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Robo Signings in Prince William

Sep. 21, 2011
Categorized in: Foreclosures/Short Sales

This article in the Washington Post talks about "hundreds" of robo signings in Prince William County over the past few years. The truth is, I'd be surprised if it were only in the hundreds given the number of foreclosures there. I suspect they've hit the tip of the iceberg.

I'm happy to see organizations like VOICE (Virginians Organized for Interfaith Community Engagement) working on this problem. Wall Street has plenty of lobbyists. Who's speaking up for the homeowner caught in the middle of this mess?

Why Prices Aren't Going Up

Feb. 23, 2011
Categorized in: Local Market Conditions

The actual title of this piece by the Planet Money team is "4 Reasons Home Prices Are Likely to Keep Falling". But early in the article they tell you that this area is one of the few where prices are not falling.

These reasons are all valid, however, even here. And they are all a part of the reasons home prices have stabilized here but are unlikely to rise much in the forseeable future.

The four reasons they site, in a nut shell are:

  • Glut of homes on the market.
  • Too many foreclosures and short sales.
  • Rising interest rates.
  • Reduced government support for mortgage market.

Tomorrow, I'll talk about the 5th reason we're about to see prices not rise (if we're lucky) and sales are likely to slow in our area.

Who Ya Gonna Call?

Jul. 29, 2010
Categorized in: Foreclosures/Short Sales

We had a shock recently when a home in our neighborhood here in Amissville went up for sale as a foreclosure. It's not all that common around here and the price was jaw-droppingly low.

South Poes Road

Given that we have almost identically sized acreages I needed to know more. Was the number I carry around in my head on what our home is worth way off?

So, I went to take a look.

The moral of this story is, you should do the same thing. Clients worry that they're bothering their real estate agent if they ask to go see a house for sale in the neighborhood. Trust me, if your agent's worth a dime they're going to be happy to get that call. Some day you may want to sell your home and the more educated you are about the local market the easier those conversations are going to be for your agent.

I'd argue all of my clients ought to be calling me at least once a year to see something for sale in the neighborhood.

And, how did it work out for us? The house has no central air and needs lots of work. I don't think that number in my head is wildly crazy. And, apparently the market thinks that house was priced pretty competitively as well since there were multiple offers almost immediately.

I'm feeling a lot calmer now!

Foreclosure Prevention Efforts Fail

Jul. 22, 2010
Categorized in: Foreclosures/Short Sales

Elizabeth Warren testified in front of a Congressional Committee today about the government's efforts to stem the flow of foreclosures. She may not have been quite this blunt but the gist of her testimony was that those efforts have failed. And, as far as I can determine they've failed on almost every front, every corner of this country. Virginia set up a state commission to work on foreclosure prevention. I'm sure all of those people were well-intentioned. I'm sure they tried really hard. But I don't believe you could point to any evidence that they had a significant impact.

Here are some of the measurements by which the federal plan has failed:

  • Expected to help up to 4 million homeowners.
  • Only 347,000 homeowners received permanent modifications.
  • Less than 1/2 of 1% of the money allocated for the program has been spent.
  • Real estate market remains depressed in much of the US, hurting the overall economic recovery.

Unlike others, I don't believe that this result was inevitable. Elizabeth Warren talked about some very specific reasons this hasn't worked. One of those is that the program never really had a good plan to deal with homeowners who owe more than their home is worth. The HAMP program is meant to help people in financial difficulty stay in their homes. But a lot of those people are upside down on their mortgages. If you don't address that part of the problem, the program is likely doomed to failure.

The congressional testimony didn't mention another reason I believe HAMP has failed. Every program the government has offered has made bank participation completely voluntary. The government offered financial incentives, yes. Those incentives might work well if the homeowner is not upside down on the mortgage. But if you owe $400K on the house, it's now worth $200K, no small financial incentives will get the bank to take that hit and adjust the entire loan amount.

The result is that the real estate industry across the country is still not in good shape. It's one of many factors impacting this recovery; slowing it down.

Elizabeth Warren said Treasury (who administers HAMP) has now lost the opportunity to get in front of the foreclosure crisis. I suspect that was lost a few years earlier when Ben Bernanke decided the real estate market didn't need any federal help to stabilize.

BOA Writes It Down

Mar. 25, 2010
Categorized in: Foreclosures/Short Sales

The "IT" in this case is the principal amount you owe on your mortgage.

