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

"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."