More than 834,000 homeowners with a mortgage joined the ranks of equity rich last year. That brings the total number of U.S. homeowners with a mortgage who owe the bank considerably less than they could sell for to 14.5 million.
Maryland remains among states with the highest foreclosure rate, and Baltimore City still ranks among cities with the highest foreclosure rates.
Distressed home sales, including foreclosures and short sales, hit an 11-year low nationwide in the second quarter, but two Maryland cities are among those left behind.
“The longtime homeowners and the homeowners who bought near the bottom (of the market) have both seen a huge increase in the equity that they have in their homes,” Daren Blomquistar of Attom Data Solutions told WTOP.
The District ranks first when it comes to the residential real estate flipping. But buyers inspired by the proliferation of renovate-to-sell cable TV shows should beware of a few costly shortcuts if they’re looking for a quick return-on-investment.
House flipping reached a 10-year high last year, and the profits flipping sellers made reached a record in 2016. Both D.C. and Baltimore make a list of 11 metro areas where the average profit made by a flipper was at least $100,000.
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