Buy: Baltimore

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Baltimore Foreclosures

02/15/2011 09:38:55 AM: With rising foreclosure notices being sent to borrowers and asset managers beginning to liquidate th...

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Real Estate Outlook 2011

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Baltimore Foreclosures

Published: 02/15/2011 09:38:55 AM

In 2010 Maryland had the 15th highest foreclosure rate in the United States and if not for the foreclosure moratorium that put a temporary stop on many foreclosures, Maryland would have surpassed its 2009 total. With rising foreclosure notices being sent to borrowers and asset managers beginning to liquidate their real estate holdings many feel that this will be the year where the remaining bulk of foreclosures are sold off and real estate in most areas will begin on a solid road to recovery.


"2011 is going to be the peak," said Rick Sharga, a senior vice president at foreclosure tracker RealtyTrac Inc. The firm predicts 1.2 million homes will be repossessed this year by lenders. This presents a great opportunity for many home buyers and investors to cash in on foreclosures, oftentimes below market value. With creative loan programs available such as the 203k renovation loan and the streamline 203k renovation loan, buyers can finance the purchase price plus renovation expenses all into one loan. This is a great mortgage product for homes that need work, especially distressed home sales like foreclosures and short sales.


As our country begins to distance itself from the mortgage melt down and foreclosure crisis of the past several years there are many glaring statistics that point to stable growth in the years to come. Mortgage default rates in 2009 & 2010 are the lowest in decades at just over 1.1 defaults per 100 loans in comparison to 2007 when the default rate were over 25.3 per 100 loans.


As the remaining bulk of foreclosures begin to sell off over the next 12 months, expect consumer confidence and stable growth in values to finally return to the marketplace.

 
 
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