Delinquencies and foreclosures
As of this past November, Maryland’s foreclosure inventory stood at 1
percent of all homes with a mortgage, which was 20 basis points higher
than the national rate of 0.8 percent, according to a report by CoreLogic.
The state’s serious delinquency rate — an indicator of potential future
foreclosures — came in at 3. 5 percent for the same period, which was
a full percentage point above the national rate. The foreclosure inventory in the state declined by 35. 4 percent year over year as of this past
November, however, eclipsing the 30 percent year-over-year decline nationally for that measure
Foreclosure activity in Maryland hit a post-recession high of 16,788
(defaults, auctions and real estate owned recordings) in fourth-quarter
2009 and then declined steadily to a low of 3,251 for third-quarter 2011,
Attom Data Solutions' analysis shows. Foreclosure activity then heated
up again before retreating to a mark of 7,602 for the final quarter of 2016.
Maryland’s unemployment rate never broached the 8 percent mark
during the height of the Great Recession, even as the U.S. unemployment rate hit 10 percent in October 2009, data from the U.S. Bureau of
Labor Statistics show. In fact, Maryland’s unemployment rate has generally tracked about 1 to 2 percentage points below the national rate,
until 2015, when the rates began to converge as U.S. job growth continued at a healthy pace.
As of this past December, the Maryland unemployment rate stood at
4.2 percent, unchanged since August 2016. The U.S. unemployment
rate ticked upward from 4. 6 percent to 4. 7 percent between this past
November and December.
Sources: Baltimore Sun, Bureau of Economic Analysis, Bureau of Labor Statistics,
Corelogic, Federal Reserve Bank of Richmond, Forbes, Lockheed Martin, Marketwatch,
Marriott, Maryland Economic Development Association, Maryland.gov, Metrostudy,
Money, Morgan Stanley, Realtor.com, U. S. Small Business Administration, Visit Annapolis
Bill Conroy is managing editor of Scotsman Guide.
Reach him at (800) 297-6061 or firstname.lastname@example.org.
Maryland’s largest city, with a population of about 621,000, Baltimore
is known as a city of neighborhoods, with some 33 local historic districts and 65 National Register historic districts. Global financial-services
company Morgan Stanley & Co. LLC late last year announced that it is
expanding in the city, with plans to add another 800 jobs to its existing
workforce of 1,000 employees. The median listing price for a home in
Baltimore was $138,000 as of this past November, Realtor.com reports.
This city of nearly 40,000 is Maryland’s capital and home to the U.S.
Naval Academy. It also hosts the annual United States Sailboat Show,
which bills itself as the world’s largest and oldest in-water sailboat
show. Perched on Chesapeake Bay at the mouth of the Severn River, Annapolis is located about 25 miles south of Baltimore and some 30 miles
east of Washington, D.C. The median listing price for a home in Annapolis as of this past November was $524,000, according to Realtor.com.
Located on the northern fringes of the Washington, D.C., metro area,
this community of 61,000 residents is ranked by Forbes as one of the
nation’s most-educated small towns. Bethesda is home to the Walter
Reed National Military Medical Center, which is where the president
has traditionally received an annual check-up, and also hosts the headquarters of aviation giant Lockheed Martin and hotel chain Marriott
International. The median listing price for a home in Bethesda was
$1.168 million as of this past November, according to Realtor.com.
3 Cities to Watch
Maryland Foreclosure Filings
Source: Attom Data Solutions
REO Auction Default