Maryland Foreclosure Activity Rises in Third Quarter

Total foreclosure filings up 59 percent from Q2; up 86 percent from Q3 2008.

 

Maryland reported 14,803 properties with foreclosure filings in the third quarter of 2009, an increase of 59 percent from the previous quarter and 86 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. 

 

Foreclosure activity in Maryland was up 23 percent in September from the previous month to 6,751 properties with foreclosure filings and up 200 percent from September 2008. With one in every 343 housing units receiving a foreclosure filing during the month the state had the nation’s 10th highest foreclosure rate.

 

“Maryland saw a major hike in foreclosure filings during the third quarter of 2009, bringing the level to nearly double the amount reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “While bank repossessions for a number of properties in peril were held off for the first half of 2009 because of the federal foreclosure prevention program, many of these homes were finally processed as foreclosures in recent months.”

 

One in every 157 Maryland housing units received a foreclosure filing during the third quarter, ranking 12th among the 50 states.

 

Prince George’s County tops state in both foreclosure rate and activity

With one in every 72 housing units receiving a foreclosure filing — 1.9 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 the third quarter. The County also led the state in foreclosure activity, reporting 4,447 properties with foreclosure filings for the quarter.

 

With one in every 87 housing units receiving a foreclosure filing during the quarter — 1.6 times the national average and 1.8 times the state average – Charles County had the second highest foreclosure rate. Third highest rate was posted by Frederick County, where one in every 114 housing units received a foreclosure filing — 1.2 times the national average and 1.4 times the state average.

 

Montgomery County had the second highest total, reporting 2,222 properties with foreclosure filings. Baltimore City County came in third, tallying 1,816 properties with foreclosure filings. Fourth highest for the quarter was Baltimore County, reporting 1,204 properties with foreclosure filings. Anne Arundel County documented 943 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

 

State a modest contributor to nation’s foreclosure activity for quarter and month

Maryland accounted for 2 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and 2 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

 

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 – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

n/a

n/a

Maryland

3

6,795

0

5,795

2,210

14,803

157

0.87

n/a

 

 

 

 

 

 

 

 

 

 

Prince George’s

2

2,159

0

1,767

519

4,447

72

1.90

2.18

Charles

0

261

0

282

63

606

87

1.57

1.80

Frederick

0

384

0

242

133

759

114

1.20

1.38

Calvert

0

127

0

79

42

248

131

1.04

1.20

Baltimore City

1

615

0

913

287

1,816

162

0.84

0.97

 

 

Maryland Top Foreclosure Totals by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 09

% Chg Q3 08

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

5.40

22.50

Maryland

3

6,795

0

5,795

2,210

14,803

157

58.83

85.64

 

 

 

 

 

 

 

 

 

 

Prince George’s

2

2,159

0

1,767

519

4,447

72

29.92

59.11

Montgomery

0

866

0

987

369

2,222

163

35.32

99.10

Baltimore City

1

615

0

913

287

1,816

162

118.01

365.64

Baltimore

0

592

0

452

160

1,204

272

136.08

-3.37

Anne Arundel

0

333

0

449

161

943

215

85.63

84.90

 

 

Maryland Top Foreclosure Rates By County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

n/a

n/a

Maryland

0

2,527

0

3,359

865

6,751

343

1.08

n/a

 

 

 

 

 

 

 

 

 

 

Charles

0

162

0

146

18

326

161

2.31

2.13

Prince George’s

0

705

0

999

215

1,919

167

2.23

2.06

Calvert

0

81

0

39

10

130

249

1.49

1.38

Frederick

0

189

0

91

47

327

263

1.41

1.30

Baltimore City

0

135

0

632

144

911

324

1.15

1.06

 

 

Maryland Top Foreclosure Totals by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Aug 09

% Chg Sept 08

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

-4.14

29.20

Maryland

0

2,527

0

3,359

865

6,751

343

22.95

200.45

 

 

 

 

 

 

 

 

 

 

Prince George’s

0

705

0

999

215

1,919

167

17.51

104.58

Baltimore City

0

135

0

632

144

911

324

10.83

262.95

Montgomery

0

355

0

418

124

897

403

30.95

266.12

Baltimore

0

230

0

334

68

632

518

52.29

295.00

Anne Arundel

0

104

0

278

58

440

461

-15.71

176.73

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