The foreclosure rate in the Baltimore metro area was significantly higher in September than the rate a year earlier, according to numbers released Tuesday.
In Baltimore and six surrounding counties — Anne Arundel, Baltimore, Carroll, Harford, Howard and Queen Anne’s — “foreclosures among outstanding mortgage loans was 4.05 percent for the month of September 2012, an increase of 1.31 percentage points compared to September of 2011 when the rate was 2.74 percent,” according to business data firm CoreLogic.
The national foreclosure rate in September was 3.25 percent. The foreclosure rate is an indicator of the percentage of loans that are at some point in the foreclosure process.
The Baltimore region’s mortgage delinquency was also up in September. CoreLogic concluded that just over 8 percent of mortgages were three months or more overdue. In September 2011, 7.3 percent of Baltimore-area home loans were at least 90 days late.
The 90-day delinquency rate measures loans that are delinquent and includes loans that have gone into foreclosure or are real estate owned.Have a real estate news tip or experience to share? Email me at email@example.com.