Headlines: DC’s first-time and boomerang homebuyers
Here’s a look at what’s happening in real estate around the District of Columbia.
Boomerang buyers who lost a home to a foreclosure or short sale between 2007 and 2013 are projected to make about 10 percent of all U.S. home purchases in 2014. — Washington Post
Flips made up 10.2 percent of all sales in DC proper in the second quarter, more than twice the national average for the quarter. Gross profits nationwide were $46,000; in DC proper they were much higher, at $222,106. — DC Urban Turf
In DC, 68 percent of homebuyers were first-timers in 2013, while Maryland also ranked high for first-time homebuyers at 63 percent. In Virginia, the report showed that first-time buyers only made up 57 percent of those taking out home loans. — WJLA
The average number of days to close a loan has dropped to 37 in July, compared to 41 days in June, the the lowest average since tracking began. — Realtor Magazine
A new study that examines housing costs and transportation costs reveals DC is second to only San Fransisco as the most affordable city in the country. — Washington Post