Maryland Reports New Surge in Foreclosures in August

Foreclosure activity in Maryland rose 7 percent in August to 5,491 properties with foreclosure filings, up 71 percent from the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity increased in Maryland in August above the level reported for July and far above what was reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “After hitting a 26-year high, the state’s unemployment rate held steady at 7.2 percent, giving some homeowners hope that Maryland’s economy may be improving.”

 

One in every 422 Maryland housing units received a foreclosure filing in August, the 12th highest foreclosure rate in the nation.

 

Prince George’s County posts state’s top foreclosure rate in August

Prince George’s County posted the highest county foreclosure rate in the state for August, with one in every 196 housing units receiving a foreclosure filing — 2.2 times the state average. Charles County had the second highest foreclosure rate, with one in every 223 housing units receiving a foreclosure filing during the month — 1.9 times the state average. Queen Anne’s County posted the third highest foreclosure rate, where one in every 296 housing units received a foreclosure filing — 1.4 times the state average.

 

Prince George’s County leads the state in foreclosure totals for August

Prince George’s County also tallied the highest activity level, tallying 1,633 properties with foreclosure filings for the month. Baltimore City County had the second highest total of foreclosure filings, documenting 822 properties with foreclosure filings. Reporting 685 properties with foreclosure filings for the month, Montgomery County reported the third highest total in the state. Anne Arundel County was fourth highest, reporting 522 properties with foreclosure filings, while the fifth highest total was in Baltimore County, where 415 properties with foreclosure filings were reported for the month.

 

State a contributor to the nation’s foreclosure activity in August

Maryland accounted for 2 percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 U.S. housing units 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 Top Foreclosure Rates By County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Maryland

3

2,944

0

2,162

382

5,491

422

0.85

n/a

 

 

 

 

 

 

 

 

 

 

Prince George’s

2

875

0

617

139

1,633

196

1.82

2.16

Charles

0

62

0

163

11

236

223

1.60

1.89

Queen Anne’s

0

40

0

19

7

66

296

1.20

1.42

Frederick

0

134

0

134

9

277

311

1.15

1.36

Baltimore City

1

459

0

313

49

822

359

1.00

1.18

 

 

Maryland Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Maryland

3

2,944

0

2,162

382

5,491

422

6.58

70.69

 

 

 

 

 

 

 

 

 

 

Prince George’s

2

875

0

617

139

1,633

196

-11.11

75.59

Baltimore City

1

459

0

313

49

822

359

85.55

82.67

Montgomery

0

343

0

302

40

685

528

-26.42

26.38

Anne Arundel

0

291

0

195

36

522

388

286.67

194.92

Baltimore

0

243

0

150

22

415

789

14.96

42.61

 

 

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