Maryland Foreclosures Down in 2010

Foreclosure filings fall 2 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 42,446 Maryland properties for 2010, down 2 percent from a year ago, but still 31 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 1,635 Maryland properties in December 2010, an 18 percent increase from November, but still 76 percent below the level reported in December 2009. One in every 1,427 Maryland housing units received a foreclosure filing during the month.

 

“Maryland reported a slight drop in foreclosure filings from 2009 to 2010, though activity remained well above what was reported for 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “Joblessness within the area remains below the national average, though predictions abound that the state’s unemployment rate could tick up within 2011, thereby driving foreclosures further upward as well.”

 

One in every 55 Maryland housing units received a foreclosure filing in 2010, the 15th highest state foreclosure rate in the nation for the year.

 

Prince George‘s County post state’s top foreclosure rate in 2010

Prince George‘s County posted the highest foreclosure rate in Maryland in 2010, with one in every 27 housing units receiving a foreclosure filing — twice the state average. Charles County had the second highest rate, with one in every 36 housing units receiving a foreclosure filing in 2010 — 1.5 times the state average. The next highest was Frederick County, where one in every 44 housing units received a foreclosure filings during the year.

 

Prince George‘s County also led the state in foreclosure activity in 2010

Prince George’s County also led Maryland in foreclosure activity, reporting 11,810 properties with a foreclosure filing. Baltimore City had the second highest total, with 6,428 properties with foreclosure filings. Montgomery County was third highest, reporting 4,636 properties with foreclosure filings for the year. Baltimore County came in fourth, tallying 4,409 properties with foreclosure filings. Fifth highest total for the year was in Anne Arundel County, where 3,029 properties with foreclosure filings were reported.

 

State a minor contributor to total foreclosure activity in 2010

Maryland accounted for 1 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Maryland

0

10,538

0

21,322

10,586

42,446

55

0.82

n/a

 

 

 

 

 

 

 

 

 

 

Prince George’s

0

2,876

0

6,212

2,722

11,810

27

1.65

2.02

Charles

0

373

0

762

336

1,471

36

1.24

1.51

Frederick

0

483

0

941

544

1,968

44

1.01

1.24

Baltimore City

0

1,222

0

3,361

1,845

6,428

46

0.98

1.20

Calvert

0

184

0

368

138

690

47

0.95

1.16

 

 

Maryland Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

Maryland

0

10,538

0

21,322

10,586

42,446

55

-1.85

31.26

 

 

 

 

 

 

 

 

 

 

Prince George’s

0

2,876

0

6,212

2,722

11,810

27

-11.94

18.44

Baltimore City

0

1,222

0

3,361

1,845

6,428

46

26.86

43.77

Montgomery

0

1,371

0

1,760

1,505

4,636

79

-29.91

-0.32

Baltimore

0

995

0

2,447

967

4,409

74

27.46

57.24

Anne Arundel

0

760

0

1,632

637

3,029

67

9.55

45.70

 

 

 

Maryland Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Maryland

0

271

0

385

979

1,635

1,427

0.35

n/a

 

 

 

 

 

 

 

 

 

 

Calvert

0

7

0

8

33

48

680

0.74

2.10

Charles

0

17

0

13

40

70

764

0.66

1.87

Prince George’s

0

35

0

111

235

381

844

0.59

1.69

Somerset

0

4

0

2

5

11

1,003

0.50

1.42

Baltimore City

0

23

0

17

236

276

1,066

0.47

1.34

 

 

Maryland Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Maryland

0

271

0

385

979

1,635

1,427

18.05

-75.84

 

 

 

 

 

 

 

 

 

 

Prince George’s

0

35

0

111

235

381

844

-30.35

-81.93

Baltimore City

0

23

0

17

236

276

1,066

43.75

-70.89

Montgomery

0

56

0

81

80

217

1,682

114.85

-64.83

Baltimore

0

25

0

41

75

141

2,327

23.68

-76.58

Anne Arundel

0

18

0

37

64

119

1,716

45.12

-74.63

 

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