MARYLAND FORECLOSURE ACTIVITY DOWN 17 PERCENT IN JANUARY

Filings Statewide Increase Less than 1 Percent From January 2008

 

IRVINE, Calif. – Feb. 27, 2009 – Foreclosure filings were reported on 3,697 Maryland properties in January, down 17 percent from the previous month but less than 1 percent above the level reported for January 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 foreclosures were down slightly in January and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate has been on the rise during the past year, but it still remains well below the national average. This is just one fact that is likely slowing down the foreclosure trends that are on the rise nationwide.”

 

Maryland ranked 15th in the country in total foreclosures for the month. With one in every 627 housing units receiving a foreclosure filing, its foreclosure rate ranked 16th among the 50 states.

 

Five counties account for bulk of state activity in January

Five Maryland counties accounted for 71 percent of all foreclosure activity in the state during January. Prince George’s County led the pack, reporting 1,124 properties with foreclosure filings for the month. Montgomery County was second highest, reporting 609 properties with foreclosure filings. Anne Arundel County came in third place, reporting 320 properties with foreclosure filings. Frederick County placed fourth, documenting 303 properties with foreclosure filings. Fifth highest total activity was in Baltimore City, where 278 properties with foreclosure filings were reported.

 

Frederick County posts state’s highest foreclosure rate for January

With one in every 284 housing units receiving a foreclosure filing — 2.2 times the state average and 1.6 times the national average — Frederick County reported the highest foreclosure rate in the state for January. Prince George’s County posted the state’s second highest rate, with one in every 285 housing units receiving a foreclosure filing — 2.2 times the state average and 1.6 times the national average. Third highest rate was documented in Charles County, where one in every 310 housing units received a foreclosure filing during the month — twice the state average and 1.5 times the national average.

 

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

Maryland accounted for 1 percent of the 274,399 properties with foreclosure filings reported nationwide in January. The national total represented a decrease of more than 9 percent from the previous month but was still nearly 18 percent ahead of the total reported for January 2008. One in every 466 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 – January 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

46,681

52,435

80,986

27,520

66,777

274,399

466

n/a

n/a

Maryland

0

2,878

0

412

407

3,697

627

0.74

n/a

 

 

 

 

 

 

 

 

 

 

Allegany

0

15

0

0

0

15

2,214

0.21

0.28

Anne Arundel

0

268

0

27

25

320

633

0.74

0.99

Baltimore

0

155

0

8

48

211

1,552

0.30

0.40

Baltimore City

0

232

0

14

32

278

1,060

0.44

0.59

Calvert

0

35

0

7

3

45

719

0.65

0.87

Caroline

0

19

0

0

0

19

713

0.65

0.88

Carroll

0

55

0

3

6

64

960

0.49

0.65

Cecil

0

12

0

1

4

17

2,357

0.20

0.27

Charles

0

145

0

13

12

170

310

1.51

2.03

Dorchester

0

14

0

0

4

18

916

0.51

0.68

Frederick

0

237

0

24

42

303

284

1.64

2.21

Garrett

0

3

0

0

0

3

6,273

0.07

0.10

Harford

0

126

0

4

16

146

656

0.71

0.96

Howard

0

117

0

8

10

135

772

0.60

0.81

Kent

0

14

0

0

3

17

623

0.75

1.01

Montgomery

0

406

0

128

75

609

594

0.78

1.06

Prince George‘s County

0

851

0

173

100

1,124

285

1.64

2.20

Queen Anne’s County

0

18

0

0

5

23

850

0.55

0.74

Saint Mary’s

0

62

0

0

5

67

609

0.76

1.03

Somerset

0

14

0

0

0

14

779

0.60

0.81

Talbot

0

0

0

0

0

0

 n/a

0.00

0.00

Washington

0

18

0

1

11

30

2,017

0.23

0.31

Wicomico

0

35

0

1

0

36

1,122

0.42

0.56

Worcester

0

27

0

0

6

33

1,647

0.28

0.38

                   

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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