MDauctions

   Frederick County recorded 111 foreclosures in May, according to RealtyTrac, a Californiabased research firm.
   That number was down 57 percent from April, but up 192 percent from May 2007.
   Statewide, there were 1,766 foreclosures,

the firm said, down 61 percent from April, up 33 percent from a year earlier.
Nationally, the foreclosure

rate was up nearly 50 percent from a year ago. One in every 483 homes in the U.S. was in foreclo

sure in May, the highest rate since RealtyTrac began reporting foreclosures

in 2005.
Maryland homeowners did get some help in April when Gov. Martin O’Malley signed emergency legislation.
The homeownership protection law, according to the Maryland Association of Realtors, “would help thousands of Maryland homeowners from losing homes and to prevent future generations of homeowners from losing their homes due to foreclosure.”

   The law prohibits filing an action to foreclose on a residential property until 90 days after a default and 45 days after the notice of intent to foreclose is sent. It also gives, among other provisions, the defaulting borrower the ability to pay all past due amounts and reinstate the loan up to one business day before the scheduled foreclose sale.
   The law also has provisions cracking down on mortgage fraud and increasing education of consumers who are applying for a loan.
   The foreclosed properties are adding to an already high inventory of homes on the market in Frederick County.
   According to the state Realtors group, there were 2,268 homes on the market in Frederick County in May, up from 2,198 in April.
   Home sales were down 30.3 percent in May, compared to May 2007, in Frederick County, with the average price of a home sold at $325,104.

June 14, 2008 of the Frederick News-Post

Jun-20-2008 - Profiting from Foreclosures

Jun-12-2008 - Overdue home loans up 70% in Md.

May-01-2008 - Market anomalies skew home-price data, providers agree

Apr-04-2008 - Analysis: Fed Bearing Brunt of Blame

Mar-30-2008 - Pay more to sell a home faster

Mar-30-2008 - Turn Your Home into a Boardinghouse

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