Montgomery had the second-lowest rate in the state
by Gazette StaffStaff Writer
The rate of home foreclosure filings in Montgomery County last month plunged 39.9 percent from February and 44.8 percent from March 2011, according to data in a new report from RealtyTrac of Irvine, Calif.
The statewide rate in March also fell, although not as steeply: 3.7 percent and 28.1 percent, respectively.
With one foreclosure filing per 3,722 households, Montgomery had the second-lowest rate in the state. Only Garrett County in Western Maryland had a lower rate, although with a much smaller sampling size.
The state’s rate in March was one filing per 1,539 households, more than twice the rate in Montgomery.
Nationally, foreclosure rates also decreased in March. But the U.S. average remained much higher than Maryland’s, with one filing per 662 households.
The recent lower rates “are not an indication that the massive reservoir of distressed properties built up over the past few years has somehow miraculously evaporated,” said Brandon Moore, CEO of RealtyTrac, in a statement. “The dam may not burst in the next 30 to 45 days, but it will eventually burst, and everyone downstream should be prepared for that to happen — both in terms of new foreclosure activity and new short sale activity.”
In Maryland, Prince George’s County regained its customary top ranking in March, with one filing per 666 households. Charles County was second last month, with one filing per 679 households.
For the first quarter, the rate in Montgomery County was up 4.8 percent from the fourth quarter of last year, but down 7.1 percent from a year earlier.