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.