Maryland Foreclosure Rate Finally Dropping

Dated: 09/13/2013

Views: 1200

The Maryland foreclosure rate dropped from 16.7 foreclosures per 10,000 homes in July to 16.4 per 10,000 in August, A small but welcome change.  July was Maryland's peak month for foreclosures in the state, and Maryland ranked second in the country for foreclosure filings in July.  Maryland's ranking dropped to fourth in the country for August.

“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,”  Said a statement from The Maryland Department of Housing and Community Development.

The trend upwards this year doesn't seem to be related to homeowners in financial distress, but a wave of stalled foreclosures now being processed due to Maryland entering a court settlement with mortgage lenders.  Most of these filings entered the process as far back as 2009.  
We have seen a rise in the number of HUD and other REO properties coming on the market since January.  But may start to dwindle as new filings may be trending down.
The Anne Arundel housing market shows signs of steady growth.  It is a great time for sellers as the average number of listings has gone down 33% from this time last year in Anne Arundel county.  With less property for sale, the seller gains advantage because there is just not that much to choose from.  Prices are rising, average price of sold homes is up %4.79 percent over this time last year. And the number of sold properties is up %24.25 from last year 

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