District of Columbia Foreclosures

Mar 16, 2009 | Filed under: foreclosures

While the District of Columbia is not technically a state, it does house the nations’ capitol and also is feeling the crunch from the current economic issues. Houses are being foreclosed here just as they are in Backwaters Alabama, or Dustbowl Oklahoma.

You’d think that the issue might not be as prevalent here since it is home to the capitol, the president and all the policy makers. But you would be very wrong if you took that stand. The economic crisis and the foreclosure spiral have not spared any place in our great country nor has it spared any social group of people.

There are rich as well as poor and everything in between in the District of Columbia and all of them are feeling the pressure and every group has had member dealing with foreclosure. It has turned out to be an equal opportunity demon in today’s economy.

If anything, the District of Columbia is actually being hit a little harder in the foreclosure area due to the amount of lower and middle class folks here that are losing jobs and becoming unable to make mortgage payments. Most of them are two income families that are squealing by from week to week and when one source of income is removed, it does not take long to fall seriously behind on payments.

The area is in a bad slump and most of the foreclosed properties are seriously in need of repair. While this does not mean all of them, certainly there are exceptions ot the rule, but the majority of what is available as of this writing, is going to require some renovation to become profitable when re-sold unless it can be obtained at a decent price.

The foreclosures in the District of Columbia, while prevalent, are not of the best quality at this time.

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