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.