Realty Trac, the nation's online leader for foreclosure reporting, recently released its foreclosure trend report for October. Although the number of foreclosure filings did decrease slightly from 16,867 households receiving foreclosure filings in September to 14,537 foreclosure filings received in October, the number of foreclosure properties in Maryland still remains at an all time high. The average foreclosure sales price in Maryland dipped again from $230,659 reported in September to $209,604.00 in October.
Although foreclosure properties continue to flood the market, the news is not all bad for Marylanders. Contrary to what many Sellers believe to be a "bad" market, homes are still selling and more homes are selling now than sold a year ago at the same time. In fact, the Maryland Association of Realtors statistics show an increase of the number of settlements taking place throughout the State of 39.5% compared with October of 2008. Pending units have also increased substantially compared to October of 2008. The biggest increase in sales is ocurring in the $200,000-$300,000 price point, which is being driven largely by first-time homebuyers eager to take advantage of the $8,000 tax credit.
For more information on foreclosures or the tax credit, please e-mail info@newcolonyrealtors.com.
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