MARYLAND FORECLOSURES INCREASE 69 PERCENT IN MAY

Activity Up 579 Percent From a Year Ago

 

IRVINE, Calif. – June 15, 2007 – Maryland reported 1,766 foreclosure filings in May, a 69 percent increase from the previous month, and a 579 percent increase from level reported for May 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 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 up more than six times from where they were this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics for the first quarter of 2007 show that home sales throughout the state have declined more than the national average. This is likely contributing to the large increase we’re seeing in foreclosure activity.”

 

Maryland ranked 22nd in the country in total foreclosures for May. The state’s foreclosure rate of one foreclosure filing for every 1,213 households ranked it 22nd among the 50 states.

 

Top five counties account for bulk of state total

Foreclosure filings in five counties accounted for 82 percent of all foreclosure filings in Maryland for May. Prince George’s County held the highest total for the month with 594 foreclosure filings. Baltimore County came in second with 325 foreclosure filings, followed by Baltimore City with 259 filings. Anne Arundel County held the fourth highest total with 139 foreclosure filings, followed by Montgomery County with 130 foreclosure filings.

 

Prince George’s County posts highest foreclosure rate

Prince George’s County posted the highest foreclosure rate in Maryland for May, reporting one foreclosure filing for every 509 households — 2.4 times the state average and 1.3 times the national average. Washington County reported the second highest rate with one foreclosure filing for every 726 households — 1.7 times the state average. Harford County was third with one filing for every 848 households — 1.4 times the state average. Baltimore County reported the fourth highest foreclosure rate with one foreclosure filing for every 965 households — 1.3 times the state average, followed by Charles County with one filing for every 1,155 households.

 

State makes minor contribution to national total

Total foreclosure filings in Maryland accounted for about 1 percent of the 176,137 foreclosure filings nationwide in May. The national total was up 19 percent from the previous month and up 90 percent from May 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 657 U.S. households during 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 – May 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

55,615

56,481

9,760

25,733

28,548

176,137

656

n/a

n/a

Maryland

1,119

480

0

0

167

1,766

1,213

0.54

n/a

 

 

 

 

 

 

 

 

 

 

Allegany

0

2

0

0

0

2

16,492

0.04

0.07

Anne Arundel

95

36

0

0

8

139

1,345

0.49

0.90

Baltimore

203

81

0

0

41

325

965

0.68

1.26

Baltimore City

187

25

0

0

47

259

1,160

0.57

1.05

Calvert

 1

17

0

0

1

19

1.346

0.49

0.90

Caroline

0

1

0

0

0

1

12,028

0.055

0.10

Carroll

0

14

0

0

0

14

3,876

0.17

0.31

Cecil

0

0

0

0

0

0

n/a

0.00

0.00

Charles

2

36

0

0

0

38

1,155

0.57

1.05

Dorchester

0

0

0

0

0

0

n/a

0.00

0.00

Frederick

2

35

0

0

1

38

1,922

0.34

0.63

Harford

80

3

0

0

15

98

848

0.77

1.43

Howard

0

21

0

0

2

23

4,036

0.16

0.30

Kent

0

1

0

0

0

1

9,410

0.07

0.13

Montgomery

88

32

0

0

10

130

2,574

0.26

0.47

Prince George’s

400

167

0

0

27

594

509

1.29

2.38

Queen Anne’s

0

0

0

0

0

0

n/a

0.00

0.00

Saint Mary’s

1

6

0

0

0

7

1,442

0.46

0.84

Somerset

0

0

0

0

0

0

n/a

0.00

0.00

Talbot

3

0

0

0

2

5

3,300

0.20

0.37

Washington

57

3

0

0

13

73

726

0.90

1.67

Wicomico

0

0

0

0

0

0

n/a

0.00

0.00

Worcester

0

0

0

0

0

0

n/a

0.00

0.00

 

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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