Local Housing: Check the Numbers

When it comes to addressing the recession and the nation’s housing crises, our area tends to take a defensive stance: “No, not us. We’re relatively safe. Check out Phoenix though, they’re really screwed.” That sort of attitude. Well, our little tri-state region isn’t doing as well as I’d expect with regard to the foreclosure numbers. We don’t have the worst numbers. Those belong to Nevada, California, and Florida, according to Realtytrac’s U.S. Foreclosure Market Report. But, we’re no Vermont either! Vermont is number 50 in the rankings of foreclosure rates. In the last month, there were only two properties in the entire state with foreclosure filings. In Nevada–numero uno in the rankings–one in every 139 households received a foreclosure filing during March. Nevada has had the highest state foreclosure rate for the 15 months in row.

But check out these local numbers (again from the U.S. Foreclosure Market Report):

Virginia: National Foreclosure Rating-13; Number of foreclosure properties-4,933.

Maryland:National Foreclosure rating-10; Number of foreclosure properties-4,275

The District of Columbia:National Foreclosure rating-not ranked; Number of foreclosure properties-307

Here’s some more information on how the stats were determined: “RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the state and national level. Data is also available at the individual county level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).”