Nationally, existing-home sales are expected to hold fairly steady over the next few months, then rise later in the year and continue to improve in 2009, according to the latest forecast by the National Association of Realtors®.

The surplus of new homes inventory Loudoun County, Virginia is primarily due to overbuilding in speculation of higher housing demands in. As prices stabilized and then began to decline, spectators walked away from the homes causing a swift decline in the Norther Virginia market.

The real estate market in Loudoun County is in a state of correction and is not expected to return to normalcy until around 2010. The large inventory of foreclosures and short sales homes in Loudoun County are having a significant impact on home sales and market values in this area.

During the summer of 2007 there were 5,800 Virginia homes in foreclosure with 4,000 of those victims of the subprime loan implosion, according to the U.S.Department of Housing and Urban Development (HUD). Prince William and Loudoun counties ranked highest in the region’s foreclosure rates.

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