In fact, Maryland homeowners can take respite from the fact that the foreclosed homes average here is better than most of the other states and cities and even better than the overall national average. The most disturbing situation that can be seen across the country is of homeowners struggling to make payments for their adjustable mortgages. In the last quarter of 2008, the rate of tax foreclosure homes across the country soared to the highest level seen in almost three decades. Foreclosure homes in Maryland on the other hand did not rise too high as most of the other states.
There were only a few bigger states that felt the direct brunt of the impending credit crisis, which pushed more foreclosures in the latter half of 2007 and spiked the rate of foreclosed homes by 0.65% percent. Most of the residential loans were considered to be delinquent and almost all of them were 3 or more months past due date. The delinquency of residential loans jumped by 5% as the nation saw 44 million loans being taken by homeowners.
The situation was much better in Maryland where the impact of foreclosures by state was less severe and there was a much lower rate for the mortgages that went into foreclosure. The rate was only 0.36%. There were around 1 million loans that were taken by homeowners across the state and almost 3,750 homeowners were sent foreclosure notices in the 2nd quarter itself according to the bankers association. The only matter of concern is that eve though the percentage of foreclosures in Maryland is small but it is rising rapidly. The question is: will it keep on rising rapidly through 2008 or will there be some respite for homeowners?
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