This is a very big deal, in one sense, because no bank has publicly announced they're willing to do this. And, Bank of America is the largest mortgage holder since they acquired Countrywide a couple of years ago.

So, here's how the program is supposed to work. If you owe the bank more than 20% more than what your home is actually worth, you may qualify. Keep in mind that this is a pilot program and will only initially be offered to 45,000 homeowners. For the homeowners chosen, up to 30% of the principal would simply be wiped out.

So, let's say that you owe BOA $300,000. But you could only sell your home for $220,000 in this market. Bank of American could, theoretically, reduce your loan balance by $100,000. Your mortgage payments would presumably be lowered to match this new lower loan amount.

Let's say, for the record, that I'm skeptical. Partly we'll blame that on having seen too many programs announced that did little or nothing to help most homeowners. Partly it's having had too many ugly dealings on short sales that involved Bank of America, an institution that has a well-deserved reputation for being among the worst to deal with.

But there's also some reason for optimism. If Bank of America is willing to take this step, we may see movement from other banks. And I honestly believe that reducing the principal on mortgages will mean more homeowners will get to keep their homes.

Let me also be clear as to why Bank of America is likely taking this step. An increasing number of borrowers have proven that they're willing to walk away from their homes and mortgages. This is a new phenomena and a very troubling trend if you're a lending insitution. The more this happens and the less stigma that surrounds those who take this action, the more other homeowners will see this as a viable option. That equates to a lot of red ink on the balance sheet!

I hope this is the beginning of a trend among banks. I hope this is the beginning of the end of the foreclosure crisis. And, I hope my skepticism is proven wrong!

Washington Post has a story with more details.

NPR's Morning Edition has an interesting analysis as well.

 

Indymac and Bank Math

Feb. 15, 2010
Categorized in: Foreclosures/Short Sales

You've probably heard the horror stories from families trying to get their loans modified so they can afford to stay in their homes. And a lot of us keep scratching our heads wondering why the banks aren't doing more to help with this. Why would they want the loss of either a foreclosure or a short sale on their books?

Here's the answer!

I don't know about you, but I've just about run out of outrage. And, I'm getting a little tired of hearing about bankers preaching that homeowners need to do the moral thing. Even when they try, many of them are getting shafted by the banks, and, indirectly by their government.

And people wonder why there's so much anger out there!

Short Sale Help - HAFA

Dec. 21, 2009
Categorized in: Foreclosures/Short Sales

As you may have heard by now, the Federal Government has come up with guidelines that are designed to simplify the process of short sales.

Simplify may seem an odd choice of words given that the document explaining this program is 43 pages!

You can read all about HAFA for yourself. But if you're not inclined to dig into those 43 pages, here's a short version.

HAFA will provide incentives to lenders to make the short sale process easier. The steps the lenders are asked to take include:

  • Approve short sale terms prior to listing.
  • Standardize processes, documents and timeframes.
  • Requires borrowers must be fully released from all future liability.
  • Prohibits servicers or lenders from intervening to ask for real estate commission reductions.
  • Allows use of data already collected in the course of examining eligibility for loan modification.

In return, servicers and lenders get financial incentives:

  • $1500 for borrower relocation assistance
  • $1000 for servicers to cover processing costs
  • $1000 for investors for allowing up to $3000 in short sale proceeds to be distributed to subordinate lien holders.

The program begins April 5th, 2010.

I can't tell you if this program will work. I imagine there will be successes, but my hunch is that the number is small. Once again, this is a voluntary program. Lenders overall haven't shown much inclination to jump into anything that's voluntary and that isn't favorable to their bottom line. If this program is different, I haven't yet seen why.

Still, I applaud any effort by anyone to make the short sale process less painful. Short sales seem likely to be a large percentage of transactions for the foreseeable future. Or, you could see more homeowners decide it isn't worth the hassle and just walk away.

Clearly there's an incentive for everyone to fix this process!

Loan Servicers

Oct. 25, 2009
Categorized in: Foreclosures/Short Sales

The Kansas Supreme Court recently ruled in a case that will likely have national implications.

The ruling effectively seems to say that loan servicers have no authority to foreclose on behalf of the lender.

If the ruling gets appealed to the Supreme Court and stands, given the number of foreclosures happening, it could mean tremendous changes in the industry and, in the short term, a real mess.

