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Maryland Foreclosure Activity Decreased in Third Quarter

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Total foreclosure filings decline 10 percent statewide from the second quarter

Auction notices up, defaults and REOs down for the quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 14,087 Maryland properties during the third quarter, a 10 percent decrease from the previous quarter and down nearly 5 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, Maryland reported 3,764 properties with foreclosure filings, a 22 percent decrease from the previous month and 44 percent below the level reported for the same month last year. It ranked 23rd in the national in total foreclosures reported for the month. One in every 620 Maryland housing units received a foreclosure filing in September, ranking the 21st highest foreclosure rate among the 50 states.

 

Maryland foreclosures were down during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in auctions, which fell 33 percent for the month. The state’s unemployment rate remains well below the national average, and its home sales were higher than most states earlier this year. These factors are likely driving the recent decline.”

 

Maryland ranked 16th in total foreclosures reported for the third quarter when compared to all states. One in every 166 Maryland housing units received a foreclosure filing during the quarter, giving the state the 15th highest foreclosure rate in the nation.

 

Prince George’s County led state with top foreclosure rate in third quarter

Prince George’s County posted the highest foreclosure rate in Maryland during the third quarter of 2010, where one in every 78 housing units received a foreclosure filing. Charles County posted the second highest foreclosure rate, where one in every 109 housing units received a foreclosure filing during the period. Frederick County documented the third highest foreclosure rate, where one in every 130 housing units received a foreclosure.

 

Prince George’s County posts state’s top foreclosure total for third quarter

Prince George’s County dominated, reporting 4,112 properties with foreclosure filings for the quarter. Baltimore City was second, reporting 2,039 properties with foreclosure filings. Montgomery County was third, tallying 1,429 properties with foreclosure filings. Baltimore County was fourth highest, reporting 1,419 properties with foreclosure filings. Anne Arundel County came in last for the state’s top five, reporting 974 properties with foreclosure filings for the quarter.

 

State contributes less than 1 percent to nation’s foreclosure total for the quarter

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Maryland. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Maryland Top Foreclosure Rates By County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Maryland

0

3,753

0

7,667

2,667

14,087

166

n/a

n/a

 

 

 

 

 

 

 

 

 

 

Prince George’s

0

1,215

0

2,116

781

4,112

78

1.77

2.12

Charles

0

149

0

261

79

489

109

1.27

1.51

Frederick

0

149

0

369

152

670

130

1.06

1.27

Caroline

0

30

0

63

11

104

131

1.06

1.27

Calvert

0

88

0

123

26

237

138

1.01

1.20

 

 

Maryland Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Maryland

0

3,753

0

7,667

2,667

14,087

166

-9.91

-4.84

 

 

 

 

 

 

 

 

 

 

Prince George’s

0

1,215

0

2,116

781

4,112

78

-4.86

-7.53

Baltimore City

0

376

0

1,235

428

2,039

144

-9.86

12.28

Montgomery

0

465

0

651

313

1,429

255

-9.84

-35.69

Baltimore

0

295

0

876

248

1,419

231

-15.84

17.86

Anne Arundel

0

227

0

599

148

974

210

-12.17

3.29

 

 


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