MARYLAND FORECLOSURE ACTIVITY UP 32 PERCENT IN OCTOBER


Foreclosure Filings StatewideDecrease 16 Percent From October 2007

 

IRVINE, Calif. – Nov. 26, 2008 – Foreclosure filings were reported on 2,973 Maryland properties inOctober, an increase of 32 percent from the previous month, and 16 percentbelow the level reported for October 2007, according to the latest RealtyTrac®U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive nationaldatabase of foreclosure andbank-owned properties, with over 1.5 million properties from over 2,200 countiesacross the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real EstateJournal.

 

“Foreclosure filings in Maryland increasedsubstantially between September and October, though activity remains below whatwas reported at the same time last year,” said James J. Saccacio, chiefexecutive officer of RealtyTrac. “While the state’s employment rate remainsbetter than that of the nation, the impact of the national economic crisis istaking its toll on Maryland residents in terms of increased foreclosures,mounting credit issues and lower consumer spending.”

 

Maryland ranked 22nd in the countryin total properties with foreclosure filings for October. One in every 774Maryland housing units received a foreclosure filing during the month, ranking23rd among the 50 states.

 

Prince George’s County tops in foreclosure activityfor October

Prince George’s County led the state reporting934 properties with foreclosure filings for the month. Montgomery County camein second highest, reporting 654 properties with foreclosure filings. BaltimoreCity County ranked third highest, reporting 327 properties with foreclosurefilings. Baltimore County came in fourth place, documenting 281 properties withforeclosure filings.

 

Prince George’s County post state’s top foreclosurerate for October

Prince George’s County posted the highest foreclosure rate in Maryland for October, withone in every 340 housing units receiving a foreclosure filing during the month— 2.3 times the state average. Montgomery County registered the secondhighest foreclosure rate, where one in every 550 housing units received aforeclosure filing. Charles County documented the thirdhighest foreclosure rate, where one in every 634 housing units received a foreclosurefiling during the month.

 

State a minor contributor to nation’s foreclosure totalin October

Maryland accounted for 1 percent of the 279,561properties with foreclosure filings reported nationwide in October. Thenational total represented an increase of more than 5 percent from the previousmonth and was almost 25 percent ahead of the total reported for October 2007.The nation’s foreclosure rate rose to one in every 452 U.S. housing units receiving aforeclosure filing during the month.

 

Reportmethodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a countof the total number of properties with at least one foreclosure filing reportedduring the month — broken out by type of filing at the county, state and nationallevel. RealtyTrac’s report incorporates documents filed in all three phases offoreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice ofForeclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties(that have been foreclosed on and repurchased by a bank). If more than oneforeclosure document is filed against a property during the month — which isextremely rare — only the most recent filing is counted in the report. Thereport also checks if the same type of document was filed against a property ina previous month. If so, and if that previous filing occurred within theestimated foreclosure timeframe for the state the property is in, the reportdoes not count the property in the current month.

 

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

 

Maryland ForeclosureMarket Data by County – October 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

36,036

66,033

66,319

26,305

84,868

279,561

452

n/a

n/a

Maryland

0

2,238

0

271

464

2,973

774

0.58

n/a

 

 

 

 

 

 

 

 

 

 

Allegany

0

9

0

0

1

10

3,313

0.14

0.23

Anne Arundel

0

141

0

31

2

174

1,159

0.39

0.67

Baltimore

0

255

0

2

24

281

1,160

0.39

0.67

Baltimore City

0

276

0

9

42

327

905

0.50

0.85

Calvert

0

35

0

6

8

49

655

0.69

1.18

Caroline

0

10

0

0

1

11

1,216

0.37

0.64

Carroll

0

3

0

0

8

11

5,551

0.08

0.14

Cecil

0

19

0

0

2

21

1,892

0.24

0.41

Charles

0

63

0

7

11

81

634

0.71

1.22

Dorchester

0

5

0

1

3

9

1,792

0.25

0.43

Frederick

0

57

0

21

22

100

850

0.53

0.91

Garrett

0

5

0

0

0

5

3,714

0.12

0.21

Harford

0

72

0

1

6

79

1,198

0.38

0.65

Howard

0

47

0

7

19

73

1,408

0.32

0.55

Kent

0

12

0

0

0

12

869

0.52

0.89

Montgomery

0

455

0

62

137

654

550

0.82

1.41

Prince George’s County

0

651

0

123

160

934

340

1.33

2.28

Queen Anne’s County

0

10

0

0

0

10

1,916

0.24

0.40

Saint Mary’s

0

26

0

0

4

30

1,338

0.34

0.58

Somerset

0

1

0

0

0

1

10,792

0.04

0.07

Talbot

0

6

0

0

0

6

3,208

0.14

0.24

Washington

0

24

0

0

6

30

1,992

0.23

0.39

Wicomico

0

16

0

0

3

19

2,073

0.22

0.37

Worcester

0

40

0

1

5

46

1,160

0.39

0.67

 

About RealtyTrac Inc.

Rankedas the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastestgrowing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosureproperties, providing all the resources that home seekers, investors and realestate agents need to locate, evaluate and buy properties below market value.

 

Foundedin 1996, RealtyTrac publishes the largest and most comprehensive nationaldatabase 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 hostsnearly 3 million unique visitors monthly and has been chosen to supplyforeclosure 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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