Maryland’s Foreclosures Rise in August 2012

While the nationwide foreclosure filings decreased in August 2012 compared to the previous year, Maryland’s foreclosure filings rose significantly, this according to RealtyTrac’s latest U.S. Foreclosure Market Report.

RealtyTrac reported that in August this year, Maryland’s foreclosure filings rose by 54% compared to the previous year. This significant rise ranked Maryland as number 4 in terms of states which registered a year-over-year increase in foreclosure filings. The top 3 states were Kentucky, New Jersey and New York.

Foreclosure filing is defined as default notice, scheduled auction and bank repossession.

Daren Blomquist, vice president of RealtyTrac, said in a statement, “Bucking the national trend, deferred foreclosure activity boiled over in several states in August.”

Nationwide, RealtyTrac announced that foreclosure filings were reported on 193,508 U.S. properties last August, a decrease by 15% from August 2011. This shows that one in every 681 U.S. housing units were with a foreclosure filing last month.

RealtyTrac’s August 2012 U.S. Foreclosure Market Report shows that foreclosure filings have risen in states, such as Maryland, where foreclosure process goes through the courts; and falling in “non-judicial states” or states where foreclosure process does not go through the courts.

CNN Money noted, “The flood of foreclosures now coursing through the judicial states has swelled in the aftermath of the $25 billion foreclosure abuse settlement, signed off on this past April, that laid out a clear path of conduct for lenders when pursuing foreclosures.”

Whether you are a first-time home buyer, first-time home seller, empty nester, thinking about selling a home or buying a home, do contact the Guldi Real Estate Group. In Southern Maryland, the Guldi Group is the number one real estate team.