Tag Archives: maryland foreclosure

Maryland Remains a Great Place for Real Estate Investment

Maryland remains one of the best states in the country for investing in real estate and flipping homes. According to the real estate research firm RealtyTrac, half of the 10 best counties for flipping homes are in Maryland. The firm defines best counties for flipping by the return on investment that home flippers in the county have achieved. The Baltimore Business Journal elaborates on how the firm got their numbers:

RealtyTrac counted flipped homes as single-family homes that sold between April 2013 and March and had also been sold within the prior six months. For counties to make the list, they had to have at least 100 single-family homes flipped during the previous year, fetching an average gross return of at least 30 percent. The counties also needed to have unemployment rates below the national average. 

Counties in Maryland that made the top 10 were:

1st – Prince George’s County: 546 homes flipped, 83.4% gross return on investment

3rd – Baltimore County: 546 homes flipped, 70.8% gross ROI

6th – St. Mary’s County: 321 homes flipped, 48.7% gross ROI

7th – Anne Arundel County: 146 homes flipped, 47.6% gross ROI

10th – Montgomery County: 179 homes flipped, 38.9% gross ROI

“Montgomery County homes are flipping for an average of $482,969 (after an original sale price of $347,682), the highest average price fetched for flipped homes in the U.S.,” according to the BBJ. Several counties in Western Maryland averaged a gross ROI of between 30 – 59.99 percent, including Carroll, Frederick, Washington, and Allegheny County. Many areas in Maryland’s neighbor to the north, Pennsylvania are returning at least 30%, including the southwestern and south central portions of the state. The areas area Pittsburgh, York, and Philadelphia are all seeing an average ROI of at least 60%.

Foreclosure rates also remain high in Maryland, creating an ideal landscape for home flippers. The state remains number three in the country for foreclosure rates. Foreclosures in August increased 20% year-over-year, and were up 71 percent from July. July also marked two straight years of rising foreclosure rates in the state.

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If you’re interested in learning more about investing in real estate in Maryland and the tri-state area, Grays Home Solutions can help. Contact us today to learn about our available properties in the area, and how to get started on this great opportunity.

 

 

Maryland Sees Sharp Increase in Foreclosures

Maryland, which not long ago had one of the lowest foreclosure rates in the nation, has jumped in six months to the state with the third highest foreclose rates in the nation. The increase occurred between January and June of this year, a result of a backlog of troubled loans that were delayed as a result of lenders’ documentation problems and legislative action in Annapolis.

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Lenders put a halt to all foreclosures in 2010 after they were forced by the state to rectify extensive documentation problems. An agreement reached last year enabled lenders to resume the foreclosure process, one of the main factors which has contributed to the increase in foreclosures. In addition, legislators in Annapolis worked to delay the process even further by enacting a series of legislation which made Maryland’s foreclosure timeline one of the longest in the nation, at an average of 575 days as of this June.

Still, time is now running out for many Marylanders, as the banks begin to push filings through the court system. There were 9,339 filings in the first three months of the year, and foreclosures, the majority of which were usually found in Baltimore City and Prince George’s County, are now being filed in areas across the state which have seen little recovery since the recession.

Are you facing foreclosure? Grays Home Solutions is here to help. Contact us today and we’ll help you avoid foreclosure and save your credit.

If you’re looking to sell a home, your answer is Grays Home Solutions. We cover it all, no matter where you are in the home buying or selling process. We’re professionals with the experience to aid you in navigating this difficult home market.

If you have a house that is in need of repairs and that you wish to sell, don’t hesitate to contact Grays Home Solutions. Use our fast response form and we’ll reply to you as quickly as possible.

We also have a sellers referral program! All you have to do is send us the telephone number and property address for every For Sale By Owner or vacant house you can find. Or if you know someone who has a house for sale, send us their information. If we buy the house we’ll pay you $250 just for providing the lead!

To learn more about how to sell your home in days instead of months, please download our ebook today! Or learn about our super easy referral system that benefits sellers and buyers!

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Source

http://www.washingtonpost.com/local/thousands-of-marylanders-are-losing-homes-in-second-wave-of-foreclosures/2013/08/10/859bbfde-fde5-11e2-96a8-d3b921c0924a_story.html