Thursday Poll - What’s Your Opinion On Lenders Bailing Out Borrowers?

If you’ve looked at properties for sale in Loudoun County lately, you would have noticed that the number of foreclosure properties is on the rise. This is not just a local phenomenon, it’s across the board. As the number of borrowers facing foreclosure continues to rise, lenders and advocacy groups such as Countrywide and NACA are coming up with programs aimed at helping borrowers avoid foreclosure. These programs were orginally aimed at those who have adjusting ARMs. But some of the new initiatives and programs are going to cover anyone facing foreclosure, whether they have a prime, subprime, fixed or adjustable rate mortgage.

There are is definitely a difference of opinion when it comes to what should or should not be done about those facing foreclosure as evident in a Washington Post article entitled "Dueling Approaches to Foreclosure Relief". That brings us to today’s poll:

Loudoun County Homeless Shelter Causes Stir - Community Meeting Nov 1st

Loudoun County’s new 7,000 square-foot homeless shelter is causing quite a stir in the community. The Good Shepherd Alliance’s new "Center of Hope" facility, located at 20684 Ashburn Rd next to the Ashburn Volunteer Fire and Rescue station, officially broke ground on Monday and has generated numerous responses throughout Loudoun County, especially in Ashburn.

Some residents say that the Good Shepherd Alliance facility "is actually providing a wonderful and greatly needed service" while others say that a homeless shelter in the area is "completely unacceptable". To view responses or leave a comment of your own, check out Tammi Marcoullier’s post on Living in LoCo, which also has a copy of the letter from Broad Run District Supervisor Lori Waters to residents in the community regarding the issue.

If you are interested in voicing your opinion on the shelter/facility or just listening in to the discussions, you can attend the community meeting on November 1st at 6:30pm at Ashburn Elementary School. Chairman York, Lori Waters, the Good Shepherd Alliance Board of Directors and relevant county staff will be in attendance.

A Million Dollar Home Sells every 3 days in Loudoun County

As of today, October 19th, exactly 100 homes have sold or gone under contract that were listed at or above $1,000,000 in Loudoun County since January 1st.  That is one home every 2.92 days.  Since the mortgage crisis occurred in mid-July, there have been 29 Million Dollar homes go under contract.  This is the same rate as prior to the meltdown. 

The subdivision leading the way in $1,000,000 sales is River Creek Country Club with 10, followed by Lansdowne with 8 and Beacon Hill with 6.

The highest priced home to sell this year was a 463 acre estate in Middleburg that was listed for $14,500,000 and sold for $12,500,000 in 42 days.

Looking For Loudoun County Foreclosures, REO, Short-Sales, Other Deals?

If you’re looking for foreclosures, REO, short-sales, distressed properties and other great real estate deals in Loudoun County, Virginia you’ll want to check out Loudoun Foreclosures. This new blog brings your attention to the best real estate deals in Loudoun County, Virginia regardless of who the agent, broker or home builder is. You can find basic information about the featured properties along with the reasons why they’re such a great deal.

Related Articles:

Crash Course In Loudoun County Foreclosures, Short-sales and REO

AOL Layoffs Increased to 4000

Some of the employees at AOL were informed today that the total number of layoffs for AOL was going to be 4000.  This is double the 2000 that was announced by the CEO last week and reported by most news organizations.  All the layoffs that will affect employees at the Dulles campus were started on Monday and will be be completed by Tuesday at 11am.

Many of the AOLers will be gathering throughout the day at Clydes in Broadlands.  Rumor has it that management has decided to open at 9:30am instead of the usual 11am on Tuesday to accomodate the AOL employees that want to commisserate with each other.

