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Northern Virginia Real Estate Roundup
By robertearl | March 28, 2008
Housing Troubles Grow
Long-established and new residential communities both feel pinch of housing market.
The current economic trends, including higher energy costs and a depreciating housing market, are affecting different communities at a different level. Although foreclosures — a measure of an area’s ability to repel economic pressures — have not impacted Reston to the degree they impacted some neighboring areas, the community has not escaped the wrath of an increasing foreclosure rate.
According to a Fairfax County-generated list, 156 residential properties in Reston entered foreclosure between January 2007 and February 2008. Southgate Square, Reston’s largest cluster with 178 townhomes, was among the hardest hit areas. Eleven properties in the cluster entered foreclosure during that time period, according to the county list. (More…)
Herndon’s ‘Perfect Storm’
Herndon is home to one of the highest concentrations of foreclosed properties in Fairfax County.
At a time of increasing energy prices and unemployment rates and a depreciating housing market nationwide, the Herndon area is facing a growing number of residential properties that enter foreclosure. According to a Fairfax County generated list, there have been 389 foreclosures in Herndon, both incorporated and unincorporated, between January 2007 and February 2008. (More…)
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