Baltimore foreclosure rates are expected to rise after 698 homes were filed upon in February.
This is a 32.5% increase over January and a 41% increase over February of last year.
The State of Maryland accounted for 1,606 foreclosure filings last month, according to an article in the Baltimore Business Journal, based on numbers from RealtyTrac Inc.
The national foreclosure filing rate dropped 2%, while 21 states, including ours, saw an increase. The 698 homes filed upon are in & around the Baltimore Metro area, not just the city.
According to the CEO of RealtyTrac, there had been a backlog of filings because of the long judicial process involved in many states, backing things up almost 18 months.
I will be interested to see how things continue, and how much the additional foreclosures will affect Baltimore house values.
For more information about Baltimore foreclosures, please contact me!
[…] These numbers say to me, that in the Baltimore real estate market, we most likely will see more Baltimore short sales or Baltimore foreclosures coming through in the next year. This is not unexpected, as we saw a 41% increase in Baltimore foreclosure filings in February. Read “Baltimore Foreclosure Rates Expected to Rise.” […]