Foreclosures Surge in Maryland, as Second Wave of Housing Crisis Crashes

The housing crisis is alive and well in Maryland, as a second wave of foreclosures inundates the state. Though thousands of residents may be forced out of their homes, experts are confident the properties "will be snatched up quickly."

"Maryland is getting a second dose of the housing crisis — a sequel that foreclosure experts and state officials knew was coming but no one wanted to see," reports Annys Shin. "Between January and June, Maryland went from having one of the lowest foreclosure rates in the nation to the third highest as banks worked their way through a backlog of delinquent loans, created in part by the state’s long foreclosure process."

"For many Marylanders battling to keep their homes, it might as well still be 2008," she adds. "But the second wave of foreclosures is unlikely to be as devastating as the first one, experts said, because it coincides with a housing recovery that is making it easier for banks to offload distressed homes."

Full Story: Thousands of Marylanders are losing homes in second wave of foreclosures

Comments

building block set

NEW! Build the world you want to see

Irresistible block set for adults when placed on a coffee table or desk, and great fun for kids.
$25

Prepare for the AICP* Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $245
City Plate table setting

New Arrival! City Plates

City downtown cores printed on gorgeous decorative collectible porcelain plates.
$50.00

NEW! Get the "Green Bible"

Understand the complexities of planning at the local level while preparing for the AICP* exam. Find out why this edition is included in the APA's recommended reading list.
$105