Foreclosures are at their lowest level since 2007.
Though that is definitely a good thing, this may be an unrealistic view of the market because of the robo-signing scandal last year, which stopped foreclosure filings in their tracks.
Maryland was not one of the states where the lawsuits took place, but that does not mean that foreclosures in our state were not slowed down as a result.
The time it has been taking from the first filing to actual foreclosure rose from 305 days in 2010 to 348 in 2011. So even if a house were in the foreclosure process, and the bank filed last January, it is most likely that the foreclosure itself would not happen until January of this year, thus creating an unrealistic lower rate of foreclosures.
I do agree with an CNNMoney article discussing this issue that we will see the number of foreclosures rise in 2012, but hopefully we will not see them as high as 2010. The fact that many distressed homeowners are turning to short sales or loan modifications have helped bring those numbers down as well, and I hope it continues to do so.
Please keep in mind that if you are facing foreclosure in Baltimore, there may be other options available to you. Please contact me and we can discuss the possibilities!