There is an epidemic of foreclosures throughout the country, including in Baltimore County and Maryland. Last year there were 1.2 million foreclosures filed nationwide (that's over 2 foreclosures every minute). REO Real Estate Agents are finding their inventory of HOMES in Baltimore, Harford and Cecil County are increasing. That was a huge increase from 2005 when there were about 900,000 foreclosures filed. The foreclosure problem is expected to get worse this year, with about 1.5 million foreclosure filings nationwide.
In Maryland in 2006, there were 4522 foreclosure filings. Real Estate Auctions are occurring through-out the State in record numbers. BPO ( Broker Price Opinions ) orders have increased and Real Estate Agents with the time to complete them correctly can subsidize their income dramatically.
The 4522 foreclosure filings represents one foreclosure filing for every 474 households in the state. This is the 38th highest foreclosure rate in the country based on the percentage of households in foreclosure.
Maryland has the 38th highest foreclosure rate in the country with Baltimore/Towson being the 92nd. highest in the country!
In 2006, there were 1,875 foreclosure filings in the Baltimore-Towson area. This figure represents one foreclosure filing for every 3559 households -- the seventh highest foreclosure rate in the country based on the percentage of households in foreclosure.