Maryland had highest rate of new foreclosure filings in U.S. (Balt Sun and Biz Journal)
The rate of new foreclosure filings in Maryland far exceeded any other state’s this spring, a spike caused in large part by the national robo-signing legal settlement that unleashed a flood of new cases.
Almost 20 in every 1,000 home loans in Maryland — twice the national average — were drawn into the foreclosure process during April, May and June, according to survey data released Thursday by the Washington-based Mortgage Bankers Association.
“If you look at what’s going on in foreclosure starts, Maryland now has exceeded Florida, has exceeded Georgia — some of the states that have been up there at the top in terms of the percent of loans on which foreclosure actions have started,” said Jay Brinkmann, the trade group’s chief economist.
James Briggs Reporter- Baltimore Business Journal
Maryland’s foreclosure rate, believed by many to have been artificially low in recent months, could be coming in line with reality.
Maryland foreclosures in July jumped 14.1 percent since June and 29.8 percent since July 2011, the 10th-highest year-over-year increase in the nation.
As of July, 1,596 Maryland housing units, or one out of every 1,490, were in foreclosure, according to research firm RealtyTrac Inc.
Maryland departed from the rest of the country, as the United States’ year-over-year foreclosure rate declined for the 22nd straight month. Nationally, one out of every 686 housing units is in foreclosure.
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