YTD Distressed Sales 2011 07 26Posted: July 27, 2011
Share of Distressed Sales on the Decline in Loudoun County
The graph below illustrates the aggregate number of short sales and foreclosures (bank-owned properties) along with the percentage of total existing home sales that were distressed in Loudoun County this year. Totals are also presented for the three areas within Loudoun County. So far this year, less than 30 percent of the total existing home sales in Loudoun County were distressed. By contrast, at the end of June in 2010, the share of distressed sales was 34 percent. Unlike other counties in the metropolitan Washington, DC market, short sales outpace foreclosures; 68 percent of all distressed sales so far this year were short sales and the remaining 32 percent were bank-owned properties.
Short sales in Loudoun accounted for 18 percent of total sales this year. In Eastern Loudoun, 20 percent of 2011 sales were short sales; the same figure in Leesburg was 17 percent and it was 13 percent in Western Loudoun.
Foreclosures (Bank-Owned Properties)
There is a different dynamic for bank-owned properties. So far this year, 11 percent of total sales were foreclosures in Loudoun County and in the subsets of Eastern Loudoun and Leesburg as well. The share in Western Loudoun was 12 percent with the total number of short sales about equal to the total number of foreclosures there.