For the United States, housing prices peaked in 2006, and started their decline throughout the nation shortly after. In 2007, the U.S. Secretary of Treasury stated the condition of the housing market as being, “the most significant risk to our economy,” according to a Wikipedia article on the U.S. housing bubble. In 2008, the Case-Shiller home price index reported the largest price drop in history. Now, in 2013, it might as well be 2008 for many Maryland residents, as a sequel to the housing crisis hits many local communities.
With thousands of foreclosures halted since 2010, foreclosure experts and state officials knew this was coming and prepared in a few ways with nationwide settlement funds and a direct assistance program for struggling homeowners. In 2010, lenders were forced to address documentation problems until the nationwide settlement, causing a backlog in foreclosures. Shadow inventory of homes heading into foreclosure began building up in many Maryland counties, along with a fear of decreased home prices and a longer housing slum.
Here are some statistics reported from RealtyTrac about Maryland’s housing condition:
- From January to June 2013, Maryland held the lowest foreclosure rates in the nation. Now, Maryland is the third highest in the nation.
- January - March of 2013 shows 9,339 foreclosures in Maryland. That’s twice the total of the entire year before.
- October – December of 2009 shows 16,788 foreclosures in Maryland, a peak for the state. In 2009, there were roughly 50,000 foreclosures total.
- Foreclosures currently take an average of 575 days in Maryland, compared to 184 days of nearby state, Virginia.
- Foreclosure hotspots in Maryland include Prince George County, Wicomico County, Baltimore County, Dorchester, and the Eastern Shore. Many of these areas have high unemployment rates and are battling to recover from the recession.
Why are housing conditions challenging during a time of economic recovery for Marylanders? Right now it’s easier for banks to get rid of homes in distress, shortening the time of foreclosing. This may give homeowners less time and fewer opportunities to stay in their homes. However, Maryland lawmakers are doing what they can to offer residents positive and timely solutions to save their homes. Any good signs for Maryland residents? Fewer residents are behind on current mortgages, showing the current wave of foreclosures may be temporary.
With all the uncertainty surrounding today’s housing market, our team at Blue Steak Docs provides consistent and accurate reporting to help housing professionals and real estate attorneys. Blue Streak Docs is a document retrieval company specializing in real estate needs, including deed searches, property title searches, and document recording. Let our trained staff handle the details of your foreclosures, so you can better serve your clients. For more information about services and how we can benefit your business, give us a call today at 727-479-0007.