Maryland Foreclosure Homes Sales on a High

In U.S., the dangling trend seen in property market over a period of year has lead to an estimated 55% rise in the foreclosed property trading, with the activity surging up to 7.5% over last two months. Market valuation of properties has dwindled even in Maryland. Home sales in Maryland have shown the slump of over 30% in a period of a year as compared to the national average of 16%. With this fall, Maryland is placed at 6th position among the other states affected with the same. Also, rates of new homes are predicted to fall by atleast 10% in coming months and Maryland can be among the last to recover in this context.

Following the trend of peaking foreclosure sales nationally, Maryland foreclosure homes sales sky-rocketed up to 40% last year followed by a leap of almost 72% over the period of last two months. This can be seen with the fact that in every 741 homes, 1 is listed as foreclosure homes in Maryland. In last two months, Maryland showed an 8% rise in foreclosed home filings, mortgages by banks and auction calls. Whereas nationally, over a year, rises in mortgages by banks is around 184%, failure notices approximately 53% and auction registrations around 11%. These readings are indicative of jump in foreclosures still expected to rise not only in Maryland but all over the nation with some of the states affected the worst.

Similar trends have been observed even in Virginia with a rise of 9.3% over last two months and in Washington D.C with a rise of 7.7%. Foreclosed property listings show that in every 562 homes, 1 is filed for foreclosure in Virginia. In Washington too, property rates have declined by approximately 17% as compared to those last year. Nationally, this ratio is 1:464. The highest filing is seen in Nevada with the ratio of 1:106, followed by California with the ratio 1:182 and Florida with the ratio 1:186. The resultant effect of the foreclosure property filings is such that foreclosed homes are bought by buyers at extremely low costs, far below average replacement valuation.

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