Feb 01, 2013
D.C. ranks as one of the worst places to buy a foreclosure… and that’s good
01 Feb 2013
Posted by Andrew Kantor
According to a RealtyTrac report, Washington, D.C., is the 22nd worst place to buy a foreclosure — that’s 22 out of hundreds of areas, so it’s a pretty solid ranking.
What does that mean, “worst place to buy a foreclosure”? It’s actually a good thing for the market overall. It means (among other things) that there are fewer homes in foreclosure in the area, that foreclosures make up a relatively small percentage of overall sales, and that foreclosures aren’t priced at as much of a discount as they are in other areas.
Bottom line: Being bad for foreclosure sales means D.C. is better for traditional sales.