Maryland Community Newspapers Online
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Maryland Community Newspapers Online
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Foreclosures continue; housing prices declineWith falling home prices, increasing inventory and a skyrocketing foreclosure rate, housing trends in Maryland have been mirroring those nationwide. The number of foreclosures in Maryland jumped from 3,681 in January to 4,016 in February, according to data released recently by RealtyTrac Inc. of Irvine, Calif., which monitors foreclosures. The company now scours newspapers for foreclosure rates, but is in the process of turning to only courts for its data. Prince George’s County had the state’s highest foreclosure rate last month, with one home out of every 237 foreclosed — a total of 1,324 foreclosures. It was an increase of 25 percent from January and 1,476 percent from February 2007. Foreclosures rose in Montgomery County, with 540 foreclosures in February, up 7 percent from January and 395 percent from a year ago. The nationwide foreclosure rate decreased by about 4 percent in February from January, but was still nearly 60 percent higher than in February 2007. In the fourth quarter of 2007, 2.5 percent of the more than 1 million loans serviced in Maryland were seriously delinquent, or more than 90 days past due, according to the survey. That’s slightly lower than the nationwide delinquency rate last quarter of 5.8 percent.
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