Foreclosure Sales Still Abound In Maryland

The 3,866 foreclosure sales in Maryland during the second quarter constituted about 23.5 percent of all the homes sold in the state and a decline from the 30.6 percent in the first quarter, reported on August 26, 2011. The new data from RealtyTrac of Irvine, California, was an increase from the 17.6 percent of homes sold in some stage of foreclosure in the prior-year quarter.

Gazette noted that more than one-third of the sales were in Prince George’s County, where 40.1 percent of all home sales involved a foreclosed property. The statewide average price of a foreclosure sale was $178,615, according to Gazette, or an average discount of 42.3 percent.

Nationally, the percentages were all a little higher with foreclosure sales making up 32.3 percent of all home sales in the second quarter following 35.5 percent in the first quarter and 24.4 percent in the prior-year quarter.

James Saccadio, CEO of RealtyTrac, said average sales prices trending down is good news for those looking to buy real estate. “Maybe less evident, however, is the good news in this report for distressed homeowners looking to sell, and even lenders saddled with large portfolios of delinquent loans,” the Gazette quoted Saccacio as saying in a statement. “This gives distressed homeowners who do not qualify for loan modification or refinancing—or who are not interested in those options and want to sell—a better chance of completing a short sale to avoid foreclosure.”

If you are struggling through hard times and are interested in bankruptcy information, or if you need to reestablish credit after going through Maryland bankruptcy court, contact a Maryland bankruptcy attorney today.

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