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February 9, 2012

Md. foreclosures since 2006: Almost 50,000

Mortgage firms have foreclosed on about 49,600 homes in Maryland since the final days of the inflating housing bubble in January 2006, real estate data firm CoreLogic says. That's about 23 homes per day.

Just over 20,000 of those completed foreclosures were on homes in the Baltimore metro area, the company says. (National numbers here.)

It's difficult to get good statistics on the number of done-deal foreclosures. The Mortgage Bankers Association's quarterly survey of delinquent mortgages tracks most of the market, but only to the point of the foreclosure process pre-auction. Not every homeowner who starts down the road to foreclosure ends up losing his or her property. And sometimes homes go in and out of that process several times.

Factoid: Mortgage servicers foreclosed on 3,400 homes statewide last year, about 1,400 of them in the Baltimore region. That's well under the six-year average -- not surprising. We've seen the effects of slowdowns in the wake of the robo-signing revelations in a variety of different measures. This is just the latest.

Speaking of robo-signing: Maryland Attorney General Douglas F. Gansler decided to sign on to the settlement with banks over such practices, a deal that gives Maryland nearly $1 billion for various purposes -- including principal reduction -- but means his office cannot pursue civil liability claims involving mortgage origination or servicing misconduct.

More in Hanah Cho's story here. (Many thanks to Hanah for handling this while I'm out.)

Posted by Jamie Smith Hopkins at 8:05 AM | | Comments (0)
Categories: The foreclosure mess

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
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