Maryland Foreclosures Falls in November

Foreclosure filings down 56 percent from October

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,385 Maryland properties in November, down 56 percent from the previous month and a 78 percent fall from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

One in every 1,685 Maryland housing units received a foreclosure filing in November, the 41st highest state foreclosure rate in the nation.

 

“Foreclosure activity in Maryland dropped substantially in November to well below what was reported for both the previous month and the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “In fact, November foreclosure filings dropped more in Maryland than the national average, which is particularly significant since this latest national decline in activity was noted as the most substantial drop reported in more than 10 years.”

 

Prince George’s County achieves top foreclosure rate in November

Prince George’s County posted the highest foreclosure rate in Maryland for November, with one in every 588 housing units receiving a foreclosure filing — 2.9 times the state average. Caroline County had the second highest foreclosure rate, reporting one in every 907 housing units receiving a foreclosure filing — 1.9 times the state average. Charles County came in third, with one in every 1,162 housing units receiving a foreclosure filing — 1.5 times the state average.

 

Prince George’s County dominates state foreclosure activity in November

Prince George’s County also led Maryland in foreclosure activity, reporting 547 proprieties with a foreclosure filing. Baltimore City County had the second highest total, reporting 192 properties with foreclosure filings. Baltimore County was third highest, tallying 114 properties with foreclosure filings. Montgomery County reported 101 properties with foreclosure filings for the month, the state’s fourth highest activity level. Anne Arundel County was fifth, reporting 82 properties with foreclosure filings.

 

State a minor contributor to total foreclosure total

Maryland accounted for less than 1 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

Maryland

0

304

0

366

715

1,385

1,685

0.29

n/a

 

 

 

 

 

 

 

 

 

 

Prince George’s

0

91

0

149

307

547

588

0.84

2.87

Caroline

0

2

0

4

9

15

907

0.54

1.86

Charles

0

5

0

17

24

46

1,162

0.42

1.45

Somerset

0

3

0

1

5

9

1,226

0.40

1.37

Dorchester

0

4

0

4

3

11

1,506

0.33

1.12

 

 

Maryland Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

Maryland

0

304

0

366

715

1,385

1,685

-56.30

-78.26

 

 

 

 

 

 

 

 

 

 

Prince George’s

0

91

0

149

307

547

588

-38.81

-73.82

Baltimore City

0

44

0

27

121

192

1,533

-59.49

-76.92

Baltimore

0

20

0

29

65

114

2,878

-66.86

-83.64

Montgomery

0

6

0

36

59

101

3,614

-72.25

-89.39

Anne Arundel

0

30

0

25

27

82

2,490

-67.46

-68.46

 

 

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