A prediction for Maryland
The report predicts that lenders will foreclose on about 25,000 homes in Maryland -- a $2.7 billion loss in property value, both directly and indirectly. (Studies say foreclosure hurts the value of nearby homes, too.) The committee estimates the local loss in property taxes at $19 million.
I compared the foreclosure predictions to 2006 household numbers for an apples-to-apples way to stack Maryland against the nation. If the committee is right, we'd see about 12 subprime foreclosures for every 1,000 households in Maryland. The nation's rate is about the same.
California, which had a bigger boom and is experiencing a bigger bust, would have 14.5 subprime foreclosures per 1,000 households. Ohio, which has economic problems on top of housing woes, would have about 16 for every 1,000.