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Investigating Local Impacts Of The Government Shutdown

October 16, 2013  |  by Ellen

Government ShutdownWe’re keeping our eye out for ways the government shutdown is impacting people within the MRIS footprint so please drop us a line in the comments if you have encountered any problems. In the meantime, however, the Washington Post has talked with some local real estate professionals about what they’re seeing out there and so far the reports suggest anxiety is higher than usual but there hasn’t been a widespread set of problems. While the shutdown is certainly slowing down the process, there have been reports of one silver lining: furloughed workers are using their time off to ramp up their housing search.

Interestingly, before the shutdown became official there was an increase in local foreclosure notices last month—with a particular surge for Fairfax County, according to a RealtyTrac report mentioned in this week’s Bloomberg News. Researchers attribute this to the months of pre-shutdown sequester cuts that lowered the take home pay by as much as twenty percent for large numbers of government workers. (Note: The September foreclosure rate in Fairfax County was around half the national rate, according to RealtyTrac numbers.)

How do things look for both sales volume and foreclosure activity where you work? Are there any Fairfax County agents who have noticed a shift in the mood of the neighborhoods you are familiar with? Please let us know in the comments.

Posted in Blog, Featured, Industry News

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4 responses to “Investigating Local Impacts Of The Government Shutdown”

  1. Celeste says:

    USDA loans are on hold because of the Government shutdown. This has caused settlements to be delayed.

  2. Shawn says:

    Showings in two new listings in Mount Vernon have been non existent since the shutdown. Hoping for traffic this week end!

  3. George Alexa says:

    Refi loans are down – as are sales, of course that affect appraisers.

  4. John Steele says:

    a couple of things to note – since its the Washington Post its selective info and its not the sequester cuts impacting the employee pay its the improper use of the sequester as an excuse for cutting fed worker income in order to generate public sympathy for spending increases.

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