Metropolitan Statistical Area (MSA):
Baltimore-Columbia-Towson, MD is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the Baltimore-Columbia-Towson, MD metropolitan statistical area (MSA) has been one of the hardest hit areas in the country when it comes to the housing market. The combination of a weak economy and the foreclosure crisis has led to a sharp decrease in home values and an increase in foreclosures. However, there are signs that the worst may be over for this area.
Home prices in the MSA have stabilized over the past year, and even shown modest gains in some areas. This is due in part to an increase in demand from buyers who are taking advantage of low prices and historically low interest rates. In addition, many of the foreclosures that have been holding down prices have finally worked their way through the system, giving way to more traditional sales.
Looking forward, it is expected that home prices will continue to rise modestly as demand remains strong. The combination of a strengthening economy and low mortgage rates should help to support this trend. Additionally, as more foreclosures work their way through the system, there will be fewer distressed properties on the market which should help to further support price gains.