Of course, first the ruling has to get appealed. Then the Supreme Court has to agree to hear the case. Then it has to get on the calendar.

Maybe the real estate market will be so improved at that point that it has little impact.

A girl can dream!

A Good Laugh

Oct. 10, 2009
Categorized in: Foreclosures/Short Sales

This video is hilarious, mostly because there's so much truth here!

Now someone needs to do this for short sales. Now there's a subject so painful it's got to be ripe for humor.

We're in The Money!

Sep. 1, 2009
Categorized in: Foreclosures/Short Sales

I wish I was writing to tell you all I won the Mega Millions this last week. No such luck! But Fauquier & Culpeper county are a little richer thanks to the Neighborhood Stabilization Program. Fauquier County was awarded $1.5 million. Culpeper got $1.2 million. The money will be used to buy, rehab and resell foreclosures in neighborhoods hard hit by the real estate downturn.

In Fauquier that means the southern end of the county. In Culpeper think Lakeview for sure.

I got one thing wrong in my earlier blog about this. I thought it would be too late in the process for them to get the money. They met the deadline but given the money already awarded and the competition I really didn't think Fauquier & Culpeper would get any.

It's too soon to know if I was right about my other reservation. The foreclosures are getting fewer and fewer and almost always involve bidding wars these days. It'll be interesting to see what the counties are actually able to purchase with this money.  There are plenty of short sales, just not so many foreclosures these days.

Tick, Tick, Tick

Aug. 25, 2009
Categorized in: Buyers

No, it's not another tribute to Don Hewitt who founded "60 Minutes". I'm talking about the end of the first time homebuyer tax credit.

The $8000 one time incentive expires at the end of November. That may seem like a long time away, but for a lot of people it's almost too late to jump on this bandwagon.

Here are some scenarios where you're running out of time on this:

New Construction: Sorry! On this one you probably are way too late. You have to close on the house before the end of November and most builders, in most communities have little or no inventory that can be delivered before then, barring a cancellation. If you're set on buying new construction, you may have to do it without the incentive.

Short Sales:  The typical short sale is still taking 120 days. That's four months! Do the math, that puts settlement at the end of December, a month too late. You could get lucky, some of them are closing closer to 90 days, but you'd better rush out there now if you're buying a short sale!

Foreclosures: Foreclosures are taking 45-60 days to settle. This means you have a little cushion here. But first you have to find a house you want to buy. And, given the shortage of inventory, especially in the lower price ranges, you'll probably need to write several offers on several houses. There went your cushion.

If you're only interested in buying a home that doesn't fall into any of these categories, you can be a little less pressured, theoretically. Of course, if you exclude these three categories of homes, you may have a heck of a time finding a house you want to buy!

Remember, that $8000 is taken directly off of what you owe in taxes! That's a great deal. (Wish I was eligible!)

If you're looking to beat the deadline and get that tax credit, let me know if I can help. And, if you need more details on the tax credit and whether you qualify, give me a call or send me an e-mail.

Tick, tick, tick!

Why Mortgages Aren't Being Modified

Aug. 8, 2009
Categorized in: Foreclosures/Short Sales

It's no secret to most people that the majority of homeowners are unable to get their mortgages modified and eventually lose their homes. And, in fact, even those who do get modifications, end up with a monthly payment that is HIGHER than the original. That's why you hear about so many modifications that still end with the homeowner losing the home.

Now there's new reporting about why those modifications aren't happening. There has been plenty of speculation, but now there are some facts to look at.

Baseline Scenario, in my mind the best blog out there on the economic turmoil we've been experiencing, has a new post talking about what's actually been happening.

Loans are not being modified because there is a financial incentive in many cases, to NOT modify them. Until that changes and the job market improves, it's hard to see how the foreclosures stop.

That said, the picture here looks rosier than the one depicted in the chart shown in the blog post on Baseline Scenario. Remember that all real estate is local!

So, how do we change the financial incentives for the services and mortgage companies?

Too Little, Too Late for Fauquier?

Jun. 24, 2009
Categorized in: Foreclosures/Short Sales

Fauquier County is working to get funds from the Neighborhood Stabilization Program. The latest information says that they're seeking a grant of $2 million with which to purchase foreclosed homes. They also acknowledge that they're more likely to get only $1 million.

