A recently released report shows that 24% of mortgages in Baltimore are underwater.
A mortgage that is underwater means that the value of the house is less than what is owed to the mortgage company by the homeowners.
The national average of homes underwater is 27%, so Baltimore homeowners are faring a little better than others.
The Baltimore Business Journal shared the data from Zillow.com with these numbers from the end of 2010.
Baltimore house values dropped 9.7% in the fourth quarter, with the national average dropping only 5.9%, which is a larger negative number for Baltimore homeowners.
The drop in house values is good for Baltimore homebuyers, who may be able to get a great home for a lower price than they would have paid in the past and will pay in the future.
If you are considering buying a home in Baltimore, contact me, because now is the time, before the market recovers for sellers. Take advantage now!