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Bank and FHA Houses for Sale Continue to Rise As Maryland Joins Probe

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By : John Cutts    99 or more times read
Bank foreclosures and FHA houses for sale continue to be a problem in Maryland as September 2010 housing market statistics showed rising numbers. In an effort to address deeper issues in the housing market, the state has recently announced that it will be joining the nationwide probe on mortgage firms' foreclosure processing methods.

The announcement came as the September 2010 housing market data were published, showing that some counties in the state continue to suffer from high number of foreclosures, including Baltimore foreclosure homes. Counties like Anne Arundel, Pasadena, Annapolis and Glen Burnie also recorded high foreclosure statistics for the month.

For the period January to September 2010, foreclosure homes in Maryland reached a total of 17,940. The number included filings for notices of default, repossessed properties and notices of auction. Over 1,000 of these filings can be found in Anne Arundel.

Numbers for the month of September alone find foreclosure homes concentrated in the areas of Pasadena, Glen Burnie and Annapolis. There were 122 accumulated filings for the three areas for the month, with Annapolis accounting for 41 of these filings. The three locations also recorded the highest housing sale concentrations for every month of the January-September period.

With the number of foreclosed government, bank and FHA houses for sale continuing to record high totals in several areas of Maryland, the state's Attorney General Doug Gansler has found it imperative to join the investigation on the practices of mortgage firms to find out whether their procedures are sound and legal. Gansler has reportedly stated that mortgage companies should start examining their foreclosure procedures and own up to any failing in their processes.

Meanwhile, the Maryland Court of Appeals' Standing Committee on Rules of Practice and Procedure has weighed in on the issue by recommending that courts in the state implement an emergency rule that will require companies that used faulty affidavits to defend the validity of their documents in the courts under a perjury penalty.

With the state's participation in the countrywide investigation and the recent data on bank foreclosures and FHA houses for sale showing rising numbers in certain areas of the state, analysts have stated that it will take some time before the region's housing market settles down and move towards a recovery.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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