There are certainly still a fair number of foreclosed homes around. Out of the 75 homes sold in Fauquier last month, 28 of them were foreclosures. Out of those 28, 15 would fall into the price range (130K to 250K) that the county is looking at.

But the number of foreclosures in the lower price ranges is shrinking and they are often snapped up fast, sometimes these days, even with multiple offers. It will be interesting to see if a government entity can be nimble enough to compete with the first time buyers who are snapping these up.

The other complication here is the appraisal requirement for the program. In order to qualify for the program the Fauquier can not pay more than 85% of the appraised value of the home. Since the typical homebuyer can get a mortgage as long as the appraisal is 100% or more of the purchase price the bank will certainly find the county's offer more risky. If I'm the asset manager for the bank and I had multiple offers, I'd almost never choose the county offer.

I say all this not to trash the Neighborhood Stabilization Program. It was a good idea. The problem has been in the execution.

While in October 2008 the county was shown as having 228 bank owned properties., the MLS currently lists only 29 for sale in Fauquier County.

In the time it took to roll the program out and talk the counties into participating and then have them put together packages, the worst of the crisis has passed.

The program will still do some good if they're able to actually buy homes. It will help working families afford a home of their own in what is still a relatively high cost living area.

But no one should believe that this program will have any impact on stabilizing market conditions in any neighborhood. Time and the market appear to have already taken care of that.

How it Should Work

Jun. 21, 2009
Categorized in: Foreclosures/Short Sales

Short sales are a pain! You're going to hear that from any real estate agent you talk to, or more likely, even stronger language.

The relationship between banks and real estate agents on short sales has gotten to the point where you could call it adversarial. And, it shouldn't be that way. We should be working together towards a common goal, finding a deal that works for everyone and getting it closed before the house goes into foreclosure.

The thing is, I don't think it needed to be this way. Both banks and real estate agents should have sat down at the beginning of this wave of short sales and worked out some things. Here are some ways the outcomes and the working relationships could have been improved.

  • Each bank should have a package of it's procedures in working with real estate agents and owners on short sales.
  • Banks should have a link on their main web site that provides real estate agents with everything they need to process a short sale.
  • Lending institutions and real estate companies and/or associations should have set up joint seminars where agents and lenders could meet and develop working relationships.
  • Banks should have easy access on their web sites to information for their customers who are contemplating going through the short sale process.

No one item here would have completely fixed the problems with the current system. But any and all of them would have helped tremendously. And, this list is just a starting point. There are lots more possibilities.

This is a broken system. A little planning up front might have saved us all a lot of grief!

The Great Bank Conspiracy?

Jun. 18, 2009
Categorized in: Local Market Conditions

Fellow agent and blogger Danilo Bogdanovic just wrote a post on Agent Genius suggesting that perhaps the lack of inventory is actually a plot by the banks to all withhold their foreclosure inventory and thus drive up prices.

Danilo uses the word "Collusion". If you're a buyer right now you may find this persuasive. But I'm not convinced it's all an evil plot.

If the banks are fans of "Buy Low, Sell High" it makes sense for them to hold on to assets until prices improve. And, as inventory has gotten scarce prices are starting to improve.

A banker friend has also suggested that any publicly traded company would logically spread out losses so that they don't all show up on the balance sheet in the same quarter.

And, given what I've seen dealing up close and personal with banks on short sales and foreclosures for a couple of years now, I doubt most of them are capable of the planning that would be necessary for this level of collusion!

If you're a homeowner you're probably thinking this sounds like the best idea ever. If the banks put one or two foreclosures up for sale each year, your home might actually begin to appreciate again!

Either way, I suspect we're giving the banks way too much credit in thinking collusion is responsible for what we're seeing right now.

The Bad and the Ugly

May. 28, 2009
Categorized in: Local Market Conditions

There have been some positive signs lately in the real estate market. And, being an optimist at heart, I probably tend to focus on those pieces of news. (Let's face it, it's easier to get up and do this every day if I'm optimistic!)

But I don't want to be an unthinking cheerleader for the industry. The news is truly mixed right now and I want to highlight a couple of pieces today that give you the other side of the picture.

