Maryland Foreclosure Activity On Downward Spiral
If you are looking for a cheap foreclosed home in Maryland, then you may need to consider acting sooner rather than later. RealtyTrac figures are showing that Maryland foreclosures are slowly spiral downwards, with current estimates putting the foreclosure rate at in every 2,444 housing units. If you compare that to the national average of in every 570 housing units, then Maryland is doing very well.
Prince George’s County still leads the way with total foreclosures in Maryland followed by Baltimore City, Baltimore, and Montgomery. Compare those numbers to California where 1 in 266 housing units have been foreclosed, Maryland looks to be very stable. Across the state line, Virginia is traveling better than the national average, but still showing disappointing results. Virginia has 1 in 788 home units being foreclosed on with Fairfax clearly bearing the brunt of foreclosure activity.
For investors, and home buyers looking for bargains, Maryland will not offer a lot of competition when it comes to high quantities of bank owned housing stock. You certainly won’t receive huge discounts on home prices like you would in other parts of the nation, in particular, California. On the up side, because there isn’t a lot of bank owned stock, housing prices in general will recover at a slightly faster rate than other areas.
The lower foreclosure figures also signal better economics conditions throughout Maryland. The most common cause of foreclosure is unemployment, and states with lower unemployment numbers generally also have lower foreclosure numbers. If you are looking for areas that are showing signs of recovery, then buying a home in Maryland could be a positive move. Unemployment and foreclosure number seem to indicate better conditions in Maryland.
Related posts:
