Reported by Flo Nystrom, MA, BA, CRS, ABR, ePRO, RECS
Updated October 26, 2011.
Current Market Rating: 2
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Current Price Trend: 4
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Approaching November 2011 in the Northern Virginia Area, the market is seeing more short sales and loan modifications; foreclosures still exist.
Interest rates are at @4.1%, 30 Year Fixed . And, loans are available for purchasers with a 20% downpayment, employment documentation and moderate good credit recordation.
The liquidity is alive for the 90% of mortages that are backed by the Federal Government, i.e., FHA, Fannie and Freddie Mac.
Thus, home prices are affordable and mortgage money is available. Smart purchasers are coming forward at this time.
Foreclosures and Short Sales are entering the marketplace. This can have an effect on reduced values in certain areas.
The lending abuses and fraud of Wall Street led to the 700 Billion Dollar Bailout. Also, the "Bailout" known by the Government as TARP, i.e., "troubled asset relief program", will allow bad loans off the books of banks enabling them to make loans again.
Also, repayment terms of defaulted loans may be worked out. And, other stimulus programs are in the works.
ZIP Code: 22102 Approximate Location Boundaries: Next to Arlington County, Mclean in Fairfax County is located close to Washington, DC. Routes 123, 193 , 738 and 684 are the main corridors.
Location Characteristics: McLean is 15 minutes from Washington, D.C., five minutes to Tysons Corner and the Technology Corridor. Employees of the federal government, international businesses and government professionals make their home in McLean. A prestigious address with a high price tag to go with it. The amenities of Fairfax County.
About Flo Nystrom:
Flo Nystrom has been a Realtor since 1979 working the Northern Virginia areas along with her partner/husband, Frank, i.e., Nystrom Group, LLC. Flo's education and experience is reflected in the following: MA, BA, CRS (Certified Residential Specialist), ABR (Accredited Buyer Representative), ePRO500 (NAR Internet Certification), RECS (Real Estate CyperSpace Specialist), RDCPro (REO Default Certified Professional), CDPE (Certified Distressed Property Expert), CIAS (Certified Investor Agent Specialist), Institute for Luxury Home Marketing Member, Long and Foster Gold Team, Member Past, NVAR Million Dollar Sales Club Member Past, Pioneer Member of NVAR, NVAR Commercial & International Forum Member. The Nystrom Group strives and succeeds in offering their sellers and buyers with the quality service needed to accomplish the sale of properties and the buying of properties. Visit www.FloNystrom.com to obtain much needed information on the Selling and Buying Processes. Telephone 703-934-8222 for assistance.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
