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Foreclosures Down Nationwide But Up in Maryland

Piggy bank in front of home to indicate home foreclosure

Foreclosure is one of the things that people struggling with debt fear most.  The rate of home foreclosures spiked with a recession beginning in 2008 as people across the country dealt with overburdened home mortgages, but thankfully nationwide foreclosures have been on the decline in recent years.  A recent market report indicated that 2018 has been a particularly good year for Americans across the country in terms of reducing the foreclosure rate, but Maryland residents are not benefitting from this downward trend.  Instead, Maryland remains one of the worst states for foreclosures in the nation.  Continue reading below for details on the report, and reach out to an experienced Maryland foreclosure defense lawyer with any questions or to discuss your financial needs.

Foreclosure rates down across the country, remain high in Maryland

ATTOM Data Solutions releases a quarterly Foreclosure Market Report analyzing foreclosure rates and trends nationwide and across each state, specifically looking at default notices, scheduled auctions, and bank repossessions.  The 2018 third and fourth quarter reports were generally encouraging across the country:  The Q3 2018 report showed an eight percent decrease in the number of foreclosures from the same quarter in 2017, down to the lowest foreclosure level since Q4 2005, making it the best report since before the recession.  The 2018 year-end report gave more evidence of the downward trend, showing that repossessions through foreclosure were at the lowest level they have been since 2006 at 230,305 properties, down 78% since they peaked in 2010 at 1,050,500 repossessions.

Unfortunately, not every state shared in the hopeful downward trend.  The reports indicate that Maryland was one of a handful of states with a year-over-year increase in Q3 2018, with 13% more foreclosure starts than the same period in 2017.  While nationwide one in every 757 properties had a foreclosure filing in this quarter, in Maryland, one in every 379 properties had such a filing.  The Q4 report indicated that Maryland’s foreclosure rate is the third worst in the country, with 0.86% of housing units statewide having a foreclosure filing, behind only Delaware (0.96%) and New Jersey (1.33%).  Baltimore’s foreclosure rate, 0.89% of housing units, placed it in the top ten cities across the country in terms of foreclosures.   

If you’re struggling with debt in Maryland and want help getting back on the right financial footing, contact an effective and dedicated Germantown bankruptcy lawyer at Haeger Law for a no-cost consultation at 888-463-3520.