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Maryland Housing Market Shows Signs Of Cooling

Posted by: Arnab Chakraborty

3 August 2006 - 9:10am

Following closely behind Northern Virginia and Washington DC, condo conversions in Baltimore are now halted.

"The abrupt switch - the first halting of a condo conversion in the state in at least three years - was made at a time when the once red-hot housing market is losing steam, as buying power is eroded by rising interest rates, soaring energy costs and record home prices."

"Home sales in Baltimore and the five surrounding counties have fallen each month since October from year-earlier levels, and the number of unsold properties has been piling up: The number for sale in June was more than twice the number a year earlier."

Full Story: Condo Craze Losing Steam
Source: The Baltimore Sun, August 3, 2006
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The decision to abandon a property is a symptom of the loss of confidence. And while abandonment certainly affects confidence among surrounding homeowners, the most important question to answer is not "how do we deal with abandoned properties?" but "what is the most cost-effective way to restore market confidence, and how do abandoned properties fit into that picture?"
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