While California may dominate the list of cities affected by increasing foreclosure rates, Maryland and Virginia are certainly seeing a major increase in the number of foreclosures. In June of 2007, there was one foreclosure for every 989 households in Maryland and one for every 1,678 households in Virginia. Worse still, the rates are growing in each state, with a 600% increase in the number of foreclosures in Virginia, and a 340% increase in Maryland. Granted, these numbers are still small compared to the higher-incidence states, but it’s troubling that it’s growing. There were 4,000 foreclosures last month between Maryland and Virginia, as compared to 38,000 in California.
More troubling is that Virginia and Maryland are listed as problem areas for higher incidences of mortgage fraud, where false appraisals end up costing banks and the government serious cash.
The District has a much lower incidence of foreclosure, only 1 for every 16,000 or so homes, with only 17 homes entering the multi-stage process in June.
So, what’s this all mean? Good question. If someone could point me at a historical chart of the number of foreclosures related to the number of households over the last ten years, that would rock. I’m not sure how much of this rate increase year-over-year is related to market correction with regard to real estate, or how much is related to other factors.
This post appeared in its original form at DC Metblogs
I live and work in the District of Columbia. I write at We Love DC, a blog I helped start, I work at Technolutionary, a company I helped start, and I’m happy doing both. I enjoy watching baseball, cooking, and gardening. I grow a mean pepper, keep a clean scorebook, and wash the dishes when I’m done. Read Why I Love DC.
