Total foreclosure filings up 59 percent from Q2; up 86 percent from Q3 2008.

Maryland reported 14,803 properties with foreclosure filings in the third quarter of 2009, an increase of 59 percent from the previous quarter and 86 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac^® U.S. Foreclosure Market Report. 

Foreclosure activity in Maryland was up 23 percent in September from the previous month to 6,751 properties with foreclosure filings and up 200 percent from September 2008. With one in every 343 housing units receiving a foreclosure filing during the month the state had the nation’s 10^th highest foreclosure rate.

“Maryland saw a major hike in foreclosure filings during the third quarter of 2009, bringing the level to nearly double the amount reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “While bank repossessions for a number of properties in peril were held off for the first half of 2009 because of the federal foreclosure prevention program, many of these homes were finally processed as foreclosures in recent months.”

One in every 157 Maryland housing units received a foreclosure filing during the third quarter, ranking 12^th among the 50 states.

Prince George’s County tops state in both foreclosure rate and activity

With one in every 72 housing units receiving a foreclosure filing — 1.9 times the national average and 2.2 times the state average — Prince George’s County posted the highest county foreclosure rate in the state for the third quarter. The County also led the state in foreclosure activity, reporting 4,447 properties with foreclosure filings for the quarter.

With one in every 87 housing units receiving a foreclosure filing during the quarter — 1.6 times the national average and 1.8 times the state average – Charles County had the second highest foreclosure rate. Third highest rate was posted by Frederick County, where one in every 114 housing units received a foreclosure filing — 1.2 times the national average and 1.4 times the state average.

Montgomery County had the second highest total, reporting 2,222 properties with foreclosure filings. Baltimore City County came in third, tallying 1,816 properties with foreclosure filings. Fourth highest for the quarter was Baltimore County, reporting 1,204 properties with foreclosure filings. Anne Arundel County documented 943 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

State a modest contributor to nation’s foreclosure activity for quarter and month

Maryland accounted for 2 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and 2 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 – Q3 2009

Maryland Top Foreclosure Totals by County – Q3 2009

Maryland Top Foreclosure Rates By County – Sept 2009

Maryland Top Foreclosure Totals by County – Sept 2009