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Reply to "s/o How far will prices drop in MoCO?"
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[quote=Anonymous]I found a government HUD document that provided data on MoCo and Frederick separating them by sub market. It was really interesting. In the MoCo sub market during 2009 and 2010 MoCo real estate dropped in value 9% each year so an 18% drop. In addition, 29% of the homes sales were foreclosure or REO which the report identifies as selling for 45% less than non-distressed properties. So if you bought a house in SS in 2010, your house had already lost 20%-65%. Since SS had a higher portion of REOs chances are you bought very, very low. What I think is interesting is that many people in western MoCo think that home prices never really dropped very much in MoCo. TBH, I never knew housing values in this area dropped to this degree. I thought like everyone else that this area was more protected because everyone worked for the government.[/quote]
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