September 10th, 2009 — Foreclosure, Housing
The upset Maryland homeowners are facing a huge number of foreclosures in nearly a year and a half as state officials and observers worry that a new wave of foreclosures is about to slam the state’s already-struggling economy, mainly due to the increasing unemployment.
According to the state’s statistics, August 2009 foreclosure filings in the state were up nearly 70 percent over August 2008, and up 6.6 percent compared July 2009, as released by Irvine, Calif, a RealtyTrac Inc. company that tracks foreclosure filings nationwide. It is the fifth consecutive monthly increase in the year-over-year foreclosure rate. In August there were 5,491 Maryland homes in some stage of the foreclosure process, the most since April 2008, when there were 6,011.
Back then, the state’s housing market was so slammed with delinquent mortgages and distressed homeowners that lawmakers rushed through an emergency statute to delay the foreclosure process and allow homeowners to renegotiate the terms of their loans.
Loan modification has not been fully obtained in the state, and it may sound one big reason for the whole situation.
September 10th, 2009 — Housing, Real Estate
As per past trend, more people are out of work, the house-as-ATM is the way out. During unemployment, credit continues to be tight and spending is down. And all these indicators argue for a contraction of the very housing market which drove the economic expansion of the early 2000’s.
A Labor Day drive thru the countryside in Northern Maryland has identified dozens of houses for sale. The owners want higher sale prices than they will get. On asking many of them, you’ll hear something like “I can’t take a loss”. They feel entitled to a profit on their “investment.” Imagine that notion applied to stocks. And houses weren’t the only thing for sale. Cars with too-high prices sprayed on their windshields, farm equipment, even a telephone pole! The stock market rebound since March counts well as a Primary Wave Two.
August 3rd, 2009 — Home Buyer, Home Search
If you are living in Maryland and considering buying a new home or want to shift to Maryland, you must be looking for listing like MLS for Maryland. MLS is basically Multiple List Service system of homes for sale by all participating brokerage companies in the state.
You can run a search here at http://www.marylandhomesandproperty.com for this purpose. You don’t need any registration or guestbook sign-in to access listing details, but you have an option to save searches/favorite properties, or sign up to receive email whenever property meeting certain search criteria comes on the market.
All property information there on the site is updated daily via a direct MLS data feed. And so, you can have a relaxed search on daily basis, if you want to make a good decision.
