MARYLAND FORECLOSURE ACTIVITY DOWN 14 PERCENT IN FEBRUARY

Foreclosure Activity Decreases 21 Percent From February 2008

 

IRVINE, Calif. – March 27, 2009 – Maryland reported 3,176 properties with foreclosure filings in February, a 14 percent decrease from the previous month, and 21 percent below the level reported for February 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Maryland saw a welcome relief from foreclosures in February, reporting a decrease in activity from one month earlier and as compared to the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment is up within the state, though still lower than the national average.”

 

Maryland ranked 18th in the country in total properties with foreclosure filings for February. One in every 730 Maryland housing units received a foreclosure filing during the month, the 16th highest state foreclosure rate in the nation.

 

Prince George’s County leads state in foreclosure activity

Prince George’s County led the state, reporting 1,046 properties with foreclosure filings for the month. Montgomery County was second highest, reporting 700 properties with foreclosure filings. Third highest was Baltimore City County, reporting 242 properties with foreclosure filings. Frederick County was in fourth place, documenting 176 properties with foreclosure filings. Harford County documented the fifth highest foreclosure total, where 149 properties with foreclosure filings were reported.

 

Prince George’s County posts top foreclosure rate

Prince George’s County reported the highest county foreclosure rate in the state for February, with one in every 306 housing units receiving a foreclosure filing — 2.4 times the state average. Calvert County came in second, with one in every 483 housing units receiving a foreclosure filing — 1.5 times the state average. Frederick County posted the third highest foreclosure rate, where one in every 489 housing units received a foreclosure filing during the month — 1.5 times the state average.

 

State a minor contributor to nation’s foreclosure total in February

Maryland accounted for 1 percent of the 290,631 properties with foreclosure filings reported nationwide in February. The national total represented a 6 percent increase in activity from the previous month and was 30 percent ahead of the total reported for February 2008. One in every 440 U.S. housing units received a foreclosure filing during the month.

 

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 Foreclosure Market Data by County – February 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

54,064

55,509

78,234

28,729

74,095

290,631

440

n/a

n/a

Maryland

0

2,183

0

470

523

3,176

730

0.60

n/a

 

 

 

 

 

 

 

 

 

 

Allegany

0

3

0

0

0

3

11,072

0.04

0.07

Anne Arundel

0

88

0

23

27

138

1,469

0.30

0.50

Baltimore

0

104

0

5

34

143

2,291

0.19

0.32

Baltimore City

0

162

0

4

76

242

1,218

0.36

0.60

Calvert

0

55

0

4

8

67

483

0.91

1.51

Caroline

0

0

0

0

2

2

6,771

0.06

0.11

Carroll

0

57

0

0

5

62

991

0.44

0.74

Cecil

0

8

0

0

3

11

3,643

0.12

0.20

Charles

0

49

0

8

27

84

627

0.70

1.16

Dorchester

0

0

0

1

3

4

4,122

0.11

0.18

Frederick

0

110

0

29

37

176

489

0.90

1.49

Garrett

0

0

0

0

0

0

 n/a

0.00

0.00

Harford

0

134

0

0

15

149

643

0.68

1.13

Howard

0

113

0

4

13

130

802

0.55

0.91

Kent

0

5

0

0

1

6

1,765

0.25

0.41

Montgomery

0

471

0

141

88

700

517

0.85

1.41

Prince George’s County

0

660

0

250

136

1,046

306

1.44

2.39

Queen Anne’s County

0

14

0

0

5

19

1,029

0.43

0.71

Saint Mary’s

0

44

0

0

7

51

801

0.55

0.91

Somerset

0

0

0

0

1

1

10,902

0.04

0.07

Talbot

0

0

0

0

2

2

9,891

0.04

0.07

Washington

0

87

0

1

22

110

550

0.80

1.33

Wicomico

0

11

0

0

7

18

2,244

0.20

0.33

Worcester

0

8

0

0

4

12

4,529

0.10

0.16

 

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

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved