Maryland Foreclosure Activity Trends Downward in May

Total foreclosure filings statewide down 2 percent from April

 

Maryland foreclosure activity was down in May to 3,539 properties with foreclosure filings, a 2 percent decrease from the previous month, but still 51 percent ahead of May 2008, according to RealtyTrac’s® latest U.S. Foreclosure Market Report.  

 

“Although Maryland foreclosures decreased slightly in May, the numbers are up from this time last year by more than 50 percent,” said James j. Saccacio, chief executive officer of RealtyTrac. “While Maryland’s unemployment rate remains well below the national average, it did increase by nearly 3 percent over the past year. Its home prices also fell a bit further than the national average. These factors have definitely contributed to the overall rise.”

 

Maryland ranked 19th in the country in total foreclosures reported for the month. With one in every 655 housing units receiving a foreclosure filing, its foreclosure rate ranked 17th among the 50 states.

 

Five counties accounted for 78 percent of state’s foreclosure activity for May

Prince George’s County led all counties, reporting 1,293 properties with foreclosure filings for the month. Montgomery County posted the second highest total, where 828 properties with foreclosure filings were reported. Baltimore City had the third highest total, reporting 278 properties with foreclosure filings, followed by Frederick County, where 185 properties with foreclosure filings were tallied. Baltimore County held the fifth highest total, where 165 properties with foreclosure filings were reported for the month.

 

Prince George’s County posts state’s highest foreclosure rate for May

Prince George’s County posted the highest county foreclosure rate in Maryland, with one in every 247 housing units receiving a foreclosure filing during the month. Montgomery County had the second highest rate, with one in every 437 housing units receiving a foreclosure filing. Charles County posted the third highest rate, where one in every 446 housing units received a foreclosure filing during the month.

 

State contributes 1 percent to nation’s foreclosure activity for May

Foreclosure activity in Maryland represented 1 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 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 – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

Maryland

0

2,737

0

314

488

3,539

655

-2.05

50.92

 

 

 

 

 

 

 

 

 

 

Allegany

0

5

0

0

0

5

6,643

-64.29

-54.55

Anne Arundel

0

117

0

0

28

145

1,398

-20.33

-46.10

Baltimore

0

125

0

0

40

165

1,985

-36.05

-41.07

Baltimore City

0

248

0

4

26

278

1,060

-29.26

5.70

Calvert

0

51

0

0

1

52

622

13.04

-25.71

Caroline

0

12

0

0

0

12

1,129

100.00

71.43

Carroll

0

88

0

0

0

88

698

238.46

175.00

Cecil

0

32

0

0

1

33

1,214

312.50

94.12

Charles

0

115

0

1

2

118

446

-36.22

-28.48

Dorchester

0

0

0

1

0

1

16,489

-96.00

-75.00

Frederick

0

136

0

1

48

185

466

-9.31

66.67

Garrett

0

12

0

0

0

12

1,568

100.00

1100.00

Harford

0

77

0

0

4

81

1,183

-29.57

118.92

Howard

0

76

0

1

1

78

1,336

-29.09

52.94

Kent

0

9

0

0

2

11

963

10.00

 n/a

Montgomery

0

516

0

182

130

828

437

39.86

108.04

Prince George‘s County

0

977

0

120

196

1,293

247

10.51

216.91

Queen Anne’s County

0

25

0

0

0

25

782

13.64

525.00

Saint Mary’s

0

35

0

0

1

36

1,134

9.09

414.29

Somerset

0

10

0

1

0

11

991

83.33

 n/a

Talbot

0

7

0

0

0

7

2,826

-22.22

40.00

Washington

0

32

0

0

6

38

1,593

-66.37

-75.95

Wicomico

0

20

0

2

1

23

1,756

-17.86

53.33

Worcester

0

12

0

1

1

14

3,882

-73.08

-56.25

 

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