With its close proximity to Washington, D.C., many Maryland homes are located in one of the highest priced real estate markets in the country. This can make it tough for first-time homebuyers to find affordable housing in this area. However, with a large number of foreclosures in Maryland listed on the market, buyers looking for cheap homes will find a lot of options available.
When lenders foreclose on property owners who have defaulted on their mortgages, those homes become real-estate owned (REO) properties. In general, banks and other lenders don’t really want to hold a large inventory of repossessed homes because these properties mean increased costs for upkeep and security. In most cases, the homes are listed for sale at prices that are more affordable than homes listed by an individual homeowner.
Throughout the state of Maryland, residents enjoy beautiful surroundings and in most places, an upscale lifestyle. The urban centers of Washington, D.C., and Baltimore, Maryland’s largest city, offer cultural events, fine dining, and an active nightlife, while the less populated areas in the western portion of the state provide quick getaways year-round. During the summer, those areas of Maryland that border on Chesapeake Bay and the Atlantic Ocean offer sailing, swimming, and other water-based activities.
Recently, RealtyStore.com listed 33,804 foreclosures in Maryland, with most of those being in Prince George’s County. The cities of Baltimore, Upper Marlboro, Bowie, and Hyattsville showed the largest numbers of Maryland foreclosure listings. With the exception of Baltimore, these cities are in the heavily populated areas around Washington, D.C.