Maryland Fourth In US for Foreclosures

By
Real Estate Agent with Bennett Realty Solutions

According to RealtyTrac, Maryland ranked fourth in the nation for the rate of home foreclosures in August, with new filings rising 24%. Most of the homes entered the foreclosure process years ago, but were delayed when the state entered the settlement with mortgage lenders.

 

Although there are more foreclosures, the overall home sale market remains healthy. Home prices are at their highest level in five years with an average price of $252,000.

The Maryland Department of Housing and Community Development issued the following statement, “The elevated level of foreclosure activity is due to severely delinquent loans which had been held back primarily because of servicer processing issues and have been moving through the foreclosure process at an increasing pace since the beginning of 2013.”

The state’s foreclosure rate improved from 16.7 foreclosures per 10,000 households in July to 16.4 per 10,000 in August. July was the peak for foreclosures, ranking Maryland second nationwide for foreclosure filings.

Pattie Zanders is a realtor with Exit Bennett Realty in Greenbelt, MD, one of the fastest growing brokerage in Prince George's County Maryland. Her expertise is in 1st time homebuyers programs and short sales. She is the local expert for Capitol Heights MD Homes for Sale, Clinton MD Homes for Sale, District Height MD Homes for Sale, Fort Washington MD Homes for Sale, Suitland MD Homes for Sale, Temple Hills MD Homes for Sale, and Upper Marlboro MD Homes for Sale and other metropolitan Washington, DC areas. For a realtor who focuses on customer service and getting results, call today at (301) 919-8858.

 

Comments (1)

Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Pattie, I just read a report about foreclosure rate going up in Pennsylvania.

Dec 13, 2013 04:56 AM