Maryland Foreclosures Rate Jumps by 69%

by on States

In another disappointing turn of events, Maryland’s foreclosures situation has worsened. The state government and the local residents are now more worried about what the future might bring. The state, which was ranked 28th in April, is now at the 23rd place. Despite this, the state enjoys a foreclosures rate that is considerably below the national average and Maryland bank foreclosures, although growing in number, are still generating much interest from the investment sector.

The finger is still pointing at the growing subprime loan delinquencies especially with the re-setting adjustable rate mortgages. In addition to this, home owners are also saddled with increasing credit card debts and car loan payments, resulting to more missed mortgage payments. If these owners fail to update their amount pass due, then they would definitely lose their homes to foreclosure.

Hopefully this market trend will change as buyer interest will somehow ease the pressure on the real estate market condition. In cities like Pasadena and Kensington, the sellers actually have the upper hand as buyers compete with each other to buy the best properties. With the home prices down by almost 15 percent from 2006, sellers have no choice but to receive 90 to 95 percent of their asking prices. Of course, if you really want to save much without sacrificing quality, Maryland bank foreclosure homes are the ideal choices.

Bank foreclosure homes in Maryland are attracting many first-time buyers as well as seasoned investors looking for a cheaper alternative to brand new and custom-made homes. In most cities, the attraction of these foreclosure homes is stimulated by promises of economic growth, historically low interest rates and plenty of job opportunities. Brokers like Bank Foreclosures Sale provides buyers with a convenient way to look for foreclosed properties via foreclosure listings.