Across the country, there has generally been improvement in the level of foreclosures. Of course, this varies widely on a state by state basis. In fact, most people are surprised to learn which state has the highest foreclosure rate. Currently it is Maryland which has the highest foreclosure rate in the entire country, which would not be the average first guess.
Most people associate the highest foreclosure rates with states such as Florida and Nevada, or perhaps New Jersey. All three are in the top five, along with Delaware, but it’s Maryland that outpaces them all in the wrong direction.
All of the statistics here are from RealtyTrac, and reflect the latest available data for April 2016. According to these figures, the rate in Maryland is one in every 535 homes is in foreclosure. Nationally, the figure is one in every 1,212 homes, so Maryland’s rate is more than double the countrywide rate,.19% versus.08%.
As mentioned, Maryland is followed by Delaware, with one in every 579 homes, New Jersey, with one in every 662 homes, Nevada, with one in every 702 homes, and Florida, with one in every 727 homes.
Within Maryland, there’s of course a wide disparity in foreclosure rates for different cities and counties. The five highest county rates within the state are Baltimore City, with one in every 287 homes, Prince George’s County, with one in every 357 homes, Charles County, with one in every 395 homes, Washington County, with one in every 457 homes, and Calvert County, with one in every 459 homes.
Meanwhile, Montgomery County has only in every 1,359 homes in foreclosure. Not only is that less than half the rate of Maryland as a whole, but it’s also better than the national rate. Still, digging into the city statistics, there are specific towns within Montgomery County that have far worse foreclosure rates, such as Barnesville, with one in every 89 homes in foreclosure, or Garrett Park with one in every 324 homes. That same level in disparity will be seen in other counties as well.
For homeowners who are facing foreclosure, there are many different potential courses of action to take. One may be to file bankruptcy before the foreclosure auction is completed. In this case, it may be possible to stop the foreclosure, and even to keep the home. Be sure to consult with an experienced bankruptcy and foreclosure attorney in your local area who will be able to instruct you on what’s possible, and provide you with the assistance you need.