Here is a great example of how you cannot trust the national news to always explain your local situation. When it comes to foreclosures, the numbers vary greatly from state to state.
Nationally, foreclosures are down. That is a news story we have heard repeated often this past summer. In August 2012, the number of foreclosures nationally are down 13% from their 17 year high in August of 2011. But what is the story here in Maryland where we live?
Unfortunately, foreclosures in Maryland are up – way up! According to Realtytrac, the number of foreclosures in Maryland was up 29% in August 2012 compared to August 2011. It’s even worse if you look closer at this year. The number of August foreclosures were up 35% just from July. Yikes! What gives? Probably, the reason is because Maryland law slows down the foreclosure process compared to other states. Our high numbers may just be delayed because of the long, tedious process for filing a foreclosure here.
If you want to read more about foreclosures in Maryland, see our Foreclosure Resource Guide on our website. If you know anyone facing foreclosure, please make sure they see this resource guide. It contains valuable information that just may allow them to save their house. Being informed is the first step towards protecting yourself and your family.