WASHINGTON – A second round of foreclosures is hitting Maryland and more people are losing their homes as the state catches up on the backlog of delinquent mortgages.
Maryland once had some of the lowest foreclosure rates in the country, but this year, it’s jumped to the third highest, The Washington Post reports.
Banks have started the long process of wading through delinquent loans left over from the 2008 financial crisis. Analysts tell The Washington Post it will take about one and a half years for the backlog to clear.
Data from the Maryland Department of Housing and Community Development shows that while the number of foreclosures across the U.S. has declined, foreclosures in Maryland have jumped more than 100 percent, compared to last year.
Nearly every jurisdiction is feeling the pinch. Baltimore City has been hit the hardest. Other foreclosure hotspots include Ocean City, Glen Burnie and District Heights.
But an expert tells The Washington Post the uptick is only temporary. Fewer people are falling behind and the housing market is recovering.