Having trouble finding a Baltimore foreclosure to buy? Here's why
If you're trying to buy a foreclosure in the city and feel like your choices aren't what they were a year ago, it's not your imagination. While there were more short sales on the market last year than in 2010, bank-owned homes for sale (the purple line in the graph below) took a steep drop:
The data comes from Metropolitan Regional Information Systems' stats arm, RealEstate Business Intelligence. Though it probably won't come as a complete shock to anyone following the news about robo-signing, it's a striking chart nonetheless.
Here's the change in actual sales of distress properties:
As short-sale deals crept upward, foreclosure sales slumped, narrowing the gap. But if you compare the two charts, you'll see that there are still way more city homeowners hoping to sell short than those actually managing to do it. The odds of a bank-owned property listed for sale last year getting to settlement were much higher. (I am hearing some agents say the short-sale process seems to be getting better, but it depends on the bank.)
Are you trying to buy or sell in the "distress" category? What are you seeing out there?