A report prepared for the Metropolitan Washington Council of Governments states that "The United States is in the midst of the largest foreclosure crisis in recent times. The Washington DC region, which had been relatively unscathed by major foreclosure problems until late 2007, now has one of the fastest growing foreclosure rates in the nation. The impacts of foreclosure activity are widespread. Local counties and cities experience a loss in property tax revenue and an increase in costs associated with foreclosures. Neighborhoods suffer as foreclosed properties often attract vandalism, crime and unhealthful conditions. Homeowners watch as their home values fall and those who need to sell often have to discount their properties substantially. Potential homebuyers are stymied by tight credit which often makes getting a home loan difficult."*

The Esteban family has been investing in residential properties for over 25 years. Due to the record breaking amount of foreclosures in Washington, D.C., they have decided to expand the business and purchase homes in the Washington D.C. metro area.

"It was a business decision for us. There are many opportunities to purchase homes, make profits, and also help people that have the burden of a mortgage that they cannot afford", says Reginald Esteban, President of Patriot Development, LLC. "A lot of people qualified for homes that they could not afford and are having a difficult time handling the mortgage payments."

The current home office in the DC metro area is in the neighborhood of Petworth in northwest Washington D.C. Parties that are interested in selling their homes should go to http://www.patriotsbuyhouses.com/

* McClain, J. & Fowler, L. (2007). Foreclosures in the Washington DC Region: Evaluating the Scope of Crisis. Fairfax, VA: George Mason University, Retrieved August 16, 2008 from http://www.mwcog.org/uploads/news-documents/CVxc20080618161259.pdf


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