Maryland Foreclosure Activity Falls in August

Filings decrease 30 percent from July

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,859 Maryland properties in August, a 30 percent decrease from the previous month and a 12 percent decrease from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

“Maryland reported a welcome drop in foreclosure activity in August, well below the previous month and the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Helping to keep foreclosure filings at bay is Maryland’s relatively low unemployment rate, which remains well below the national average, even with a recent jump to 7.3 percent.”

 

The state reported the 15th highest state foreclosure rate, as one in every 480 Maryland housing units received a foreclosure filing during the month.

 

Prince George’s County leads the state in foreclosure rate and total for August

Prince George’s County, where one in every 248 housing units received a foreclosure filing during the month, posted the top foreclosure rate in the state. Prince George’s County also led the state in total foreclosure activity, reporting 1,298 properties with foreclosure filings.

 

One in every 354 housing units received a foreclosure filing in Charles County, for the second highest rate in the state. Coming in third was Frederick County, where one in every 378 housing units received a foreclosure filing in August. Fourth highest was Somerset County, where one in every 380 housing units received a foreclosure filing. Baltimore City came in fifth, with one in every 383 housing units receiving a foreclosure filing during the month.

 

Second highest total was in Baltimore City, where 769 properties with foreclosure filings were reported. Baltimore County came in third, tallying 555 properties with foreclosure filings. Fourth highest was Montgomery County, where 470 properties with foreclosure filings were reported. Anne Arundel County came in fifth, reporting 318 properties with foreclosure filings for the month.

 

State a minor contributor to nation’s monthly foreclosure total

Maryland accounted for 1 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 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 – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

Maryland

0

890

0

3,254

715

4,859

480

0.79

n/a

 

 

 

 

 

 

 

 

 

 

Prince George’s

0

281

0

859

158

1,298

248

1.54

1.94

Charles

0

33

0

90

28

151

354

1.08

1.36

Frederick

0

39

0

163

29

231

378

1.01

1.27

Somerset

0

9

0

14

6

29

380

1.00

1.26

Baltimore City

0

71

0

540

158

769

383

1.00

1.25

 

 

Maryland Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

Maryland

0

890

0

3,254

715

4,859

480

-30.20

-11.51

 

 

 

 

 

 

 

 

 

 

Prince George’s

0

281

0

859

158

1,298

248

-38.28

-20.51

Baltimore City

0

71

0

540

158

769

383

-11.00

-6.45

Baltimore

0

52

0

426

77

555

591

-5.93

33.73

Montgomery

0

131

0

271

68

470

777

-40.88

-31.39

Anne Arundel

0

47

0

220

51

318

642

-34.97

-39.08

 

 

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