Distress homes: 21% of city listings, 44% of actual sales
About 1,000 Baltimore homes on the market are either foreclosures or short sales -- 21 percent of the total. But such distress properties accounted for a whopping 44 percent of actual sales from January through July, according to a Greater Baltimore Board of Realtors analysis of multiple listing service data.
All told, buyers have picked up almost 1,500 foreclosures or short sales in the city -- mostly foreclosures.
Do distress properties make up a much larger share of sales than listings because buyers are zeroing in on them as the good deals? Some of it seems to be fewer foreclosures on the market. They accounted for just under 300 properties for sale as of Wednesday, but there were more than twice as many -- about 640 -- on the market in mid-November.
The lingering effect of robo-signing, perhaps. The number of seriously delinquent loans certainly hasn't dropped in half.
But even if there were as many foreclosures on the market now as there were in November, they'd push the distress category to 28 percent of all listings. So yeah, it does seem like buyers -- investors in at least some cases -- are gravitating toward these homes.
Foreclosures, that is. Short sales represented 6 percent of the city's sales so far this year but 15 percent of listings on Wednesday. Frequently a long and frustrating process, trying to close on a short sale.
Here's the breakdown for the rest of the region, calculated by the GBBR from Metropolitan Regional Information Systems data:
Remember, in all cases the sales figures are January through July while the listing figures -- what's for sale -- are as of Wednesday.
In Anne Arundel County, foreclosures were 19 percent of home sales and 4 percent of listings. Short sales were 9 percent of sales and 12 percent of listings.
In Baltimore County, foreclosures were 22 percent of home sales and 4 percent of listings. Short sales were 6 percent of sales and 12 percent of listings.
In Carroll County, foreclosures were 19 percent of home sales and 4 percent of listings. Short sales were 7 percent of sales and 9 percent of listings.
In Harford County, foreclosures were 20 percent of home sales and 3 percent of listings. Short sales were 8 percent of sales and 10 percent of listings.
In Howard County, foreclosures were 10 percent of home sales and 3 percent of listings. Short sales were 8 percent of sales and 13 percent of listings.