The Maryland real estate market, along with a number of other comparable markets along the east coast of the United States, took a considerable amount of damage during the last two quarters of 2008 and the first quarter of 2009. Almost all vital statistics used to measure the relative health of a market plummeted following the arrival of the nationwide economic downturn and the bursting of the local real estate market bubble, heralding the advent of a recession. At the current time, the Maryland real estate market is still heavily damaged and awaiting definitive signs of a recovery in the works. The federal and local governments have invested substantial amounts of effort into engineering a rebound, although the success of their efforts remains to be seen.
The failure of numerous families and individuals to pay their mortgages as a result of unemployment or all-around economic hardship has resulted in a lot of people losing their homes and landing up on the streets. The multi billion dollar stimulus passed by the federal government aims to alleviate problems like this both in the Maryland real estate market and the nation at large. According to a July 10, 2009 article in the Baltimore Sun, “Maryland will get more than $44 million in federal funds to spur development of affordable housing projects throughout the state that have been stalled because of the economic downturn, the US Treasury Department announced Friday.”
The state of Maryland has also been attempting to revive the local real estate market by trying to prevent foreclosures. According to a July 24, 2009 article in the Baltimore Business Journal, “Despite a 2.8 percent rise of Maryland home foreclosures, state leaders are optimistic its foreclosure prevention program will soon show promising results. Through the first six months of 2009, approximately 18,112 foreclosure filings occurred in Maryland. That compares with 17,625 filings for the same period last year.” On a more positive note, a July 12 article in the Baltimore Sun noted that condominium sales have picked up in pace, heralding the possibility of a near-term economic revival.