Solo Cup is closing its’ Owings Mills plant, laying off 540 people by the middle of 2012.

There will still be about 120 corporate jobs located in Owings Mills, but if the sale of the plant happens like Solo would like it to, those jobs would be moved to elsewhere in the Baltimore area.

540 jobs lost in Baltimore County is a tremendous amount, and this does not bode well for Owings Mills neighborhoods, unless a large manufacturer moves in to the Solo Cup space and brings an ample number of new jobs with it!

The Baltimore Business Journal reported on this, also stating that it plans to close plants in Missouri and Massachusetts as well, eliminating a total of 1,240 jobs.

Over the next two years, this could have a significantly negative impact in Owings Mills house prices because if people are not employed and cannot make payments, this leads to short sales and foreclosures.

Hopefully something new will come in to help Owings Mills homeowners. Right now residents have to wait and see.