Early Briefing: Foreclosure Rate

*The Washington region now has one of the fastest-growing foreclosure rates in the nation, as 15,613 homes went into foreclosure in the one-year period ending in February, an analysis to be released today has found.

Although communities have felt the effects of the housing crisis for months, the report reveals that foreclosures in the Washington region have been increasing at a surprisingly quick pace, outstripping those of most major metropolitan areas. Over the past year, the number of foreclosures per 10,000 homes jumped from 23 to 131 locally, while the national average increased from 58 to 87.

*Fairfax County school officials are proposing to spend $52 million to buy a 275,000-square-foot office building in the Merrifield area to continue consolidating the headquarters of the region's largest school system. The proposal, unveiled this week, comes after the Fairfax School Board recently approved one of its leanest budgets in more than a decade.

*Linda Singer has landed a job with Zuckerman Spaeder LLP, where she will be co-chairman of a new division called the Public Client Practice. Singer was Mayor Adrian Fenty's first D.C. attorney general before leaving in frustration in December.

According to a news release from the firm, Singer's division will assist state attorneys general and other government clients on a "range of issues, including complex civil litigation, consumer protection, food and drug matters, charitable trust enforcement, civil rights, insurance, antitrust, tax and other enforcement priorities."

*The Reliable Source reports that Nathans restaurant may survive. Owner Carol Joynt expected that the Georgetown eatery would close next April when her lease runs out because her landlord was angling for a big-name retailer to take over the building on the corner of M and Wisconsin. To everyone's surprise, there were no nibbles; now the longtime owners have offered to sell the property to Joynt for a whopping $18 million. The society blogger/barkeep told us yesterday she's exploring her options: "I think Georgetown needs Nathans."

By Terri Rupar  |  June 19, 2008; 5:00 AM ET  | Category:  Morning Brief
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Please email us to report offensive comments.

Definitely a reflection of the economy as a whole. Not only housing prices drop but the collapse of the credit markets. Eventually we will ride out this problem, but if you have cash now there are some bargains to be had.

http://gewdir.com the bad credit loans blog

Posted by: Dan | June 30, 2008 10:10 PM

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