Foreclosures Surge in Baltimore
Most loans foreclosed taken out were predatory loans in 2004-2008
The largest city in Maryland saw foreclosures that were tripled in the month of July from last year, with 2,073 total. That constituted the largest gain in the 20 largest U.S. Metro areas, according to RealtyTrac. Baltimore was one of the five major cities that included Miami and New York that showed properties getting defaulted, auction and repossession notices, which bucked the 32% nationwide decline up to 130,888.
More homes have now been seized by banks as they break the legal logjam of state legislation and rulings by the court that were keeping lenders from taking property in as far back as 2008. Foreclosures had previously been stalled in 2010 when Maryland passed laws requiring banks to alternatives to evictions.
“These are not new loans going bad,” said Daren Blomquist, vice president of RealtyTrac. “This second wave of foreclosure activity is the unintended consequence of more aggressive prevention efforts on the parts of some states during the housing crisis, which initially slowed down activity.”
Spanning the nation, over 70% of all loans in foreclosure were penned in 2008 through 2008, according to the RealtyTrac company.
Office Manager Sombo Hilton noted that she lost a quarter-million-dollar house to a foreclosure earlier in the month. She bought the property with no money down in 2008. She stated she was making $33,000 per year at her job for Habitat for Humanity.
“With my income and my credit, I shouldn’t have been able to buy the house,” Hilton said. “I realize that now that I work for a housing organization. If I knew what I know now, I would’ve never bought the house.”
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