If you thought the housing crisis was a thing of the past, then you’ll have a hard time explaining the latest foreclosure numbers in the state of Maryland. Maryland foreclosures grew by a staggering 275% in July 2013 compared to July 2012.
This is based on research from RealtyTrac Inc., which places Maryland as the far and away leader in terms of current foreclosure growth rates or spikes in states across the country. The state with the second highest increase was Oregon, with 137%, followed by New Jersey at 89%. This shows even more clearly how much of an outlier the state of Maryland is right now with its foreclosures.
Overall, Maryland’s foreclosure rate is the second highest in the country. This is up from 7th highest in April, when the rate had already risen to one out of every 650 homes, compared to one out of every 905 homes nationwide.
Meanwhile, RealtyTrac shows that in August 2013, foreclosures were down 44% overall compared to August 2012. So even as the country’s foreclosure rate is dropping, Maryland’s is surging.
As experienced foreclosure defense attorneys in Maryland, it’s important to explain these staggering figures, and the drastic differences between what’s happening here in Maryland, and what’s happening elsewhere across the country.
The main reason for this is that Maryland was one of the states who early on in the housing crisis enabled careful and lengthy judicial proceedings to take place before foreclosures were processed, and legislation was put in place to protect homeowners more than in other states.
However, at this point in time, many of those foreclosures which had been stalled or put on the back burner are now coming to their conclusion. While many homeowners were initially saved, many others were headed in this direction and it took them longer to reach that destination than in other states.
If you’re facing foreclosure or are in need of other financial assistance and protection, then you need the assistance of experienced foreclosure defense attorneys and bankruptcy attorneys in Maryland.
Call the Law Offices of Brandon Bernstein at 240.395.1418 to schedule a free consultation. We’ll show you how we can help, and we’ll aggressively seek to protect your best interests.
The information and materials on this blog are provided for general informational purposes only and are not intended to be legal advice. Read our full disclosure here.