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,
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!