The consensus is in and the current pace of Maryland foreclosures is slated to continue into late 2010. I just got back from a meeting with one of my major REO clients and learned a lot about what the Maryland foreclosure market is doing and will be doing in the coming months.
REOs (Real Estate Owned – just another name for a bank owned property) are, unfortunately, continuing at a pretty high rate. Currently 50,000 – 60,000 foreclosures take place each month across the country.
Year to date Maryland sold foreclosures amount to over 35,000. The state of Maryland also has 1135 foreclosures currently listed for sale.
You might be wondering why Maryland foreclosures are at their current levels. Keep in mind, there was a national moratorium on foreclosures from January through May of this year. The resulting backlog turned into a tsunami once the flood gates were opened and the moratorium was lifted.
While there are states that rank higher on the list than Maryland with regard to foreclosures the state is still in the top 20, weighing in at number 14. California, however, has 329,577 foreclosures to date and ranks as number 1.
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Should You Buy A Foreclosure in Maryland?
Well that depends. You can get a great discount if you purchase a bank owned property. My REO clients usually sell their properties “as is”. Which means you may have to take some of your savings and do work on the property.
Maryland foreclosures, just like bank owned properties in other states, range in price and the amount of work that may be needed. If you are considering purchasing a home you may want to first identify your desired location and price range. If you happen to locate a foreclosed property that fits your criteria, and are willing to invest the money that may be needed to improve the property – go for it.
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