Foreclosures in Maryland were down 52.4% in October 2010 from the same time last year.

This is a welcome statistic in the Baltimore real estate market!

According to the Baltimore Business Journal article,

One in every 736 homes in Maryland faced a foreclosure filing in October, down from one out of every 348 homes this time last year. The total number of homes facing or in foreclosure for October was 3,169, compared to 6,661 in October 2009.

Compared to the rest of the United States, which had 1 out of every 389 homes receive a foreclosure notice, these statistics are even better!

Entering the fourth quarter of 2010, this is great news, because the third quarter showed Baltimore foreclosures up 460% over the same time last year.

Keep in mind, that if you have received a foreclosure notice, you may have alternative open to you to avoid going into actual foreclosure. Baltimore short sales are becoming more common, as are loan modifications. A third, if you qualify and have a Fannie Mae loan, could be the Deed-for-Lease program.

Contact me for more information on how to avoid foreclosure in Baltimore. You may have other options!