Foreclosure Shortage in Montgomery County, Maryland
The national news keeps reminding us of the large number of foreclosures across the country. Many communities now have tear down programs to destroy foreclosure properties for which there is no market. However, all residential real estate is local and we have to look at the actual statistics in the local markets that are of interest.
Today, in Montgomery County, Maryland, there are 2,330 active listings of homes for sale on the multiple listing service (MRIS). There are only 37 (1.58%) lender owned foreclosures for sale (REO). 380 (16.3%) of the available properties are short sale pre-foreclosures.
Yes, that does mean that we have a current shortage of foreclosures for sale. Our strong real estate market has absorbed the inventory and agents are wishing that they had more REO listings to show to the anxious purchasers.
The large volume of short sale pre-foreclosure offering is still distorting the market in Montgomery County because a good percentage of them will never receive the needed approvals from the secured mortgage lenders.
Home sellers and home buyers should take time to become well educated on their local markets. Some home buyers are being shocked to find multiple contract competition for preferred properties.
All prospective home buyers, including real estate investors, should have a pre-approval letter from their mortgage lender if financing is going to be used. Those that do not have the needed letters are not seriously considered in the present market. Your exclusive buyer agent is normally the best source for a lender referral.
Please contact us when you have questions about the residential real estate market in Montgomery County, Maryland. We will be happy to set up free automatic searches in your price range and in your preferred locations.
37 Foreclosures For Sale in Montgomery County, Maryland
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Photograph by Roy Kelley using a Canon PowerShot G11 camera.
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