Maryland Foreclosure Filings Skyrocket

Maryland Foreclosure Filings Skyrocket

Foreclosure filings in Maryland skyrocketed this year. According to Realty Trac’s year-end report, 1 in every 64 Maryland homes had a foreclosure filing. That’s a 110% increase from last year. The number of foreclosures landed Maryland in the fourth spot. Florida had the most foreclosures in 2013, followed by Nevada and Illinois. The city of Baltimore was one of the 51 metro areas with an increase of foreclosures. Right now in Chesapeake Beach 19.7% of the properties on the market are distressed properties. 19.2% of the properties in Edgewater are distressed.

The average home in foreclosure was 46 years old and had been owned between 5 to 10 years. Realty Trac also found the estimated value of a home receiving a foreclosure notice was up 1% to $191,693 this year. The value of the property actual rose 10 percent from the time the papers were filed to when the home hit the market.  Darren Blomquist, Vice President of Realty Trac explains “ There is an unprecedented demand from institutional investor willing to pay with cash to buy at a foreclosure auction.”

The high foreclosure rate helped to make Maryland the third best state for flippers. According to Realty Trac 3,522 homes were flipped last year. The average profit from a flipped home in the DC metro area was $112,000. That’s more than most other metro areas.

Here are the top states for flippers according to Realty Trac.

1.     Massachusetts

2.     California

3.     Maryland

4.     New Jersey

5.     New York

With the increase of foreclosures, we can expect to see more flipped houses.