Frederick County, Maryland Foreclosure Statistics and Trends

According to data from RealtyTrac, Maryland has the highest rate of foreclosure for any state in the country. That’s alarming news for residents of the state, and it’s likely surprising to those who live elsewhere.

That said it’s probably not too surprising for those who live there, as they see it up close in their communities. While overall the rate of foreclosure in Maryland is one in every 535 homes, a .19% rate that is more than double the national .08% rate, that figure varies widely across the state. Here, we’ll take a closer look at one county in particular, Frederick County.

In Frederick County, the current foreclosure rate is one in every 635 homes. This represents a slightly improved foreclosure rate compared to the state as a whole. However, within the county, there are some specific towns which have shocking rates of foreclosure.

Keep in mind that areas with low populations and not many residents will reflect skewed data as a result, but it’s still alarming nevertheless. Take a look at the three towns in Frederick County with the highest rates of foreclosure: Braddock Heights has one in every 22 homes in foreclosure, Libertytown has one in every 75 homes, and Burkittsville has one of every 76 homes in foreclosure. Completing the top five worst towns in Frederick County for foreclosure are Thurmont, with one in every 409, and Brunswick, with one in every 419 homes in foreclosure.

As for the city of Frederick itself, it has a rate of one in every 562 homes in foreclosure. This is pretty close to the statewide figure, and is slightly worse than the county as a whole.

The city though also varies widely, here by zip code. In the 21704 zip code, there is one foreclosure in every 390 homes, whereas in the 21703 zip code, there’s one in every 537 homes, followed by the 21702 zip code, with one in every 554, and finally, 21701, with one in every 687 homes in foreclosure.

It’s intriguing to look at the data and see how different statistics can be from county to county, city to city, and even zip code to zip code within the same city.

For residents of Frederick County who may be facing foreclosure, it’s important to carefully evaluate your options, and to take action to keep your home if that’s the outcome you’re seeking. For instance, many individuals are surprised to find out that filing bankruptcy is one of the only tools available to stop a foreclosure. Before taking any action though, be sure to consult with an experienced local attorney who will be able to provide you with the guidance and assistance you need to make the right decision.

Foreclosure Statistics for the State of Maryland

Across the country, there has generally been improvement in the level of foreclosures. Of course, this varies widely on a state by state basis. In fact, most people are surprised to learn which state has the highest foreclosure rate. Currently it is Maryland which has the highest foreclosure rate in the entire country, which would not be the average first guess.

Most people associate the highest foreclosure rates with states such as Florida and Nevada, or perhaps New Jersey. All three are in the top five, along with Delaware, but it’s Maryland that outpaces them all in the wrong direction.

All of the statistics here are from RealtyTrac, and reflect the latest available data for April 2016. According to these figures, the rate in Maryland is one in every 535 homes is in foreclosure. Nationally, the figure is one in every 1,212 homes, so Maryland’s rate is more than double the countrywide rate,.19% versus.08%.

As mentioned, Maryland is followed by Delaware, with one in every 579 homes, New Jersey, with one in every 662 homes, Nevada, with one in every 702 homes, and Florida, with one in every 727 homes.

Within Maryland, there’s of course a wide disparity in foreclosure rates for different cities and counties. The five highest county rates within the state are Baltimore City, with one in every 287 homes, Prince George’s County, with one in every 357 homes, Charles County, with one in every 395 homes, Washington County, with one in every 457 homes, and Calvert County, with one in every 459 homes.

Meanwhile, Montgomery County has only in every 1,359 homes in foreclosure. Not only is that less than half the rate of Maryland as a whole, but it’s also better than the national rate. Still, digging into the city statistics, there are specific towns within Montgomery County that have far worse foreclosure rates, such as Barnesville, with one in every 89 homes in foreclosure, or Garrett Park with one in every 324 homes. That same level in disparity will be seen in other counties as well.

For homeowners who are facing foreclosure, there are many different potential courses of action to take. One may be to file bankruptcy before the foreclosure auction is completed. In this case, it may be possible to stop the foreclosure, and even to keep the home. Be sure to consult with an experienced bankruptcy and foreclosure attorney in your local area who will be able to instruct you on what’s possible, and provide you with the assistance you need.