Bloomberg has a piece today on the latest mortgage delinquence/foreclosure numbers. To say the numbers aren't pretty is to put a little too good a spin on it. The delinquency rate and the numbe of loans entering foreclosure are both the highest since 1972. And, these are not sub-prime loans. We're talking about the loans any lender, in any market, would have thought were good. These are foreclosures occurring because of a combination of a terrible economy and the huge decrease in the value of the homes. If you lose your job and your house is worth half of what it was 5 years ago; even if you put 20% down, there's a good chance you've got a problem. If you have to sell quickly there may not be buyers at a price that gives you even enough to pay off your mortgage. Foreclosures continue to drive prices down and they continue to come onto the market at an alarming rate. Even locally, whether you're talking Prince William, Fauquier or Culpeper counties, the foreclosures are a continuing problem.

Meanwhile, the Wall Street Journal (subscription required) takes a look at whether a home is even a good long term investment. The article is not exactly an encouragement to buy instead of rent.

Here's the heart of their argument:

Yet look at the numbers. Since 1987, when the Case-Shiller index of 10 major cities begins, it's risen from an index value of 63 to 151. Annual return: Just 4.1% a year. During that period, according to the Bureau of Labor Statistics, consumer prices rose by 3% a year. Net result: Home prices produced a real return of just 1.15% a year over inflation over that time.

Critics may point out that the analysis is unfair -- after all, it starts counting near the peak of the 1980s housing boom. Fair enough. Look at the performance since, say, early 1994, when home prices were near a historic trough. Surely someone who bought then has made a bundle.

Not necessarily. Since then the ten-city index has risen from a value of 76 to 151. Annual return: 4.7%. Inflation over that period: 2.5%. That's still only a real return of 2.2% a year above inflation.

They go on to add that a home could cost you an additional 2% in things like property taxes, insurance, repairs, maintenance, etc.

I'm not saying I agree with their analysis. They admit that focusing on these 10 cities is not necessarily a representative sample. But I do think that not everyone should own a home and that it's important to think it through carefully before you buy, especially now.

National Price Declines Don't Tell the Whole Story

May. 26, 2009
Categorized in: Local Market Conditions

The nationwide numbers out today show that, year over year, home prices continue to decline. That decline was over 18% nationally. Because everyone hears national numbers, rather than local, the tendency is to assume that whatever you're hearing is also the situation locally.

Year over year, our numbers look worse than the national average. The latest numbers available from the local multiple listing service show year over year price declines between 23-32%. But that's only one piece of the picture.

If you're buying a foreclosed home or possibly even a short sale, you may not feel the pricing power you were led to believe you'd have. You see, all the buyers are looking in the same price range. So, even if there are 25% fewer buyers than there were a couple of years ago, if they're all looking at properties, say, on the western end of Prince William County under $350K there is little or no buyer leverage.

So, the pricing picture is considerably more complicated than what you hear in the national press. I'm not blaming them. You can't write a coherent article about prices everywhere! Just be aware that the picture here is a little more nuanced.

The other piece of information in the home price report was that prices nationwide are now at 2002 levels. I suspect we're not quite that low yet. But I haven't yet had an opportunity to do an analysis. I am seeing people who've been in their homes five years or more still under water.

And, if you're wondering when we bounce back up, this Bloomberg article wasn't particularly optimistic:

 “There are very few V-shaped recoveries in the history of real estate, and this one is likely to be even slower because of the size of the bubble,” said Robert Shiller, the Yale University professor who, with economist Karl Case, created home price indexes in the 1980s now used by Standard & Poor’s.

In short, don't expect any rebound in prices soon. I believe from a price perspective we'll bounce along the bottom for quite some time, perhaps a couple of years before we begin very slow appreciation.

If you're looking for a ray of sunshine, one analyst on CNBC suggested yesterday that we could fix the housing problem any time we wanted by increasing the number of immigrants.

April Market Numbers

May. 14, 2009
Categorized in: Local Market Conditions

April results are in and for the first time in quite awhile we're seeing a small uptick in inventory in most counties. It's not large enough to be a concern at this point. In fact, given that we're in the busy spring/summer season, it's surprisingly small.

In Culpeper there are currently 494 homes for sale. That's still less than we had in January. And it's a huge improvement over the 800+ homes for sale there a year ago. Sales remain strong with 62 homes sold as opposed to 48 last year at this time.

