Foreclosures in MD up 55% in August

The Baltimore Business Journal just reported that Maryland foreclosure notices have increased significantly within the past year, up by 55% in a year over year comparison.  A report from RealtyTrac, a market research firm, shows that July in 2012 compared with July of 2011, actually shows a decrease in foreclosure filings by nearly 8%.

The numbers do come as quite a surprise, as the majority of the nation has been showing a decline in foreclosure activity.  The current numbers rank Maryland at number 36 overall for foreclosure activity.  Maryland is currently averaging a foreclosure rate of 1 in every 1,617 homes in the State which is still below the national average of 1 in every 681 homes.

If you are in the market to purchase a home in Maryland, this could be a great time to think about making a move.  The increase in foreclosure activity generally results in downward pressure on home prices and with interest rates remaining at all-time historical lows, there couldn't be a better opportunity to make an investment in Real Estate.