Up 59 percent for quarter, state foreclosure rate still rising
Prince George's, Charles, Frederick counties show highest rates
Home foreclosure filings in Maryland showed no signs of abating in the third quarter, as their rate rose 58.8 percent over the second quarter, according to new data from RealtyTrac of Irvine, Calif.
With one filing per 157 households, the rate was also up 85.6 percent from the third quarter of 2008.
Those increases far outpaced the national average increases of 5.4 percent over the second quarter and 22.5 percent from a year earlier. However, the state's third-quarter rate was lower than the U.S. rate of one filing per 136 households. The state had the nation's 12th highest rate.
Prince George's County had the state's highest rate, one filing per 72 households. But the county's quarterly and year-over-year increases 29.9 percent and 59.1 percent, respectively were lower than the state's. Charles and Frederick counties had the next highest rates. Allegany had the lowest rate, one per 874 households, with a total of 38 properties in some stage of foreclosure.
Montgomery County's third-quarter foreclosure rate rose 35.3 percent over the second quarter and 99.1 percent over the third quarter of 2008. With one filing per 163 households, the county had the sixth-highest rate in the state.
"Montgomery County has weathered the spike in foreclosures brought on by sub-prime lending," said Richard Y. Nelson, director of the county's Department of Housing and Community Affairs, in a statement.
"We expect that the continuing economic downturn will bring on another surge in our county's foreclosure rates as unemployed and underemployed homeowners exhaust their savings and financial assets."
For September, the data showed that Prince George's County led the state with 1,919 foreclosures, followed by Baltimore City with 911, Montgomery County with 897 and Baltimore County with 632.
Nevada continued to log the nation's highest state foreclosure rate in the third quarter, with one in 23 housing units showing a foreclosure filing nearly six times the national average.
Arizona posted the nation's second-highest state foreclosure rate in the third quarter, with one in every 53 housing units receiving a foreclosure filing, and California posted the nation's third-highest state foreclosure rate, also with one in every 53 housing units receiving a foreclosure filing during the quarter.
Other states with foreclosure rates ranking among the top 10 in the third quarter were Florida, Idaho, Utah, Georgia, Michigan, Colorado and Illinois.