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Baltimore real estate market news

October 29th, 2009 · No Comments · Real Estate Markets

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The Baltimore real estate market is sending mixed messages lately, with home prices and home sales picking up, while foreclosures are remarkably higher than usual. According to an October 14, 2009 article in the Maryland Daily Record, the rate of foreclosures in Maryland in general is the highest in about four years. The piece, composed by Robbie Whelan, stated that “Foreclosure filings in Maryland hit their highest level in nearly four years, since before the onset of the subprime mortgage crisis, according to recently released figures, but a state official said Wednesday that this is the result of lenders venturing back into a brightening housing market. One in every 156 homes in the state is in some stage of the foreclosure process, according to Irvine, Ca.-based RealtyTrac’s latest quarterly report, and Maryland ranks 12th in the nation for the worst rate for foreclosure, up from 16th-worst in the first quarter of 2009.”

baltimore-inner-harbor-nightThere was some positive news for Baltimore homes for sale, according to an October 9, 2009 article in The Baltimore Sun. This article, written by Jamie Smith Hopkins, found that “Home sales last month in the Baltimore metro area were up nearly 10 percent over a year ago as prices continued to fall. The average price of a home sold in the area last month was just under $275,000, a 7 percent decrease from a year earlier, according to numbers released Friday morning by Metropolitan Regional Information Systems…Average prices fell 14 percent in Anne Arundel County, 10 percent in both Baltimore and Howard counties, 5 percent in Carroll County and 4 percent in both Baltimore City and Harford County.”

More good news for Baltimore homes for sale was reported by the Baltimore Business Journal on October 21, 2009. This article, written by Daniel J Sernovitz, found that “Home sales in Greater Baltimore rose nearly 10 percent in September as prices continued to fall across the region. The number of homes sold in the region climbed to 2,117, up 9.6 percent from September 2008, according to Rockville market research firm Metropolitan Regional Information Systems Inc…The length of time homes sat on the market dropped 6.5 percent to 116 days, down from 120 days in August.”

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