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.
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