Posted by: Dean Foust on June 21, 2007
I don’t have a problem with giving a shout out to a great web site, and given all the interest among readers here about the greater Washington DC market, would love to point out there’s a nifty site called Northern Virginia Housing Bubble Fallout that, among other things, compares the listing prices of homes currently on the market with their earlier sale price. This may not come as news to our readers here who are avid followers of the DC market (our “Washington DC bubble?” thread has 1,113 comments!)
According to the data on the NOVA BUBBLE site, homes in the exurbs are being listed as much as 34% BELOW what they sold for just two years ago, and in the neighborhood that I used to live in, between Old Town Alexandria and Mount Vernon, asking prices are down roughly 12% below prior sales.
Check it out. And then come back here to our “Washington DC Bubble?” thread to Hot Property to discuss it all.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.