Maryland Foreclosure Activity Up in February

Statewide filings increase 10 percent from January; rate #10 nationally

 

Foreclosure activity in Maryland increased in February to 5,732 properties with foreclosure filings, up 10 percent from the previous month and 80 percent above the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 407 Maryland housing units received a foreclosure filing in February, ranking it 10th in the nation.

 

“Maryland foreclosures were up in February,” said James J. Saccacio, chief executive officer of RealtyTrac. “The biggest increase was in default notices, which climbed 49 percent during the month. While unemployment here remains relatively low, home prices have continued to decline further than the national average, giving distressed homeowners fewer options.”

 

California continued to lead the nation in total foreclosures in February with 68,562 properties reporting foreclosure filings. Florida maintained number two status, reporting 54,032 properties with foreclosure filings for the month. Michigan took over third place, documenting 20,028 properties with foreclosure filings. Illinois remained fourth highest at 17,312 properties with foreclosure filings. Close behind at 16,718 properties with foreclosure filings, Arizona fell to fifth place for the month.

 

The remaining states in the nation’s top 10 for total foreclosure activity in February were Texas (12,638), Georgia (12,177), Ohio (11,286), Nevada (11,035) and Maryland (5,732). In all, the top 10 accounted for 74 percent of all foreclosure filings in the nation for February.

 

Prince George’s County posts top foreclosure rate in the state for February

Prince George’s County posted the state’s highest county foreclosure rate in February, with one in every 180 housing units receiving a foreclosure filing — 2.3 the state average. Charles County was second, with one in every 302 housing units receiving a foreclosure filing — 1.4 times the state average. Calvert County came in third highest, with one in every 320 housing units receiving a foreclosure filing — 1.3 times the state average.

 

Prince George’s County led the state in total foreclosures in February

Prince George’s County led the way, totaling 1,789 properties with foreclosure filings for the month. Baltimore City was second, documenting 833 properties with foreclosure filings. Montgomery County ranked third highest, reporting 676 properties with foreclosure filings for the month. Baltimore County came in fourth place, reporting 609 properties with foreclosure filings, while the fifth highest total was in Anne Arundel County, where 412 properties with foreclosure filings were reported for the month.

 

State contributes 4 percent to nation’s month foreclosure total

Maryland accounted for 4 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: DefaultNotice 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 received for a property during the month, 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 – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Maryland

0

2,518

0

2,160

1,054

5,732

407

1.03

n/a

 

 

 

 

 

 

 

 

 

 

Prince George’s

0

943

0

576

270

1,789

180

2.33

2.26

Charles

0

89

0

59

29

177

302

1.38

1.35

Calvert

0

59

0

35

8

102

320

1.31

1.27

Baltimore City

0

329

0

333

171

833

353

1.18

1.15

Kent

0

12

0

12

4

28

385

1.09

1.06

 

 

 

Maryland Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Jan 10

% Chg

Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Maryland

0

2,518

0

2,160

1,054

5,732

407

9.62

80.48

 

 

 

 

 

 

 

 

 

 

Prince George’s

0

943

0

576

270

1,789

180

58.74

71.03

Baltimore City

0

329

0

333

171

833

353

-33.41

244.21

Montgomery

0

294

0

161

221

676

540

39.09

-3.43

Baltimore

0

228

0

294

87

609

539

11.74

325.87

Anne Arundel

0

180

0

173

59

412

496

0.49

198.55

 

 

 

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