NewsWatch: Foreclosure sales drop in third quarter

The number of foreclosure sales in Maryland in the third quarter dropped 47.6 percent from the second quarter and 17.0 percent from the third quarter of 2009, according to new data from RealtyTrac of Irvine, Calif.

A total of 2,338 such homes sold in the third quarter, at an average price of $207,544, or an average discount of 35.9 percent. That was 17.0 percent of all homes sold in the quarter.

Prince George's County had the highest percentage of foreclosure sales in the quarter — 33.6 percent of all home sales.

The state data reflected the national numbers, which also showed quarterly and year-over-year decreases. The average national sales price of a foreclosed home was $169,523.

State agencies back Allegheny merger offer

Allegheny Power's residential customers in Maryland would share $6.5 million in credits over four years and the western part of the state would get a regional headquarters as part of a proposal to approve the electric utility's merger with FirstEnergy Corp. of Akron, Ohio.

Although Maryland agencies, several unions, four local governments and an industrial customers group have signed off on the deal, the state's Office of the People's Counsel has not approved, Deputy People's Counsel Theresa V. Czarski said Thursday. Its objections are expected to be filed with the Public Service Commission today.

The proposal was filed with the PSC on Wednesday. The commission has until Jan. 7 to act on the proposal, under which Allegheny Power would become a subsidiary of First Energy, which already owns seven utilities in Ohio, Pennsylvania and New Jersey.

Allegheny of Greensburg, Pa., has about 250,000 customers from northwestern Montgomery County, north into Frederick and Carroll counties and west through Garrett County. Of those, only the 220,000 residential customers would share the credits.

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