Two Week Foreclosure Freeze

Fannie Mae and Freddie Mac are freezing foreclosure proceedings on homes from December 20, 2010-January 3, 2011 in an attempt to join in the holiday spirit for those who will lose their homes.

What they will prevent is people being evicted from their homes during this time period, hopefully allowing families to spend one last one together in them.

CNNMoney.com also interviewed Bank of America executives, who state that this is a practice they tend to follow each holiday season. Wells Fargo and JP Morgan Chase do as well. According to the article,

With the number of bank repossessions amounting to around 100,000 a month recently, the temporary reprieve could affect tens of thousands of borrowers in default.

That is a large number of people who could possibly have more time together.

The eviction process is the last step in the foreclosure process where the house has already been either sold at auction or been repossessed by the bank. The occupants of the house must either leave on their own at that point or face eviction.

So, a number of residents in foreclosure will get a few more weeks to breathe.

If you are facing foreclosure in Baltimore, please contact me. There may be other alternatives!

Maryland Foreclosures in October 2010 Down 52%

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!

Baltimore Foreclosures Up in Third Quarter of 2010

Baltimore foreclosures were up in the third quarter of 2010, up 94% from the second quarter.

RealtyTrac, a site that reports on foreclosure filings and trends across the US, says that 5,753 Baltimore area homes received a foreclosure filing, which is up 460% (yes, that is four hundred sixty PERCENT) over the same time last year, according to an article in the Baltimore Business Journal.

Essentially, one out of every 193 homes in the Baltimore area received a foreclosure notice in the third quarter of 2010.

If you received a foreclosure notice, you may have options. Many Baltimore homeowners underwater are looking towards doing a short sale. Baltimore short sales are becoming more common. Another may be to do a loan modification. A third, if you qualify and have a Fannie Mae loan could be a Deed-for-Lease.

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

This Month in Real Estate September 2010

This Month in Real Estate September 2010 is here early!

September’s video discusses foreclosures, and how California, Florida, and Arizona topped the list in most foreclosures per state.

Maryland foreclosures too are at an all time high, as I discussed in both July & August, up 56.2% in the first half of 2010, and 10th worst in the US.

What the high foreclosure rate is doing is allowing buyers to take advantage of the market. In 2009, 1 of every 4 second home purchases was a foreclosure. This is partially due to the areas hardest hit being in vacation areas, but also due to the possibility of foreclosures being up to a 20% discount over neighborhood market values.

Byron Ellington discussed tips for buying foreclosures. These are great tips for buying a Maryland foreclosure:

1) Expect a little more time to hear back from your offer than you would from a general seller. Banks have a process that can take 12 days or more to respond back to an offer.

2) Understand that most banks sell their foreclosed homes AS-IS, meaning they won’t make repairs on the house for inspections or other purposes. This is especially important to understand if you are using an FHA insured loan, because often there are repairs required by the FHA appraiser — that the seller (the bank) would not agree to fix. If you are planning to use FHA for your mortgage, make sure to speak with your mortgage professional prior to even looking at foreclosed properties to understand your options and obligations.

3) Each bank has their own policies and procedures, so even if your friend or acquaintance has gone through the process, yours may be extremely different, because each bank if very different.

4) Having a real estate professional on your side is very important to help you navigate the waters.

Contact me for more information about buying a Baltimore foreclosure.

Maryland Foreclosures Up in July 2010

Maryland foreclosures were up in July 2010, an increase even over June, which was up 104%.

There were 6,961 foreclosure filings in July, up from 6,304 in June. The first half of 2010, Maryland foreclosures were up 56.2% over this same time last year.

Maryland increased 10.4% over June, while nationwide, foreclosure filings were up 4%, the Baltimore Business Journal reported. This makes Maryland the 10th hardest hit state in the US. From July 2009 to July 2010, Maryland’s filings have risen 35%.

I am still hoping to see foreclosure numbers drop as more people look to do a short sale in Maryland. This seems to be the case, as default notices have dropped consistently in the past six months, according to RealtyTrac.

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

Maryland Foreclosures Up in June 2010

Maryland foreclosures were up in June 2010 as well as the whole first half of the year.

There were 6,304 foreclosures filed in Maryland last month. This is up 104% from last year in the same month. This is an interesting statistic, considering that across the US, foreclosure filings were down 7%.

The entire first half of the year also saw a large rise in Maryland foreclosure filings, up 56.2% from last year to 28,293.

The Baltimore Business Journal reported:

“The roller coaster pattern of foreclosure activity over the past 12 months demonstrates that while the foreclosure problem is being managed on the surface, a massive number of distressed properties and underwater loans continues to sit just below the surface, threatening the fragile stability of the housing market,” RealtyTrac CEO James J. Saccacio said in a statement.

I am hoping to see the foreclosure numbers drop as more people look to do a short sale in Maryland.

Contact me for more information on how to avoid foreclosure in Baltimore.

Foreclosures in Maryland Rose in February

Foreclosures in Maryland rose above the national average in February, with a total of 5,732 according to the Baltimore Business Journal.

This was a 9% increase over January, and an 80% increase (yes eighty percent) over February 2009.

In Maryland, one in every 407 houses was in foreclosure in February. The national average was one in every 418.

This rate made Maryland the tenth worst default rate in the country.

You will most likely see many of these homes come on the market soon. Some may have already been listed as short sales and did not sell or were not accepted by the bank.

Though technically not “comparables” for regular home sales, these many foreclosures that will most likely sell at lower-than-market prices will not help Baltimore house values any, and will probably bring values down further than where they are now.