Baltimore Home Foreclosures up 544%
Baltimore region’s foreclosure rate intensify 544 percent from 2006 to 2007
Practically 10,060 foreclosure filings, fewer than 1 percent of all households in the Baltimore area, were reported in 2007, according to RealtyTrac Inc.
RealtyTrac Inc. is a real estate tracking firm, which runs an online database of foreclosure properties.
Baltimore was placed No. 66 on the directory of the nation’s 100 largest cities.
Detroit was first in the nation’s foreclosure rate in 2007, at 4.9 percent. Detroit was followed closely by Stockton, Calif. at 4.87 percent and Las Vegas, at 4.23 percent.
The majority of the areas with the highest foreclosure rates were either cities like Stockton and Las Vegas which went through meteoric growth and shaky price appreciation over the past few years, or cities like Detroit, which are suffering a more extensive economic downturn along with higher unemployment rates..
The number of Washington, D.C., area home mortgages entering some stage of foreclosure in 2007 was up 574 percent from 2006, according to RealtyTrac.
In Washington, 19,229 area foreclosures were filed last year, representing about 1.16 percent of all D.C. area home mortgages. The Washington area foreclosure rate ranked 41st.
The report says 86 of the nation’s 100 largest metro areas reported higher foreclosure rates from 2006.
