MARYLAND FORECLOSURE ACTIVITY UP 20 PERCENT IN JANUARY

Foreclosure Activity Up 430 Percent From January 2007

 

IRVINE, Calif. – Feb. 26, 2008 – Maryland reported 3,681 foreclosure filings in January, a 20 percent increase from the previous month, and a 430 percent increase from January 2007, 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 million properties from nearly 2,500 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.

 

“Unemployment is up in Maryland due to a major influx in new job seekers to the state,” said James J. Saccacio, chief executive officer of RealtyTrac. “Foreclosure activity remains elevated, especially compared to the same time last year as the state’s economy deals with its lagging job market.”

 

Maryland ranked 18th in the country in total foreclosures reported for January. The state’s foreclosure rate of one foreclosure filing for every 618 households ranked it 15th among the 50 states.

 

Prince George’s County reports highest foreclosure total

Prince George’s County led the state in total foreclosure filings for the month, reporting 1,060 foreclosure filings in January. Montgomery City County posted the second highest foreclosure total, reporting 506 foreclosure filings. Baltimore City County had the third highest foreclosure total, with 415 foreclosure filings, followed by Baltimore County, in fourth place with 306 foreclosure filings for the month.

 

Prince George’s County posts highest foreclosure rate

Prince George’s County posted the highest foreclosure rate in Maryland for January, one foreclosure filing for every 296 households — 2.1 times the state average. Charles County reported the second highest foreclosure rate, one foreclosure filing for every 330 households — 1.9 times the state average. Frederick County registered the third highest foreclosure rate, one foreclosure filing for every 412 households — 1.5 times the state average.

 

State a minor contributor to nation’s total in January

Total foreclosure filings in Maryland accounted for less than 2 percent of the 223,001 foreclosure filings reported nationwide in January. The national total represents an 8 percent increase from the previous month, and is 57 percent above the total reported for January 2007. The nation’s foreclosure rate increased to one foreclosure filing for every 534 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

                       Maryland Foreclosure Market by County – January 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

Households per filing

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

52,321

60,101

19,662

55,590

45,327

233,001

534

n/a

n/a

Maryland

0

0

2,274

1,167

240

3,681

618

0.87

n/a

 

 

 

 

 

 

 

 

 

 

Allegany

0

0

4

9

0

13

2,545

0.21

0.24

Anne Arundel

0

0

136

123

25

284

702

0.76

0.88

Baltimore

0

0

152

126

28

306

1,061

0.50

0.58

Baltimore City

0

0

201

182

32

415

709

0.75

0.87

Calvert

0

0

47

13

1

61

519

1.03

1.19

Caroline

0

0

11

0

0

11

1,185

0.45

0.52

Carroll

0

0

39

36

1

76

795

0.67

0.78

Cecil

0

0

21

33

3

57

685

0.78

0.90

Charles

0

0

135

11

6

152

330

1.62

1.87

Dorchester

0

0

10

2

0

12

1,306

0.41

0.47

Frederick

0

0

163

38

1

202

412

1.30

1.50

Garrett

0

0

11

3

1

15

1,217

0.44

0.51

Harford

0

0

73

26

13

112

823

0.65

0.75

Howard

0

0

71

47

6

124

816

0.66

0.76

Kent

0

0

2

1

1

4

2,772

0.19

0.22

Montgomery

0

0

370

100

36

506

705

0.76

0.88

Prince George‘s County

0

0

630

361

69

1,060

296

1.80

2.08

Queen Anne’s County

0

0

20

4

0

24

783

0.68

0.79

Saint Mary’s

0

0

40

0

0

40

980

0.55

0.63

Somerset

0

0

8

3

1

12

882

0.61

0.70

Talbot

0

0

5

2

1

8

2,330

0.23

0.27

Washington

0

0

73

18

7

98

591

0.90

1.04

Wicomico

0

0

39

8

5

52

739

0.72

0.84

Worcester

0

0

13

21

3

37

1,413

0.38

0.44

 

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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