Across the country, there has generally been an improvement in the level of foreclosures. Of course, this varies widely from state to state. In fact, most people are surprised to learn which state has the highest foreclosure rate. Maryland currently 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 like Florida and Nevada, or maybe New Jersey. All three are in the top five, along with Delaware, but it’s Maryland that tops them all in the wrong direction.
All statistics here are from RealtyTrac and reflect the latest available data for April 2016. Based on these numbers, the rate in Maryland is one in 535 homes in foreclosure. Nationally, the figure is one in 1,212 households, making Maryland’s rate more than double the national rate, 0.19% vs. 0.08%.
As mentioned, Maryland is followed by Delaware with one in 579 households, New Jersey with one in 662 households, Nevada with one in 702 households, and Florida with one in 727 households.
Within Maryland, of course, there is 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 287 households, Prince George’s County, with one in 357 households, Charles County, with one in 395 households, Washington, with one in 457 households, and Calvert County, with one in 459 households.
Meanwhile, Montgomery County has only 1,359 homes in foreclosure. Not only is that less than half the rate for 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 much worse foreclosure rates, like Barnesville with one in 89 homes in foreclosure, or Garrett Park with one in 324. houses. That same level of disparity will be seen in other counties as well.
For homeowners facing foreclosure, there are many different possible courses of action to take. One may be to file for bankruptcy before the foreclosure auction is complete. In this case, it may be possible to stop the foreclosure and even keep the home. Be sure to consult with an experienced bankruptcy and foreclosure attorney in your local area who will be able to educate you on what is possible and provide the assistance you need.