Foreclosures in the District of Columbia

Testimony

Foreclosures in the District of Columbia

Testimony Before the Council of the District of Columbia, Committee on Public Services and Consumer Affairs
July 8, 2008

Abstract

This testimony discusses recent data, compiled by NeighborhoodInfo DC, on foreclosures in Washington, D.C. Foreclosures have almost doubled since 2005, and data for the first quarter of 2008 show that the problem continues to worsen. With additional adjustable-rate, subprime loans scheduled to reset over the next two years, the situation is especially serious for homeowners in wards and neighborhoods where foreclosures are concentrated.

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