Maryland Foreclosure Activity Falls in October

Foreclosure filings down 16 percent from September

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 3,169 Maryland properties during in October, a 16 percent decrease from the previous month and down 52 percent from the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity fell significantly in Maryland in October, down from both the previous month and the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment has remained below the national average and relatively steady at 7.3 percent, which has helped keep foreclosure filings at bay along with a new state law requiring mortgage lenders to offer mediation prior to foreclosing.”

 

One in every 736 Maryland housing units received a foreclosure filing in October, the 28th highest foreclosure rate in the nation.

 

Prince George’s County posts state’s top foreclosure rate and total for October

Prince George’s County posted the highest county foreclosure rate in Maryland for the month, with one in every 360 housing units receiving a foreclosure filing during October — 2.1 times the state average. Queen Anne’s County registered the second highest foreclosure rate, with one in every 534 housing units receiving a foreclosure filing during the month. Charles County was third highest, with one in every 540 housing units receiving a foreclosure filing.

 

Prince George’s County also dominates foreclosure activity in October

Prince George’s County also led the state in foreclosure activity, reporting 894 properties with foreclosure filings. Baltimore City tallied the second highest foreclosure level in the state, reporting 474 properties with foreclosure filings. Third highest total was in Montgomery County, where 364 properties with foreclosure filings were reported. Fourth highest was Baltimore County, where 344 properties with foreclosure filings were reported. Anne Arundel County was in fifth, tallying 252 properties with foreclosure filings. 

 

State a minor contributor to nation’s monthly foreclosure total

Maryland accounted for 1 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 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 – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Maryland

0

1,102

0

1,148

919

3,169

736

0.53

n/a

 

 

 

 

 

 

 

 

 

 

Prince George’s

0

337

0

322

235

894

360

1.08

2.05

Queen Anne’s

0

17

0

6

14

37

534

0.73

1.38

Charles

0

33

0

33

33

99

540

0.72

1.36

Baltimore City

0

141

0

186

147

474

621

0.63

1.19

Washington

0

39

0

30

28

97

627

0.62

1.17

 

 

Maryland Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Maryland

0

1,102

0

1,148

919

3,169

736

-15.81

-52.42

 

 

 

 

 

 

 

 

 

 

Prince George’s

0

337

0

322

235

894

360

-28.82

-56.26

Baltimore City

0

141

0

186

147

474

621

-18.97

-52.88

Montgomery

0

78

0

180

106

364

1,003

30.00

-53.03

Baltimore

0

125

0

116

103

344

954

-7.28

-48.35

Anne Arundel

0

81

0

98

73

252

810

-2.33

-50.59

 

 

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