Foreclosure rates increased both in Maryland and across the country during May as homeowners grapple with the lingering effects of the end of foreclosure moratoriums and high interest rates.
A May 2023 data report from ATTOM, a property data group, reported a 7% increase in foreclosure filings nationwide in the past month, and a 14% increase from the previous year. The data also showed a 4% monthly increase in Maryland, and a 40% increase in the number of foreclosure filings since May 2022 in the state.
ATTOM’s report, utilizing data from over 3,000 counties nationwide, found that Maryland had the second-highest foreclosure rate in May 2023, trailing Illinois. In May, one in every 2,203 housing units in Maryland had a foreclosure filing.
The report also found that Baltimore had the third-highest foreclosure rate in May 2023 for metropolitan areas with a population greater than 1 million, ranking behind Cleveland, Ohio, and Jacksonville, Florida. One in every 1,908 housing units had a foreclosure filing in Baltimore in May, according to ATTOM.
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