December 14, 2012 by Baltimore Slumlord Watch
I wrote the original post on Baltimore City’s foreclosure rate three years ago, and thought it would be interesting to revisit the topic and see what the data from the Maryland Department of Housing and Community Development looks like now. You can download the full 2012 Q3 report from MDHCD here, but here are some sample highlights:
- Due to the low level of foreclosures in the second half of 2011, foreclosures in Maryland increased 27.2 percent in 2012, the first year-over-year increase since 2010.
- The number of new foreclosure filings increased by five percent in the third quarter, an increase of 31.3 percent over last year.
- Maryland’s ranking in foreclosure rate dropped from 15th lowest to 16th lowest from 2011 to 2012, the lowest ranking in the region other than DC and West Virginia. The national average foreclosure rate in 2012 Q3 was 40.4 per 10,000 households — Maryland’s was 17.5.
- PG County had the most foreclosure filings in Maryland, with 1,295 filings, 31.2% of the total foreclosures filed in Maryland.
- Baltimore City had the second highest number of foreclosures, with 616 filings, an increase of 21.6% over last year.
- Baltimore City’s foreclosure sales declined by 16.4% over 2012 Q2, but were up 63.8% over 2011’s number.
- Baltimore City also had an increase of lender purchases in 2012 Q3: an increase of 19.1% over last year, and the second-highest number of lender purchases in the state. Only PG County had a higher number.
Hot Spot Activity in Baltimore
16 areas in Baltimore City make up the city’s “Hot Spot”. Mortgage activity in these areas are classified as “High”, “Very High” or “Severe”. Activity in Baltimore City for 2012 Q3 breaks down as illustrated here:
- Severe Foreclosures: 21223, 21202
- Very High Foreclosures: 21205, 21206, 21217, 21216, 21213
- High Foreclosures: 21215, 21214, 21231, 21229, 21218, 21230, 21225, 21207, 21224