Maryland reeling under new wave of foreclosures

Thousands of Marylanders are losing homes in second wave of foreclosures
By Annys Shin, Published: August 10

Maryland is getting a second dose of the housing crisis — a sequel that foreclosure experts and state officials knew was coming but no one wanted to see.

Between January and June, Maryland went from having one of the lowest foreclosure rates in the nation to the third highest as banks worked their way through a backlog of delinquent loans, created in part by the state’s long foreclosure process.

In the first three months of the year, there were 9,339 foreclosure filings in Maryland, more than twice the total of a year earlier but still far below the peak of 16,788 during the last three months of 2009, state data shows. That year, there were about 50,000 foreclosure filings.

Foreclosure hot spots, once concentrated in Prince George’s County and Baltimore, are suddenly appearing across the state, in communities from Baltimore County to the Eastern Shore, especially in areas that have yet to recover from the recession and where unemployment rates remain high. For many Marylanders battling to keep their homes, it might as well still be 2008.

Read more.

Leave a Reply

Your email address will not be published. Required fields are marked *