Further Reading:

A Day at AOL - Layoff Roundup by Tammi Marcoullier at Living in LoCo/LoudounExtra.com/The Washington Post

How Will AOL’s Massive Layoffs Affect Loudoun County Real Estate - Loudoun Stats

"AOL’s Falco Says 2000 Layoffs" (perhaps he left out a few) by Tammy Marcoullier - Living In LoCo/The Washington Post

“Local Explorer” Good Source Of Info About Loudoun County Area, Schools, Home Sales, Crime

If you’re moving to or new to Loudoun County and don’t know where many things are or want information about the area in general, check out The Washington Post’s Local Explorer. Type in a specific address such as "43330 Junction Plaza Ashburn, VA" or just "Ashburn, VA" and you can find information on places in the area, schools, recent home sales and crime, all on a map. Local Explorer also has facts and figures, local news, classifieds and upcoming events that will help take you further inside area communities. It’s a good tool for anyone moving or new to Loudoun County as well as those already in the area looking for information.

Related Articles:

Links To Loudoun County Communities And Home Owner’s Associations

Resources (Other Than Real Estate) For Loudoun County, Virginia

Moving To Loudoun County, Virginia? How Far Will Your Salary Go?

Sorry, I Can’t Tell You That

Dulles Area Association Of Realtors September Loudoun County Homes Sales Data Dismal

According to the Dulles Area Association of Realtors housing numbers (and everyone you ask for that matter), Loudoun County home sales volume and median prices were down in September. And not just by a little - by 30 percent from the previous month. Loudoun County had 411 homes sell in August compared to 288 in September. This is a 24 percent decrease from September 2006 in which Loudoun County had 383 homes sell.

Some other statistics:

• September saw a sales-price-to-list price of 92 percent, the second lowest all year (February was the lowest at 91.38%)
• average Days On Market increased to 111, though it was still not as high as Januray at 138
• median price decreased to $425,500, but still not as low as January at $419,500
• inventory has remained about the same since June hovering inbetween 3700 and 3800

With all this talk about slowing sales, lower prices, interest rates and the "mortgage crisis", it’s interesting to see what people’s reactions are. To share your reactions with us and see what other’s reactions are to all this, check out this poll about the future of Loudoun County home prices and this poll about the Fed’s rate cut we have going on here at Loudoun Stats, as well as this poll over at The Washington Post’s LoudounExtra.com regarding the effect on consumers.

How Will AOL’s Massive Layoffs Affect Loudoun County Real Estate?

AOL may lay off between 2000 and 3000 workers next week due to a decline in subscriptions because of AOL’s new ad-based business model (similar to Google). AOL’s massive layoffs could further hurt the Loudoun County real estate market by causing fear, uncertainty and doubt for all those facing being fired as well as all real estate buyers and sellers watching the situation unfold.

The Loudoun County real estate market has already come to a crawl with buyer’s sitting on the sidelines. Now we also have to factor in all those at AOL who were going to sell and/or buy that have put those plans on hold. The prospect of not having a job shortly is not condusive to moving forward with a home purchase or home sale. Perhaps the general consensus that real estate prices in Loudoun County may decrease between now and the end of the year is right on.

Make sure to check back in next Tuesday for more on this situation.

Further Reading:

At AOL’s Dulles HQ, Preparations For Massive Layoffs - ValleyWag

Pick The Departing AOL Exec Game! by Henry Blodget - Silicon Alley Insider

Buyers On The Sidelines Hurt Home Prices In Loudoun County

According to a Bank of America survey of agents, the Washington, DC area (including Loudoun County) was one of the 5 real estate markets (AZ/CA/FL/NV/DC) that saw the most significant price declines and greatest deterioration in traffic in September. Buyer traffic fell further below expectations in September as buyers returned to the sidelines after witnessing continued price declines and fearing even more.

The survey found that:

• 74 percent of agents said that buyer activity was less than expected
• 71 percent said home prices decreased
• 70 percent said the time it took to sell a home increased

These results tie in to the preliminary sales numbers we ran on 9/28, which showed Loudoun County home sales in September being at their lowest point since 2002.

But there is good news - inventory in Loudoun County has remained relatively the same for several months now. This is in contrast to most markets in the US which have seen inventory increase putting even more downward pressure on prices.

Thursday Poll - The Fed’s Rate Cut and Your Decision To Buy A House

The Fed recently cut their rate by 50 basis points and the cut has had mixed reviews.  Although many say that the cut wasn’t due to slowing buyer demand, we’re curious as to whether it has had any impact on your decision to buy a house.

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