Maryland Foreclosure Activity Falls in First Quarter

Statewide foreclosure filings up from last year

March numbers down from a month earlier; up from a year ago

 

Foreclosure activity in Maryland fell 12 percent during the first quarter of 2010, but was still up 60 percent from the same period last year. In all, the state reported 14,855 properties with foreclosure filings during the quarter.

 

During the month of March, the state reported 5,293 properties with foreclosure filings, an 8 percent decrease from the previous month, but 59 percent above the level reported in March 2009. One in every 441 Maryland housing units received a foreclosure filing during the month, the 13th highest state foreclosure rate.

 

“After a steady quarterly increase during 2009, Maryland foreclosures dropped during the first quarter of 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in auctions, which fell 15 percent during the quarter. The state’s unemployment rate remains well below the national average, and home sales really picked up here at the end of last year. These trends are definitely contributing to the recent decline.”

 

Maryland ranked 12th in the country in total foreclosures for the first quarter. With one in every 157 housing units receiving a foreclosure filing, its foreclosure rate ranked 14th among the 50 states.

 

Prince George’s County tops in foreclosure rate for the first quarter

Prince George’s County posted the highest county foreclosure rate in Maryland during the first quarter, as one in every 84 housing units received a foreclosure filing — 1.9 times the state average. Charles County came in second, with one in every 104 housing units receiving a foreclosure filing — 1.5 times the state average. Baltimore City came in third highest foreclosure rate, with one in every 110 housing units receiving a foreclosure filing.

 

Prince George’s County led state in total foreclosures for the first quarter

Prince George’s County led Maryland in total foreclosures, documenting 3,809 properties with foreclosure filings for the quarter. Baltimore City was second, reporting 2,665 properties with foreclosure filings. Baltimore County came in third, reporting 1,652 properties with foreclosure filings for the month.

 

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

Maryland represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 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: DefaultNotice 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Maryland

0

5,218

0

7,044

2,593

14,855

157

0.00

n/a

 

 

 

 

 

 

 

 

 

 

Prince George’s

0

1,280

0

1,942

587

3,809

84

1.64

1.86

Charles

0

178

0

271

65

514

104

1.33

1.51

Baltimore City

0

904

0

1,159

602

2,665

110

1.25

1.42

Frederick

0

277

0

357

129

763

114

1.21

1.37

Calvert

0

89

0

103

33

225

145

0.95

1.08

 

 

 

Maryland Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Maryland

0

5,218

0

7,044

2,593

14,855

157

-12.00

59.92

 

 

 

 

 

 

 

 

 

 

Prince George’s

0

1,280

0

1,942

587

3,809

84

-25.47

24.27

Baltimore City

0

904

0

1,159

602

2,665

110

11.79

241.67

Baltimore

0

587

0

840

225

1,652

199

-0.60

227.13

Montgomery

0

595

0

592

357

1,544

236

-24.20

-14.17

Anne Arundel

0

407

0

534

125

1,066

192

-3.09

91.04

 

 

 

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