Fauquier remains flatter. Inventory also rose slightly here. There are 569 homes for sale here now as opposed to 556 a month ago. And we're still much better off than April of 2008 when there were 764 homes for sale. But sales aren't much better than a year ago. 54 homes sold in Fauquier County in April. 49 were sold in this period a year ago.

Prince William was the exception to the increase in inventory. It continues to shrink there; good news for sellers, not good news for first time home buyers. There are 2944 homes for sale in Prince William county, roughly half of what was for sale there a year ago at 5880. Sales decreased very slightly month over month: 741 this month vs 750 last month. But homes are still selling much faster than they were a year ago when only 639 sold in April.

Rappahannock County showed a very large jump, from a percentage point of view. There are now 89 homes for sale here vs 76 last month. 27 new properties came on the market, a lot for this small county. That's the highest number of new listings coming on the market in one month in the last four years. But the number of contracts written also jumped to 5 even though sales fell to 2 last month. Large jumps in inventory in Rappahannock previously have resulted in a subsequent withdrawal of many of those listings as people tested the market and then changed their mind about selling. We'll see if the same scenario plays out this time around.

Overall, the market appears to continue to recovery. The only worry here is the seemingly unending stream of foreclosures coming on the market. Between foreclosures and short sales there appears to be no likelihood (except in Prince William) of price increases any time soon.

Gainesville Dying?

Apr. 14, 2009
Categorized in: Local Market Conditions

A Reuters article this week suggests that Gainesville is a dying community.

I think the article gets some things right and others wrong.

Gainesville home sales are jumping. And in the lower prices we're seeing bidding wars and/or multiple offers. That doesn't signal to me that the entire community is dying. And, yes, there are still a lot more foreclosures to come. If they come at a measured pace the market will quickly absorb them.

On the other hand, I continue to see buyers less willing to do the long commute. So, unless the pool of jobs within a reasonable driving distance of Gainesville increases, the community has some tough times ahead.

And, the further out you go (think Fauquier County) the more commuters have opted out.

Are new, good jobs going to be created in these communities? Or, are we simply going to be smaller?

Disappearing Shadow

Apr. 7, 2009
Categorized in: Local Market Conditions

In the tough seller's market of the last few years a lot of sellers have tested the waters by putting their house up for sale, and, in the end, retreated. All those houses that will theoretically come back on the market when the market improves are called shadow inventory.

We're looking at two basic kinds of shadow inventory. The first is individual owners. They want to sell, maybe even already tried and are just waiting for the right moment to put their home on the market.

The second kind of shadow inventory is foreclosure inventory. The banks are reportedly sitting on 600,000 homes nationwide that they've already foreclosed on, but aren't yet putting on the market.

Both of these categories have the potential to dramatically increase inventory, which has been steadily dropping for at least a year now.

The thing is, I'm not overly worried and I think the danger has been exaggerated.

Yes, there are a lot of homeowners who still want to sell. But it's not just the low number of sales that keep them from trying. They also don't want to sell at these prices. And, if they're going to wait for prices to recover even a quarter of what they've lost, I think they're looking at waiting several years. Some of those homeowners will have changed their mind by then. They'll remodel the house to suit their needs and they'll stay. Those that do still sell will not do so in one huge mass. Some will have a higher tolerance for lower prices and will sell sooner. Others will likely wait a year or two or three. I don't believe there will be some magical month where all this "shadow" inventory pops onto the market at once.

The foreclosure properties are a bigger concern. But I'm still not convinced it will be a huge problem. A lot of those 600,000 homes will be in CA, FL, NV and MI, places hit harder than we were. So, the numbers will likely be smaller than people anticipate. Secondly, the bulk of these are likely to be at the lower price ranges. We've actually got a shortage of inventory at those price levels. In places like Prince William County and even Culpeper County, a lot of inventory would be absorbed very quickly by first time buyers. And, I believe the banks are deliberate spreading out the foreclosures in order to manage their losses. It's not in their interests to dump everything on the market at once.

So when someone tries to scare you with all the shadow inventory waiting to hit the market, take it with a grain of salt. It may not be all that bad!

Piedmont Real Estate Blog

Blog by Julie Emery
Amissville, Virginia

An ongoing dialog on real estate news, opinion and trends in Northern Virginia and the greater Piedmont area. Julie is an Associate Broker at Frankly Real Estate Inc, 6304 Crossroads Circle, Ste 102, Falls Church, VA 22044

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