2003! As many area residents know, Loudoun County was the fastest growing county in the nation in 2004. Some view the drop in building as a positive because of their fear of overcrowding but clearly a rise in foreclosures is not a good thing. Foreclosures have affected just about every neighborhood throughout the county and even if you are not selling, it affects you because it brings neighborhood property values down. The good news is there are some indictions that home values are creeping higher. The article gives viewpoints that I totally agree with which emphasize that Loudoun's proximity to the area's job centers, Dulles Airport, and the proposed rail extension will help Loudoun bounce back. The future is good in Loudoun County and now is the time to take advantage of a great buyer's market! Call me today :)