In the Washington DC area, foreclosure country has long been considered Manassas, Leesburg, Woodbridge, and parts of Prince George’s County. This is where the stories have come from—-the suburban fringe.
But what about the DC foreclosure numbers? Peter Tatian with the Urban Institute gathers foreclosure data for the city. Before the D.C. Council earlier this year, Tatian testified that “the number of residential properties that were issued a foreclosure notice in the first quarter of 2009 was the highest level for all first quarters in the past 10 years.”
Below see the increase in foreclosure notices over the last four years:*
*This data looks only at first quarter notices.
Another interesting tidbit from the latest Housing Monitor report:
The three clusters with the highest rate of foreclosure starts are also at the bottom of the price distribution: Cluster 28 in Ward 8 (Historic Anacostia; 42.5 foreclosure starts per 1,000 existing units; median home sales price of $246,000); Cluster 31 in Ward 7 (Deanwood/Burrville; 41.4 foreclosure starts per 1,000 existing units; median home sales price of $255,000); and Cluster 23 in Ward 5 (Ivy City/Trinidad/Arboretum; 34.9 foreclosure starts per 1,000 existing units; median home sales price of $260,000).
The report’s been out for a while—but given the theme of this week’s column, I thought I’d re-share.