Home Foreclosure Rates in Maryland Rise 32%
by admin ~ November 17th, 2008.According to a foreclosure prevention report, one of every 774 households in Maryland was in foreclosure in October. Maryland foreclosures jumped 32 % between September and October to 2,973, according to RealtyTrac Inc. Maryland posted a year-over-year percentage decrease, however, down 16 %. Of Maryland, Virginia and Washington, D.C., it was the only jurisdiction to post a decrease compared with the same period a year ago.
One of every 1,246 households in D.C. were in default in October. D.C.’s foreclosures were up 177 % year over year. RealtyTrac cautioned that incomplete data from the year before may distort comparisons in Washington DC from the prior year.
According to loan officer Pete Gaddi, Maryland homeowners seemed more likely to request a mortgage loan modification than a FHA home loan. Many consumers have started work with Loan Modification Companies in an effort to negotiate better mortgage rates on their home loan.
Virginia had the highest foreclosure rate in the region, with one of every 493 households in default. Virginia’s monthly increase in foreclosures in October was modest, up just 2.5 % to 6,555. The Washington area as a whole fared better than the nation on a per-household basis. One of every 452 households were in default nationwide in October. Nationally, foreclosures rose 5 % from September and 25 % from October 2007 to 279,561.
Nevada had the highest foreclosure rate with one out of ever.y 74 households in default. California had the highest number of foreclosures with 56,954, even as its foreclosure activity decreased. California foreclosures peaked in August at more than 100,000.
Category: Foreclosure news | Tags: foreclosure