MARYLAND FORECLOSURE ACTIVITY UP 6 PERCENT IN MARCH

Statewide Filings Jump 343 Percent From March 2007

 

IRVINE, Calif. – April 30, 2008 – Maryland reported 4,275 properties with foreclosure filings in March. After a 9 percent increase in February, statewide activity increased 6 percent for the month and soared 343 percent from March 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.

 

Maryland foreclosures are more than four times what they were this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Home sales throughout the state declined at a rate that was well above the national average last year. This is but one contributing factor to the overall rise in foreclosures we are now seeing.”

 

Maryland ranked 16th in the country in total foreclosure filings for the month. With one in every 538 households receiving a foreclosure filing, its foreclosure rate ranked 10th among the 50 states and was on par with the national average.

 

Top five counties responsible for bulk of state’s foreclosure activity

Five Maryland counties accounted for 72 percent of all foreclosure activity in the state for March. Prince George’s County led the way, reporting 1,128 properties with foreclosure filings for the month. Baltimore City came in second, documenting 675 properties with foreclosure filings. Montgomery County was third, reporting 641 properties with foreclosure filings. Fourth highest was Baltimore County, where 389 properties with foreclosure filings were reported. Anne Arundel County came in fifth, reporting 252 properties with foreclosure filings.

 

Prince George’s County posts top foreclosure rate for March

Prince George’s County tallied the highest county foreclosure rate in the state in March, with one in every 281 households receiving a foreclosure filing for the month — 1.9 times the state average and 1.9 times the national average. Charles County posted the state’s second highest rate, with one in every 311 households receiving a foreclosure filing — 1.7 times the state average and 1.7 times the national average. The third highest rate in the state was reported in Calvert County, where one in every 338 households received a foreclosure filing in March — 1.6 times the state average and 1.6 times the national average.

 

State a small contributor to nation’s foreclosure total in March

Total filings in Maryland accounted for 2 percent of the 234,685 properties with foreclosure filings reported nationwide in March. The national total represents a 5 percent increase from the previous month and is 57 percent ahead of the total reported for March 2007. One in every 538 U.S. households 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 by County – March 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,493

47,677

55,398

23,724

51,393

234,685

538

n/a

n/a

Maryland

0

1,698

5

2,222

350

4,275

538

1.00

n/a

 

 

 

 

 

 

 

 

 

 

Allegany

0

7

0

17

0

24

1,380

0.39

0.39

Anne Arundel

0

121

0

101

30

252

800

0.68

0.67

Baltimore

0

158

0

188

43

389

838

0.65

0.64

Baltimore City

0

413

1

151

110

675

439

1.24

1.23

Calvert

0

38

0

50

7

95

338

1.60

1.59

Caroline

0

0

0

15

0

15

892

0.61

0.60

Carroll

0

31

0

33

2

66

925

0.59

0.58

Cecil

0

15

0

29

1

45

883

0.61

0.61

Charles

0

43

0

117

5

165

311

1.74

1.73

Dorchester

0

3

0

18

2

23

701

0.77

0.77

Frederick

0

58

0

135

3

196

433

1.25

1.24

Garrett

0

11

0

6

0

17

1,092

0.50

0.49

Harford

0

11

0

65

20

96

986

0.55

0.55

Howard

0

64

0

82

10

156

659

0.82

0.82

Kent

0

5

0

7

0

12

869

0.62

0.62

Montgomery

0

181

2

430

28

641

561

0.97

0.96

Prince George‘s County

0

434

2

640

52

1,128

281

1.93

1.91

Queen Anne’s County

0

6

0

20

0

26

737

0.74

0.73

Saint Marys

0

23

0

30

3

56

717

0.76

0.75

Somerset

0

7

0

2

3

12

899

0.60

0.60

Talbot

0

7

0

9

1

17

1,132

0.48

0.48

Washington

0

26

0

47

18

91

657

0.83

0.82

Wicomico

0

6

0

17

7

30

1,313

0.41

0.41

Worcester

0

30

0

13

5

48

1,112

0.49

0.48

 

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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