The Washington Post has an interesting report about a new way for house buyers to scope out the market. Local real estate agencies are organizing “Foreclosure Tours,” using a big, comfy bus to cart around prospective buyers, along with agents and even a house inspector.

The idea seems a little grim, but foreclosure rates are soaring (they hit a record high nationwide at the end of 2007) and for buyers with the means, it seems to be true what they say: it’s a great time to buy. Though we haven’t heard about these tours going through the District, they are hitting all the suburbs — Prince William, Prince George’s, Loudoun and Fairfax counties all have tours. The agents aboard the buses give informal lessons on buying foreclosures — which can be complicated by minor to major repair jobs, inhabitability issues, initial inspection difficulties, and, of course, problems with the foreclosed owners (though the Long & Foster agents in the article note that they only tour vacant houses).

The blogger at DC Home and Condo Prices, who tracks monthly sales and vacancy data, notes that while prices in the District may have remained steady or even risen, sales volume has continued to plummet, making buying a house inside the Beltway more difficult than almost anywhere else in the nation, though we may have plenty on the market from which to choose. In addition, the Post ran another story this weekend about Washington region foreclosure struggles affecting even those who didn’t have risky financial situations, when their entire surrounding neighborhood did. All together, this puts the D.C. suburbs in a unique position from a buyer’s perspective, with a housing market that’s actually suffered the effects of the creditor collapse, resulting in hugely competitive prices next to the District’s. Potential buyers are hitting up these deals in the burbs hoping for a big resurgence over the next few years as the market eventually recovers.

Of course, even these buyers don’t seem to be willing to save too much if it means a longer drive through one of the worst commutes in the nation. The Post concluded with this oh-so-true quote about foreclosure buyers from a real estate agent, “Most people aren’t going for price. They gauge by commute time.”

Photo by billadler