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Refers to anything considered to be a piece of crap. Word genealogy comes from Baltic and Mediterranean Ave on Monopoly which are the crappiest and worst properties in the game.
Did you see Gail's new car her dad got here? Its a total Baltic

The house Dan rents sure is Baltic

by Hawkeyes' Jon March 30, 2008
Someone who is run-down and ghetto. The most trashy thing you can get.
That girl Kristina is baltic. She takes it like a prison bitch.
by Heather aka Mo August 13, 2005