The worst of the subprime mortgage fallout has yet to come, and rising foreclosure levels will likely push down the values of 81 percent of District homes by an average of $10,836, according to a national study released this week by the nonprofit Center for Responsible Lending.
The group predicted 2,150 District homes — still fewer than 1 percent of homes in the city — will enter foreclosure as a result of high-cost mortgage loans made to borrowers in 2005 and 2006, Those losses will dampen the values of surrounding homes, rippling across the city.
Recommended Stories
Print subscriber? Click here to login/register your account
Digital subscriber? Click here to login/register your account.