Charles County Maryland Foreclosure Report February 2008

harles County has seen an upswing in Bank Owned (REO) properties for sale in the past month.  In my last report, I indicated that there were 55 current foreclosures on the market in Charles County.  That number has now crept up to 69.

Increasing Foreclosures
REO properties are rising because of the fallout from the credit crunch, obviously.  Foreclosures negatively affect the value  of homes and force the overall value of homes in a region to decrease.  As the number of foreclosures goes up, the cost of buying falls, plain and simple.

Some (not all) of the foreclosures that are on the market can be a really great buy.  One of my clients recently ratified a contract on a foreclosure that was on the market.  The property was available for less than a week.  It’s typical of how the foreclosure market actually works.  Some of the properties are undervalued and sell very quickly, while overpriced properties can stay on the market for months.

I send out foreclosure lists daily to my clients so that they can see the most recent foreclosures available, and it ensures that they can take advantage of the best values available on the market.  If you would like to  receive foreclosure list updates, email me and I will ensure that you can find the best foreclosure values available as they come on the market!

Current (2/3/2008) Charles County Foreclosure List