One of every 10 Baltimore homes sold during the first half of the year went for less than $10,000. The Baltimore Sun reported on August 20, 2011, that the roughly 275 properties sold for less than $10,000 between January and June is more than the amount sold in that price range in all of 2009 and 2010 combined.
While “very few homes in Baltimore’s suburbs sold for less than $10,000,” the Sun said 70 city neighborhoods saw average prices fall more than 20 percent compared to the previous year. Furthermore, a Greater Baltimore Board of Realtors analysis showed that nearly 40 percent of city home sales in the first seven months of the year were foreclosures. They also accounted for about 20 percent of sales in every county surrounding Baltimore other than affluent Howard, where 10 percent were foreclosures.
Foreclosure sales helped explain the low prices in Baltimore, according to the Sun, noting that the most expensive sale of the 15 made in the first half of the year in the tiny neighborhood of Darley Park was for only $14,000. A dozen neighborhoods around the city didn’t have a home sell for more than $30,000, while the average was around $10,000.
If the banks are trying to foreclose on your home, now could be the time to see where you stand with the bankruptcy means test and consider filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy. Contact our Maryland bankruptcy lawyer if you have questions about bankruptcy or want to know what bankruptcy can do for you and your home.