Montgomery County, Maryland Foreclosures & Short Sales Update Rev. 8/15/11

Montgomery County, Maryland Foreclosures & Short Sales Update Rev. 8/15/11

92 (3%) of the 3,356 homes for sale in Montgomery County, MD are REO properties while 566 (17%) are short sale pre-foreclosures.

Home buyers are facing multiple contract competition on some of the well price homes in preferred locations.  Real estate investors are competing with first time home buyers as they build their rental portfolios while lender owned foreclosures are available at attractive prices.

The Housing Opportunities Commission of Montgomery County (HOC) offers a mortgage interest rate of 4.5% with zero points for a 30 year fixed rate FHA loan.  HOC also offers a closing cost assistance loan to help with the cash requirements of a home purchase.  The maximum sales price is $429,619 for existing or new construction. The maximum income limits are by household size.  One person:  $86,286.  Two persons:  $123,240.  Three persons:  $143,780.  A first time home buyer is defined as one that has not owned or co-owned any residential property during the previous three years.

Lender Owned Homes:  

There are 43 lender owned foreclosures (REO) for sale at or BELOW $250,000.  Click on the listing number to see the full property description. Sort by column headers.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-146954956-164

There are 49 lender owned foreclosures (REO) for sale at or ABOVE $250,000.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-146954998-990

Short Sale Pre-foreclosures:

There are 273 short sale listings at and below $250,000.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-146955267-257

In the price range at and above $250,000, there are 293 short sale pre-foreclosures on the market.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-146955167-215

Home buyers need to be very selective when submitting offers on short sale listings to avoid the disappointment of a cancelled sale after much time has past.

Real Estate Market Statistics for Montgomery County, Maryland:  During July, there were 907 closed sales in Montgomery County, MD, down 0.77% from last year.  The average sold price was $492,617, up 1.67% from last year, with an average of 73 days on the market. The median sold price at $385,000 was up 2.19% from last year. The average sold price was 94.1% of the average original list price.  Monthly statistics are available on the tenth of the following month.  

The real estate market statistics for the past month may be viewed by clicking on the following link:  http://www.rbintel.com/statistics/montgomery-county-md  

Free Credit Report:  You have the right to get a FREE COPY of your credit file disclosure, commonly called a credit report, once every 12 months, from each of the nationwide consumer credit reporting companies – EQUIFAX, EXPERIAN and TRANSUNION. For instant access to your FREE CREDIT REPORT, visit www.annualcreditreport.com or call 877-322-8228.

Please contact us with your real estate questions. Your referrals of friends and family members will always be appreciated.

 Blooming for Maryland home buyers.