HUD to offer incentives on repossessed homes
Several sales and marketing initiatives to promote the sale of repossessed homes were announced last week by the Maryland state office of the U.S. Department of Housing and Urban Development.
Beginning Saturday, HUD will advertise a "Property of the Week" which will be sold for 30 percent less than the last list price. This program will run for four weeks.
Buyers who settle on HUD-designated "hard to sell" properties between Aug. 1 and Sept. 30 will be eligible for up to $300 in moving assistance. For more information, call HUD's Maryland state office at (410) 962-2520.
Home-building pacts fewer than last year
May contracts for future residential construction in Maryland were 30 percent lower than in 1994, according to figures released by the F. W. Dodge Division of DRI-McGraw Hill Inc. of New York.
F. W. Dodge reported that contracts for one- and two-family houses and apartments totaled $212.6 million in April compared with $303.9 million during the same period last year.
Despite the decline in May, residential construction in Maryland is up by 7 percent for the first five months of 1995 at $1.2 billion compared with $1.1 billion from January to May 1994.
Contracts for hotels, dormitories, factories, commercial facilities and other nonresidential buildings totaled $148.2 million in May, 37 percent less than the $235.6 million record last year.
Long & Foster is No. 3 in U.S. for second year
Long & Foster Real Estate Inc., for the second straight year, has been ranked third nationally by Real Trends, an industry publication that listed the country's 250 largest residential real estate brokerage firms.
During 1994, Long & Foster completed 46,185 transactions, which include both sales by its agents and homes it listed but which were sold by agents from other firms.