A recent assessment of the housing market’s recovery by RealtyTrac Inc. put Baltimore on the bottom of the list. While the average recovery index nationally was 100, Baltimore’s index was just 80, the lowest score in the nation.
This is mainly due to a backlog of foreclosures which recently hit the market after efforts by the state government to protect vulnerable homeowners resulted in a large number of foreclosures being held up by the judicial system. These foreclosures combined with other distressed sales gave Maryland its low mark.
However, there are signs that the state’s housing market is on its way back. The influx of foreclosures had been anticipated for some time, and other factors are already working to bring the market to a more normal pace. The median sale price of single-family homes in the state grew 5.6% in the first half of 2013, according to the Baltimore Business Journal. In addition, only 25% of houses in the Baltimore region were classified as underwater mortgages, meaning a house that is worth less than its mortgage note. This statistic signifies an increase in home prices which bodes well for the market.
Home sales are up, but are still lagging behind the national averages, an increase of 9% and 19% respectively. In a response to RealtyTrac’s report, Maryland Department of Housing and Community Development Commissioner Raymond Skinner stated that the state’s recovery “continues at a very strong pace.”
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.
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