Maryland Foreclosure Activity Retreats in October

Statewide filings down 1 percent from September; rate ranks #9 nationally

 

Maryland foreclosure filings declined 1 percent from the previous month to 6,661 properties with foreclosure filings in October, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The monthly total is still 124 percent ahead of the state foreclosure level reported one year ago, however. One in every 348 Maryland housing units received a foreclosure filing in October, the ninth highest state foreclosure rate in the nation.

 

“Although Maryland foreclosures declined slightly in October, they have more than doubled since this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The number of both auction notices and bank-owned properties were down 9 percent for the month. However, the largest yearly increase can also be attributed to auction notices, which were 11 times the number reported in October 2008.”

 

Ranking 11th highest foreclosure total nationally, Maryland fell far short of national leader California, which reported 85,420 properties with foreclosure filings in October. Florida was a distant second, reporting 51,911 properties with foreclosure filings. Illinois came in number three, reporting 19,946 properties with foreclosure filings for the month. Michigan took the number four slot, documenting 16,468 properties with foreclosure filings. Nevada came in fifth, reporting 13,842 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure filings in October were Arizona (13,345), Georgia (12,468), Texas (11,798), Ohio (11,646) and New Jersey (7,435). Activity in the top five states accounted for 56 percent of all foreclosure filings in the nation for October.

 

Prince George’s County posts state’s top foreclosure rate in October

With one in every 157 housing units receiving a foreclosure filing — 2.5 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 October. Washington County ranked second highest, reporting one in every 291 housing units receiving a foreclosure filing — 1.3 times the national average and 1.2 times the state average. Baltimore City had the third highest rate, with one in every 293 housing units receiving a foreclosure filing — 1.3 times the national average and 1.2 times the state average. Fourth highest foreclosure rate was in Charles County, where one in every 337 housing units received a foreclosure filing — 1.1 times the national average and on par with the state average. Fifth highest rate was reported in Calvert County, where one in every 352 housing units received a foreclosure filing during the month — also 1.1 times the national average and on par with the state average.

 

Five counties dominate the state in foreclosure total during October

Five counties accounted for 75 percent of all foreclosure activity in the state for October. Prince George’s County led all counties, totaling 2,044 properties with foreclosure filings for the month. Baltimore City was second highest, documenting 1,006 properties with foreclosure filings. Reporting 775 properties with foreclosure filings for the month, Montgomery County was third highest in the state. Baltimore County came in fourth, reporting 666 properties with foreclosure filings. Fifth highest total was in Anne Arundel County, where 510 properties with foreclosure filings were reported for the month.

 

State a significant contributor to nation’s foreclosure total in October

Maryland accounted for 2 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 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 Top Foreclosure Rates By County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Maryland

0

2,831

0

3,044

786

6,661

348

1.11

n/a

 

 

 

 

 

 

 

 

 

 

Prince George’s

0

844

0

921

279

2,044

157

2.46

2.22

Washington

0

110

0

63

35

208

291

1.32

1.20

Baltimore City

0

386

0

488

132

1,006

293

1.31

1.19

Charles

0

35

0

108

13

156

337

1.14

1.03

Calvert

0

58

0

28

6

92

352

1.09

0.99

 

 

Maryland Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Maryland

0

2,831

0

3,044

786

6,661

348

-1.33

124.05

 

 

 

 

 

 

 

 

 

 

Prince George’s

0

844

0

921

279

2,044

157

6.51

118.84

Baltimore City

0

386

0

488

132

1,006

293

10.43

207.65

Montgomery

0

411

0

298

66

775

467

-13.60

18.50

Baltimore

0

257

0

324

85

666

492

5.38

137.01

Anne Arundel

0

218

0

218

74

510

397

15.91

193.10

 

 

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