MARYLAND FORECLOSURE ACTIVITY DECREASES 7 PERCENT IN FIRST QUARTER

State Foreclosure Activity Down 18 Percent From Q1 2008

Monthly Activity Up 5 percent in March, Drops 22 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 9,289 Maryland properties in the first quarter of 2009, a 7 percent decrease from the previous quarter, and 18 percent behind the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Old Line State reported 3,334 properties with foreclosure filings in March, a 5 percent increase from the previous month and 22 percent below its March 2008 total.

 

Maryland foreclosures are down in the first quarter and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that while the state did lose nearly 60,000 jobs during the past year, its unemployment rate still remains well below the national average. This is likely helping to drive the numbers down.”

 

Maryland documented the 19th highest raw number of properties receiving foreclosure filings in the first quarter, its foreclosure rate — one in every 250 housing units received a foreclosure filing during the quarter — came in 16th among the 50 states.

 

Five counties largest contributors to state total for the quarter

Five Maryland counties accounted for 73 percent of the state’s overall foreclosure activity during the first quarter. Prince George’s County came in first place, reporting 3,065 properties with foreclosure filings. Montgomery County was second, reporting 1,799 properties with foreclosure filings for the quarter. Baltimore City was close behind in third, reporting 780 properties with foreclosure filings. Frederick County registered the fourth highest total, documenting 621 properties with foreclosure filings. Anne Arundel County posted the fifth highest total, where 558 properties with foreclosure filings were reported.

 

Prince George’s County scores highest rates in the state for first quarter

Prince George’s County led the state, with one in every 104 housing units receiving a foreclosure filing — 2.4 times the state average. Frederick County came in second, with one in every 139 housing units receiving a foreclosure filing — 1.8 times the state average. Charles County registered the third highest foreclosure rate, where one in every 161 housing units received a foreclosure filing during the month — 1.6 times the state average.

 

State the contributes 1 percent to nation’s foreclosure total for Q1 2009

Maryland accounted for 1 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

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 quarter — 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 quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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

 

Maryland Foreclosure Market Data by County – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%? from Q4 08

%? from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16%

23.63%

Maryland

0

6,547

21

1,584

1,137

9,289

250

-7.39%

-18.47%

 

 

 

 

 

 

 

 

 

 

Allegany

0

23

0

0

0

23

1,444

-32.35%

-65.67%

Anne Arundel

0

423

1

60

74

558

363

-7.92%

-23.14%

Baltimore

0

354

1

26

124

505

649

-36.40%

-47.88%

Baltimore City

0

620

3

38

119

780

378

-36.01%

-52.03%

Calvert

0

112

0

14

12

138

235

6.15%

-22.03%

Caroline

0

31

0

2

0

33

410

-5.71%

-54.79%

Carroll

0

134

1

2

12

149

412

34.23%

-16.29%

Cecil

0

29

0

1

6

36

1,113

-53.85%

-74.65%

Charles

0

254

1

42

30

327

161

6.17%

-18.45%

Dorchester

0

19

0

1

7

27

611

8.00%

-56.45%

Frederick

0

404

0

118

99

621

139

32.69%

22.97%

Garrett

0

6

0

0

1

7

2,688

-36.36%

-81.08%

Harford

0

301

2

3

28

334

287

52.51%

5.36%

Howard

0

281

0

19

25

325

321

40.69%

-1.22%

Kent

0

22

0

1

3

26

407

-13.33%

23.81%

Montgomery

0

1,079

1

525

194

1,799

201

18.28%

9.56%

Prince George‘s County

0

2,016

9

723

317

3,065

104

-15.28%

-8.07%

Queen Anne’s County

0

43

0

0

13

56

349

24.44%

-23.29%

Saint Marys

0

109

0

1

9

119

343

30.77%

-16.20%

Somerset

0

17

0

2

0

19

574

72.73%

-38.71%

Talbot

0

5

1

0

2

8

2,473

-55.56%

-82.22%

Washington

0

156

1

3

50

210

288

-17.97%

-19.54%

Wicomico

0

60

0

1

4

65

621

-14.47%

-51.13%

Worcester

0

49

0

2

8

59

921

-37.89%

-42.16%

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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