Experts: Baltimore Area Housing Crunch Not Awful

BALTIMORE -- The economy is taking its toll on housing markets across the country, and while Baltimore has been affected, it's not as bad as most of the country, experts said.

Kim Dacey Reports

Members of the Greater Baltimore Board of Realtors met Thursday to discuss the outlook for the Baltimore area market.

"We have a good employment base in health sciences, life sciences, biotech -- all of that. So, we have a vibrant economy when it comes to jobs. We have a lot more young people who are relocating and more mobile than a lot of other areas," said real estate agent Vito Simone.

Simone said while houses are selling, albeit slowly, the foreclosure rate is higher than they'd like to see. Rising variable mortgages coupled with layoffs and the struggling economy are making it hard for some homeowners to make their house payment each month.

Homeowner David Tracey said he's getting less work as a landscaper.

"My cash flow's down, so it makes it more difficult," he said.

The realtors said they know it's a problem for a lot of people, and they're hoping to get information out that help is available. The GBBR hosts a number of workshops and seminars for homeowners and first-time buyers, and there's also a number of programs homeowners can take advantage of so their home doesn't end up in foreclosure.

"The state of Maryland, through CDA, has a lifeline refinance program to help people. There are programs from HUD. We're part of the Hope Now Alliance and the Baltimore Homeownership Preservation Coalition," Simone said.

He said new homebuyers can still get a mortgage at one of the lowest rates in recent history. Credit is a little tighter, but if your credit score is over 600, you should have no problem getting several options for financing.

Simone said to get a good real estate agent and negotiate because you can get a great deal in the market.

He said it currently takes about four months to sell a home in the Baltimore area. While that's much longer than during the housing boom, it's still right on par with the historical average.