• Lisa Simpson
• May 6,2009
• In: Foreclosed Properties

Foreclosed Properties in Washington Will be Formidable Investments

Washington D.C. formally the District of Columbia is the Capital of U.S. nation. Being a busy center for official work of the United States’ Government and allied headquarters of International embassies, Corporations, Industries and Service organizations, it has a unique feature not found in any of the other cities in the US. While the population figure of Washington D.C. is estimated as 591,833, this figure swells to over one million during the workweek. The reason is the floating population commuting from many suburbs and neighborhoods situated in the Washington Metropolitan Area everyday, where the population is 5.3 million, eighth largest in the country. As such the foreclosed properties in Washington are ideal for commercial investment.

Acquiring a property from the foreclosed properties in Washington and renting them out will be a profitable proposition for investors, as the demand for housing need is ever increasing in this State Capital. The foreclosure crisis sweeping the US nation did not spare the Capital city as well and the foreclosed properties in Washington, though not huge in numbers, have been listed for distress sale at prices well below the market value. So investors can make use of this never-before opportunity of buying foreclosed properties in Washington.

The benefits of property purchase from foreclosed properties in Washington are so many and here are a few – first Washington D.C. is the State Capital where the employment opportunities are countless. Owing to the City’s hosting 174 foreign embassies, headquarters of the World Bank, International Monetary Fund (IMF), Organization of American States, and other institutions like trade unions, service organizations, lobbying groups and so on, it has been the ultimate destination of job opportunities to the younger generations. The unemployment rate is lowest in the country at 4.4%, lower than the National figure of 6.5%.

Washington D.C. has growing industries in the areas of education, finance, public policy, scientific research etc. and most of non-government related employers, with abundance of growth potential for properties purchased from foreclosed properties in Washington. Washington became the foreign real estate investment leader, ahead of London and New York City and equities bought out of foreclosed properties in Washington D.C. can get highest returns on investments. Inspite of the economic crisis and housing price downturn, Forbes Magazine has listed Washington D.C. as the second in long-term housing markets in the country, giving a new dimension to equities bought from foreclosed properties in Washington D.C.

As of now there are 858 properties available for buying from foreclosed properties in Washington D.C. When compared to the average price of secondary homes for sale recorded at $399,000, the median price of foreclosed properties in Washington is indicated as $284,750 – thus making a savings of thousands of dollars in every transaction.