Maryland Foreclosures
The eastern state of Maryland, for the month of December 2008 was nearly six percent unemployment, which contributed to the foreclosure rate here going up to 0.193 and nearly 4,500 joined the statistics on the foreclosure listings for that month.
While not in the nation’s top slot for foreclosures, it certainly is high enough to warrant concern. Interestingly the foreclosure rate there has not gone up all that much from month to month as it has in a lot of other locations. Rather it has slowly risen to the position it is in and all expectations are that it will continue to rise and the rate will most likely accelerate as people drain savings accounts and retirement accounts in futile attempts to stave off the foreclosure.
The problems here, as with the rest of the country is that the vast majority of folks were living from one paycheck to the next and then as the economy worsened people lost jobs and as the unemployment rate rose people simply were unable to make the bills and mortgages, which run fairly high here due to property values being over inflated, and the homes and property fell into arrears and as the banks demanded payment, slipped into foreclosure.
This is a scene that is being repeated across the country and the residents of Maryland are no exception. The rate of foreclosures in the state is expected to accelerate as the scope of the crisis deepens and the numbers will rise exponentially as the year progresses and more jobs are lost over the next months due to the retail slump and the cutbacks being made at a lot of major firms.
The Maryland foreclosures are mostly newer construction scattered around the metropolitan areas of the state such as Baltimore, which was particularly hard hit.
