Thousands Lose Homes In Md. With Foreclosure Wave
BALTIMORE (AP) — A second round of the housing crisis is striking Maryland as a backlog of delinquent loans move to foreclosure.
The Washington Post reports that between January and June, Maryland saw the third highest rate of foreclosures in the nation after having one of the lowest foreclosure rates.
There were 9,330 foreclosure filings in the first three months of the year. That was more than twice the total of a year earlier.
Baltimore has the largest share of foreclosures. But the problem has spread across the state, especially in areas with high unemployment rates, including the Eastern Shore.
Lenders halted foreclosures in recent years to address problems with documentation. But experts knew another round was coming as the backlog grew. In Maryland, courts approve foreclosures, and the process takes longer.
(Copyright 2013 by The Associated Press. All Rights Reserved.)