Maryland Foreclosure Activity Up in May

Statewide foreclosure filings increase 7 percent from April; up 65 percent from May 2009

 

Foreclosure activity in Maryland rose 7 percent in May to 5,852 properties with foreclosure filings and 65 percent from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Maryland foreclosures were up during the month of May,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest climb was in auctions, which jumped 12 percent. While the state’s unemployment rate remains well below the national average, its home prices and home sales declined more than most states during the first quarter. This has likely contributed to the recent rise.”

 

Maryland ranked 12th in the country in total foreclosures reported for the month. With one in every 399 housing units receiving a foreclosure filing, its foreclosure rate ranked 10th among the 50 states.

 

Prince George’s County dominates foreclosure rate in May

Prince George’s County posted the highest foreclosure rate in Maryland for May, with one in every 185 housing units receiving a foreclosure filing — 2.2 times the national average. Charles County came in second, with one in every 218 housing units receiving a foreclosure filing — 1.8 times the national average. Queen Anne’s County had the third highest foreclosure rate, with one in every 282 housing units receiving a foreclosure filing. Calvert County documented fourth highest rate, with one in every 311 housing units receiving a foreclosure filing.

 

Prince George’s County tops in foreclosure total for May

Prince George’s County came out on top, reporting 1,738 properties with foreclosure filings for the month. Baltimore City followed in second, documenting 847 properties with foreclosure filings. Reporting 613 properties with foreclosure filings for the month, Baltimore County reported the third highest ranking. Montgomery County was fourth highest, reporting 467 properties with foreclosure filings.

 

State contributes 2 percent to nation’s monthly foreclosure total in May

Maryland accounted for 2 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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: 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 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Maryland

0

2,595

0

2,325

932

5,852

399

1.00

n/a

 

 

 

 

 

 

 

 

 

 

Prince George’s

0

787

0

670

281

1,738

185

2.16

2.15

Charles

0

137

0

88

20

245

218

1.83

1.83

Queen Anne’s

0

30

0

31

9

70

282

1.42

1.41

Calvert

0

65

0

35

5

105

311

1.28

1.28

Frederick

0

138

0

92

44

274

319

1.25

1.25

 

Maryland Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Maryland

0

2,595

0

2,325

932

5,852

399

7.46

65.36

 

 

 

 

 

 

 

 

 

 

Prince George’s

0

787

0

670

281

1,738

185

26.58

34.42

Baltimore City

0

305

0

432

110

847

347

5.22

204.68

Baltimore

0

243

0

272

98

613

535

6.06

271.52

Montgomery

0

169

0

149

149

467

782

-28.04

-43.60

Anne Arundel

0

210

0

128

62

400

510

1.01

175.86

 

 

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