Number of foreclosures double in Washington area!
WASHINGTON - October 28, 2009 - The number of Washington, D.C. area homeowners in foreclosure has more that doubled in the past year, according to a report to be released Wednesday that shows the problem remains most acute in a few counties and could get worse as more borrowers fall behind on their payments.
About 2.7% of local borrowers are in the foreclosure process, meaning that the bank has started the legal process to take back the property, according to the report by the Urban Institute, a nonprofit policy research group based in Washington. That was slightly below the national average of 2.9%.
But that is up from about 1.4% in June 2008 and 0.5% in June 2007, according to the report. (The report excludes Howard and Anne Arundel counties.)
"We were surprised that the D.C. region - with one of the strongest economies in the country and less subprime lending - would see such an increase," said Kathy Pettit, a lead researcher for the report.
About 2.7% of local borrowers are in the foreclosure process, meaning that the bank has started the legal process to take back the property, according to the report by the Urban Institute, a nonprofit policy research group based in Washington. That was slightly below the national average of 2.9%.
But that is up from about 1.4% in June 2008 and 0.5% in June 2007, according to the report. (The report excludes Howard and Anne Arundel counties.)
"We were surprised that the D.C. region - with one of the strongest economies in the country and less subprime lending - would see such an increase," said Kathy Pettit, a lead researcher for the report.
