Real Estate
21 Percent of Maryland House Sales Are 'Short Sales'
Report: The state has nation's third-highest percentage of foreclosure alternative sales.
By Patch Editor Whitney Teal
With all signs pointing to a recovering real estate market in the Washington, DC, suburbs, short sales were still incredibly popular in Maryland this year, according to a report from real estate research firm RealtyTrac, the Washington Business Journal reported.
About one-fifth (21 percent) of house sales in the state were short sales, according to a June report. A short sale is a foreclosure alternative where the seller makes no profit because the house sells for less than the amount owed, according to AOL Real Estate.
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Only Nevada (30 percent) and Florida (29 percent) had a higher percentage of short sales, the newspaper reported.
Read the Washington Business Journal for more on the report.
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