Foreclosures Rose in 2012, But Maryland Remained Below National Average

foreclosure_imageMaryland foreclosures rose nearly 20 percent in 2012 as lenders, encouraged by the state’s improving housing market, finally began addressing their backlog of seriously delinquent loans. Visit DHCD’s website at Mdhousing.org to read the fourth quarter report.

RealtyTrac, the California-based monitoring firm, reported 17,126 foreclosure events in Maryland last year, compared to 14,421 events in 2011. “Events” include notices of default, foreclosure sales and lender purchases.

Maryland’s foreclosure rate of 72 foreclosures per 10,000 households was the 15thlowest in the nation and, with the exception of West Virginia, lowest among neighboring states. Maryland’s rate was more than 48 percent below the national average.

Last year’s increase was expected, after the settlement between state attorneys general and the nation’s five largest lenders brought the robo-signing scandal to closure. And last year’s volume is dwarfed by the numbers of foreclosures during the height of the crisis:  42,446 events in 2010; 43,248 events in 2009 and 32,338 events in 2008.

Since the advent of the crisis, the O’Malley-Brown administration has fought foreclosures on multiple fronts, bringing broad stakeholder engagement in fashioning innovative solutions and partnerships to help Maryland families avoid losing their most significant investment. Visit DHCD’s MDHOPE website to learn more about the resources available to homeowners through programs such as foreclosure mediation and the HOPE Counseling Network.

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