Foreclosure Shortage in Montgomery County, Maryland

By
Real Estate Agent with Realty Group Referrals 16766
https://activerain.com/droplet/vfv

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

http://mrislistings.mris.com/DE.asp?ID=45633882451 

There is much to see and do in Maryland.  Be sure to have your camera in hand to capture those special moments when you are out and about in your community or during your travels.

Longwood Gardens Orchid Extravaganza IMG_4114

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

Posted by

Roy and Dolores Kelley Photographs

Roy Kelley and Associates

 

Roy Kelley, Associate Broker

Realty Group Referrals (Retired from RE/MAX Realty Group)

6 Montgomery Village Ave., Suite 200

Gaithersburg, MD 20879

Main Office:  301-258-7757 (You will not reach me at this number)

Send an email message if you need my phone numbers. I will be happy to recommend a real estate professional if you are moving to the area.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate General Information
Location:
Maryland Montgomery County
Groups:
Great Shots!
EXPRESS WITH PHOTOGRAPHS AT ACTIVERAIN
ActiveRainPhotoBlogger
Photos
Tags:
maryland
roy and dolores kelley photographs
foreclosure shortage in montgomery county

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
1,836,573
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Roy, good advice and so true. I have a short sale listing with one full price cash offer submitted to the bank - and it has 3 very strong back up offers...it's not the glut of distressed properties that many people assume.

Have a wonderful Monday.  D

Feb 27, 2012 12:27 AM #1
Rainmaker
2,050,765
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Roy,

I have been telling buyers for over a year the time to buy is now and some thse folks are going to be disappointed. You can lead a horse to water but can him drink as the olkd saying goes..

Feb 27, 2012 03:09 AM #2
Rainmaker
5,346,595
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks so much for your comments.  It is difficult to purchase at the bottom of any market.  Those that deferred sales are happy to see an improving market in Montgomery County, MD.

Longwood Gardens Conservatory IMG_4122

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

Feb 27, 2012 03:51 AM #3
Rainmaker
1,204,461
Tony & Darcy Cannon
Aubrey and Associates Realty - Layton, UT
The C Team

Roy, That is some good information, here our numbers are similar.  I really believe that in the next 15 to 18 months there are going to be a lot of people who regret not buying now or sooner!

Feb 27, 2012 05:29 AM #4
Rainmaker
5,346,595
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

We have some unusually cold weather in Maryland. Have a wonderful weekend.

Apr 09, 2016 06:02 AM #5
Rainmaker
5,346,595
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good Saturday evening to all. I hope you are having a great New Year's Eve.

Best wishes to you and your family for a Very Happy New Year!

Dec 31, 2016 05:33 PM #6
Rainmaker
5,346,595
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good Friday morning to all. Have a great day and an outstanding weekend.

Jan 20, 2017 07:46 AM #7
Rainmaker
5,346,595
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Make is a habit to post a reblog every day. It is an easy way to pay it forward.

Feb 14, 2019 11:41 AM #9
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
5,346,595

Roy Kelley

Ask me a question
*
*
*
*
Spam prevention