Montgomery County, Maryland Foreclosures & Short Sales Update Rev. 03/01/12

Real Estate Sales Representative with RE/MAX Realty Group

March 01, 2012 01:38 AM

Montgomery County, Maryland Foreclosures & Short Sales Update Rev. 03/01/12

The Montgomery County Distressed Market

Please note: As I will be attending the RE/MAX convention next week learning how I can better assist you, next week’s report will be distributed on Friday March 9^th.

MARYLAND HOMEOWNERS- The Governor is looking to reduce our Mortgage Interest Deduction that we all hold vital. Take five minutes out of your day to read about this very important issue, PLEASE! More tax burdens on real estate and homeowners will only further hurt Maryland's economic recovery. Please visit http://www.savemdmid.com/. To find out who you’re representatives are, please visit www.mdelect.net.

FHA has announced rate increases that will affect buyers significantly. Effective April 1, 2012, the up-front MIP will increase from 1% to 1.75% and there will be additional .10 to .25% increases in the annual rates as well depending upon loan amounts. Now is the time to buy if using FHA.

The overall inventory and the number of short sales available in Montgomery County continue to decrease. Motivated sellers have a great opportunity to take advantage of today’s market before any potential influx of new foreclosures become available. If you or anyone you know are considering making a move, please let me know.

Buyers of distressed properties may need to look at motivated regular resales to find the right home. A motivated seller with a home in good

Of the 2322 homes currently available for sale in Montgomery County, 40(1.7%) are foreclosures while 369 (15.9%) are potential short sales.

Foreclosures:

There are 14 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.