As the number of foreclosure filings dropped drastically, Maryland foreclosures for sale remained high in November. It is expected to maintain its volume in the coming months. The volume of foreclosed filings drastically plunged by 57% last month compared to the volume in October.
As Maryland foreclosures for sale keep its strength, the state remains in the list of states with high foreclosures. It ranked as the 41st last month. There were 1,385 foreclosed homes in the state during the period. It was estimated that one per 1,685 homes was foreclosed. Compared to figure in November 2009, foreclosed homes in the state dropped 78%.
Meanwhile, foreclosed homes for sale in Wisconsin also fell to a record low. There were 2,082 foreclosure filings in the state last month. It was 15% lower compared to the volume in the same month last year of 2,450 foreclosed properties. According to analysts, that was the lowest monthly figure for foreclosures since September 2008 when foreclosures in the state dropped to 2,082.
The volume of foreclosed homes for sale in Wisconsin and the number of Maryland foreclosures for sale are expected to rebound and rise beginning next month. This is because major banks have already announced the resumption of their foreclosure activities. Lenders’ foreclosures are set to resume this month, but in time for the holidays, it is not expected to get full force.
Nationwide, there were 262,339 foreclosed homes in November. That was 21% lower compared to the volume in October and 14% lower compared to foreclosures in November last year. It was estimated that one per 492 homes was in foreclosure for the month.
The volume is forecast to be lower this month due to seasonal considerations, especially due to the holidays. Banks usually halt foreclosures for two weeks in time for Christmas and New Year. By January, Maryland foreclosures for sale are expected to pick up. The same goes for foreclosed homes for sale Wisconsin.
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