Foreclosures jump in Washington area; sequester a likely factor

Foreclosures jump in Washington area; sequester a likely factor

Foreclosures of residential real estate have fallen 27 percent across the nation in the past year, but surged in the Washington suburbs from August to September, reports RealtyTrac. In Fairfax County, Virginia, initial foreclosure filings jumped by 144 percent. They more than doubled in the other Northern Virginia counties of Prince William, Loudoun and Fauquier.

Because of the timing, the figures do not reflect the furloughs of government workers from the shutdown. But the budget cuts from sequestration could well be a factor. There is no question that the sequester has had an impact on the economy in Washington, said Brian OReilly, president of Washington-based business advisory group, Collingwood Group.

Among states, Maryland had the second highest increase in foreclosures at 230 percent, behind Maines 263 percent.