WASHINGTON – When it comes to foreclosures and people losing their homes, it’s a tale of two states.
The Washington Examiner reports Maryland leads the nation in foreclosures. It cites a survey by the Mortgage Bankers Association which finds Maryland’s rate for foreclosures is nearly double the national average.
But the opposite trend is happening in Virginia. According to RealtyTrac, a company which tracks U.S. foreclosures, Virginia saw foreclosures plummet 65 percent in July compared to a year ago. Washington, D.C. also saw foreclosures decrease year-over-year.
Daren Blomquist with RealtyTrac says it comes down to the way states handle foreclosures. Maryland is a judicial state, meaning foreclosures are handled in the court system.
On average, it takes nearly two-years to complete the foreclosure process in Maryland. That compares with Virginia, a non-judicial state where it takes less than four months.
Where exactly are the foreclosures?
According to RealtyTrac, Prince George’s County still has the greatest number of foreclosures in Maryland. It saw 423 in July. That’s followed by 321 in Baltimore and 185 foreclosures in Montgomery County.
In Virginia, Fairfax County saw the greatest number of foreclosures in the state: 273. That’s followed by 243 in Prince William County and 193 in Virginia Beach.
According to RealtyTrac, the average foreclosure sold for $221,750 in Maryland in July. In Virginia, they’re selling for $282,727 on average. In D.C., they’re selling for $223, 775.