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Ocean City

Forclosures in Ocean City

If you are in Ocean City this week, you may notice a couple of changes as you drive down Coastal Highway. The speed limit, normally 40 mph through North Ocean City, has been reduced to 30 mph, and Downtown, the speed limit has also been reduced. This is due to the expected, unauthorized H2Oi Pop-Up Rally.  It is reasonable to expect heavier than usual traffic, noise and strict enforcement of vehicle laws during the week and weekend.

Fewer home owners are losing their homes as the number of foreclosure filings sand to more than a 3-year low in April, RealtyTrac reports.

The number of foreclosure filings in April dropped 34% from a year ago. This also marks the 7th straight month of declines, reaching its lowest level since December 2007.

Foreclosure filings include notices of default, scheduled auctions and bank repossessions. 69,532 homes were repossessed in April 2011. This is an 8.6% drop from March 2011 and a 32% drop from last September’s peak.

Banks being blamed for faulty paperwork continued to slow the pace of foreclosure activity last month. With that said, many foreclosures still linger. About 3.7 million borrowers are at least 90 days late on their home payments.

There are hopeful signs of a turnaround. With the employment statistics rising, more home owners will make payments while banks complete more load modifications to keep borrowers in their homes. Banks completed 77,000 mortgage modifications in March 2011, a 26% increase from February 2011.

Looking to purchase a foreclosure in the Ocean City area? Check out our listings on Long & Foster Realty. Use the OceanCity.com Real Estate Guide to find an agent, vacation property, or home for sale.

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