AGENT MLS HOME FINDER

The Maryland real estate market was hit quite hard by the national recession, and there still were some problems in the greater DC area. According to an October 15, 2009 article in the Washington Business Journal, the foreclosure rate in the region increased again in the third quarter. The piece, written by Tucker Echols, found that “Foreclosures throughout the Washington area rose in the third quarter compared to the second, but the rate of foreclosure remained below a record-setting national pace. Maryland had the largest increase in foreclosures in the third quarter compared to the second, and the highest rate of default among the three jurisdictions. Foreclosures increased 59 percent to 14,803 meaning one out of every 157 households in Maryland was in foreclosure.”

An article in the Maryland Daily Record echoed the same sentiments on October 14, 2009. The piece, composed by Robbie Whelan, noted 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 of foreclosure, up from 16th-worst in the first quarter of 2009. Even more striking, however, is the more than 800 percent jump in notices of foreclosure sales, compared to the third quarter of last year…”

Another article in the Washington Business Journal found good news for Baltimore homes for sale, as reported by Staff Reporter Sarah Krouse. The October 12, 2009 article found that “D.C. and suburban Maryland saw a rise in home sales volume in September, but a decline in median sale prices, while Northern Virginia home prices and sales volume rose. D.C. home sales were  up 18.56 percent in September from  a year ago, according to Metropolitan Regional Information Systems Inc…The 11.77 percent rise in median sale price contributed to an average sale price that was 96.39 percent of the average list price.”