The State of Foreclosures in DC

District of Columbia is one of the states in US with the highest rate of foreclosures ranked at position 22 according to the federal government report. This has a decline from position 15 in the previous year, 2012. This was an increase in the number of foreclosures that were recorded in the state when compared to the previous states. The report also indicated that there was 2 foreclosures in every 60 houses on average throughout the year. This was mainly high in these cities Aberdeen, Arlington, Bellevue, and Auburn that contribute about 50 percent of all the increase. The rate of foreclosure was also high for both the residential as well as commercial properties.

Why Increase in Foreclosures?

The main evidence in the increase in the foreclosures were filed throughout the year that grew by 15 percent when compared to the previous year 2012. However, only 5 percent of all cases filed were dropped when compared to 20 percent in the previous year. Despite the increase in the foreclosure activities taking place within the State, many cases were also reported to make the situation even worse for the residents. The cities that recorded the highest rates of foreclosure activities were Aberdeen, Arlington, Bellevue, and Auburn respectively.

While the rate of foreclosure in District of Columbia may be higher, it recorded the highest rate in the year 2010 at a rate of 33 percent making the highest ever recorded in the state in its history. This made the residents optimistic that things will improve at the end of the year 2014. The Scheduled auctions within the state also increased by 25 percent at the same time bank repossessions rose by 10 percent from the year, 2012.

While the State has over 34,382 properties under the foreclosure at the beginning, this has decreased by 50 percent after the 6 months. The rate of foreclosure will reduce at the end of the year from this positive move. This definitely makes it one of the best initiative taken by the State government in District of Columbia to reduce the rates of foreclosures in this State. Statistics have also indicated that the rate of bank repossessions, new case filings and Scheduled auctions have reduced significantly within the state within the first 6 months since the projects were initiated.

Many real estate experts in District of Columbia have predicted a decrease up about a double digit at the end of the year in the rate of foreclosure. This has been marked by a reduction in the levels of cases filed at the courts as well as withdrawal of cases that have gone up by 20 percent in the last 6 months. In addition, the largest percentages taking place in the cities namely Aberdeen, Arlington, Bellevue, and Auburn.

At the end of June 2014, the number of homes under foreclosure in District of Columbia had reduced by 20 percent and this is likely to reduce up to as high as 30 percent at the end of the year. The filed in the courts has also been reduced by withdrawal of charges against the homeowners and this will affect the foreclosure rate at the end of the year.

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