Few Glimmers In Housing Market

2008 October 31

Foreclosure rate falls, while new home sales pick up

Frederick County’s housing market may be reviving, with foreclosure rates down, sales of new homes up and inventory shrinking.

“I like to believe we’re starting to come out of the woods, but it’s going to be a slow process,” said Larry Riggs, president of the Frederick County Realtors Association.

Foreclosure rates dropped 15 percent in September but were still the second highest in Maryland, according to new data from RealtyTrac of Irvine, Calif.

With 122 homes in various stages of foreclosure — or one out of every 696 households — the county was second only to Prince George’s.

The rate declined 15 percent from both August and September 2007, while Maryland’s declined by 30 percent and 20 percent, respectively. The statewide rate was one foreclosure filing per 1,024 households.

A few glimmers in housing market
by Rebecca McClay

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