At Home With Lisa-Where Does Maryland Rank in Foreclosures For All 50 States

Amid rising mortgage rates and falling home sales, foreclosures are on the upswing. The number of U.S. properties with foreclosure filings in May was 30,881, according to ATTOM Data Solutions. This is up over 185% from a year ago and makes May the 13th consecutive month showing year-over-year U.S. foreclosure activity increases. And with the National Association of Realtors® reporting that the median home price has reached a record $407,600, home ownership is becoming more difficult for both new buyers as well as existing owners.

It is also worth noting that the rate of foreclosure filings was relatively flat from April to May, up by roughly 1%. The experts at ATTOM say this aligns with the slow, steady climb they expected. Foreclosure activity has begun returning to normal levels as government and industry programs that prevented unnecessary defaults due to the pandemic are ending. However, historically high inflation and its impact on prices for necessities is likely to trigger even more foreclosure activity.

According to ATTOM, year-over-year foreclosure increases will likely continue for the rest of 2022; however, they still expect foreclosures to stay below historic levels at least through the end of the year. 

So where does Maryland sit in all of this?

7. Maryland

Ranked 18th for most populated state, Maryland took seventh place for highest foreclosure rate. With a total of 2,530,844 housing units, of which 815 housing units went into foreclosure, the state’s foreclosure rate was one in every 3,105 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Charles, Kent, Prince George’s County, Garrett, Caroline, and Washington.

And in case your were wondering:
The states with the highest foreclosure rates, Illinois, New Jersey, and Delaware took the top three spots, respectively.

Now, What happens if your circumstances have changed to the point that you feel you have no option but let the bank foreclosed? Perhaps you have experienced loss of employment, reduced Income, business failure, death of a wage earner, severe illness, divorce and more.  You're not the only one that feels this strain. And then the prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind.

 That's where the CDPE agent comes in.  They have the tools needed to help homeowners find the best solution for their situation. Often, when other options have been exhausted, CDPEs can help homeowners avoid foreclosure through the efficient execution of a short sale.  So don't feel like you are stuck with  no way out.  Contact me and let's discuss your options. 

I'm Lisa Longest with Realty Navigator. I am a full time Realtor® GRI® RENE® CDPE® and PSA® in Anne Arundel and Queen Anne  Counties.  I am here for all your real estate needs. If you are looking to buy, sell or question me about the market in your area, feel free to contact me. My email is LisaLongest.RE@Gmail.com and cell is 443-786-4200