There’s a backlog of homes that have just been sitting that could have been foreclosed. Apparently, Maryland has changed that somewhat. It may mean that prices will come down in Maryland and that either more home buyers will buy to occupy or all-cash buyers will buy to rent out.
“Slow foreclosure laws keep a damper on the housing market recovery because it takes so much longer for the foreclosures to be resolved,” Mr. Whitehurst said. “It’s a very, very tough situation for anyone to have a home foreclosed on them, and no one takes that lightly, but if a foreclosure is inevitable, slowing it down is not really good for the housing market.”
Maryland is starting to see that. In November and December, the average number of homeowners who received foreclosure notices rose to about 2,500 a month.