From the Maryland Department of Housing and Community Development:
- Baltimore City saw 1,656 foreclosures in the 3rd quarter of 2009, that’s a jump of 118% over the 2nd quarter in 2009, and an 87.7% increase over the 3rd quarter in 2008.
- Baltimore City had over 850 foreclosure sales in the 3rd quarter of 2009, which amounts to a staggering 3713.2% increase over the 2nd quarter of 2009, and a 1980.8% increase over the 3nd quarter in 2008. Out of those 850+ properties, only 260 were purchased by lenders.
- Baltimore City is only second to Prince George’s County in having the highest number of foreclosures in the state.
- Most of Baltimore City has been designated a “Hot Spot” by DHCD, with some foreclosure numbers in the Hot Spot considered “Very High”, occurring in the 21202, 21223, and 21217 zip codes. (According to the DHCD, “a foreclosure Hot Spot is defined as a community that had more than ten foreclosure events in the current quarter and recorded a foreclosure concentration ratio of greater than 100.”) In the “High” sections, 21205, 21231, 21216, 21201, 21230, 21213, 21224, 21218, 21206, 21225, 21229, and 21215 saw the most foreclosures. Surprisingly, Baltimore City didn’t see any “Severe” foreclosure action, although being declared a “”Hot Spot” and having “high” and “very high” activity is bad enough. Especially when you consider these areas have high concentrations of investor-owned rental properties and vacant houses.
Today’s Baltimore Sun article on renters who are stuck in the foreclosure crisis does a good job of showing the human side to the foreclosure problems in Baltimore City. Also, Jamie Smith Hopkins’ blog post about the same issue offers some solutions for renters.
As a side note, we predict the number of vacants will continue to rise in Baltimore City, as more people decide it’s not worth the effort to continue to pay their mortgage payments. We’re already seeing signs of it in two neighborhoods, where you have a high concentration of what we like to call “vacant not abandoned” homes. How long they’ll remain in their current condition — only time will tell. Baltimore City has enough vacant houses — it’s time to start redeveloping Baltimore for its residents, as it’s obvious that opening the floodgates for non-residents didn’t work.