‘American Dream, after Grant Wood’
courtesy of ‘Mike Licht, NotionsCapital.com’
The Washington Post has put together a handy little map on DC area foreclosures, including a few tools to help you see the breakdown of auctioned homes by zip code and time period over the last few years. The foreclosing of residential real estate is one of the biggest indicators of a recessed economy. And while it is the effect or result of a failing economy, it’s also one of the biggest contributing causes to the continuation of that faltering economy. It’s a downright nasty cycle to be stuck in and most likely you know at least one person who has had to suffer because of it. But if you live in Arlington or Bethesda…you probably only know one. Other neighborhoods in our area have not been so lucky.
Clinton, Annandale, Petworth? Ouch. They’ve each had between 500 and 1000 foreclosures over the last 2.5 years. Herndon, Manassas, Woodbridge? Wow – now you’re talking over 1,000 each. Including over 3,000 for Woodbridge, VA, the hardest hit neighborhood in the DC metro area. If you live there, you probably know more than a handful of people who’ve lost their homes.
If you are a glass half empty kind of person, this map might be depressing for you and force you to tighten your belt even more. But if you like to see that glass as half full (and you happen to be in the unique position of actually having money left to invest, but that’s just semantics), check this map out to see where you’re most likely to get a great house at auction and save big bucks in the long run. Or if you’re like so many other young professionals in the DC area and don’t own a home or have the money to plop down for one anytime soon, at least check it out for the pretty colors.