Despite recovering market, Maryland foreclosure activity remains elevated | Cross River Real Estate

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Maryland’s housing market is improving, but many homeowners still face trouble.
Foreclosure activity in Maryland last month reached a 33-month high, according to RealtyTrac, which gathers real estate data nationwide. Among the states, Maryland had the largest year-over-year increase — 229 percent — in foreclosure starts in May.
“Every day, we just get a lot of struggling, hurting, scared homeowners,” said Owen Jarvis, an attorney with the St. Ambrose Housing Aid Center in Baltimore. Although many homes going into foreclosure now are investments gone wrong, not owner-occupied properties, scores of homeowners are falling behind on payments, he said.
Lenders began the foreclosure process on just over 2,000 Maryland properties last month, according to RealtyTrac’s figures. And last month’s high foreclosure figure is not an anomaly. Maryland’s foreclosure numbers have been among the highest in the country for about a year, ranking fourth last month.
Several factors are behind the state’s elevated foreclosure rate.

Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Despite recovering market, Maryland foreclosure activity remains elevated | Cross River Real Estate

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