Category: foreclosures

Montgomery had the second-lowest rate in the state by Gazette Staff The rate of home foreclosure filings in Montgomery County last month plunged 39.9 percent from February and 44.8 percent from March 2011, according to data in a new report from RealtyTrac of Irvine, Calif. The statewide rate in March also fell, although not as steeply: 3.7 percent and 28.1 percent, respectively. With one foreclosure filing per 3,722 households, Montgomery had the second-lowest rate in the state. Only Garrett County in Western Maryland had a lower rate, although with a much smaller sampling size. More here. Buying or selling real estate in Garrett County or Deep Creek Lake, Maryland? Call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues!

NEW YORK | Thu Aug 11, 2011 12:01am EDT

NEW YORK Aug 11 (Reuters) – The number of U.S. homes that received foreclosures filings fell to a near four year low in July, a survey said on Thursday.

Notice of default, auction sale or bank repossession were sent to 212,764 properties in July, the lowest number since November 2007, real estate data firm RealtyTrac said.

That represents a 4 percent decrease over June and a 35 percent decrease over last year.

“The downward trend in foreclosure activity has now taken on a life of its own,” James Saccacio, CEO of RealtyTrac, said in a statement. The robo-signing controversy last year, which forced banks to slow the pace of foreclosures, plus government programs to help struggling homeowners stave off repossession may explain the drop, he said.

More here.

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>Monday, July 11th, 2011, 10:10 am

Mortgage servicers completed 68,000 foreclosure sales on the courthouse steps in May, down 7% from the previous month and the second straight month of declines, according to the Hope Now alliance of insurers, counselors and lenders.

Foreclosure sales dropped 14% in April. However, servicers started 176,000 foreclosures in May, up 8% from the previous month. Roughly 2.67 million mortgages remained in 60-day delinquency, up 1% from the previous month.

Modifications remained flat at roughly 85,000 through private initiatives and the Home Affordable Modification Program.

Private modifications dipped to 53,000 in May, a 7% decrease. In April, the drop on private workouts was 26%, allowing HAMP to take a larger share of completed modifications. Servicers completed 32,398 permanent HAMP modifications in May, up 12%

More here.

If you or someone you know is considering buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.

The number of foreclosure sales in Maryland in the third quarter dropped 47.6 percent from the second quarter and 17.0 percent from the third quarter of 2009, according to new data from RealtyTrac of Irvine, Calif.

A total of 2,338 such homes sold in the third quarter, at an average price of $207,544, or an average discount of 35.9 percent. That was 17.0 percent of all homes sold in the quarter.

Prince George’s County had the highest percentage of foreclosure sales in the quarter — 33.6 percent of all home sales.

The state data reflected the national numbers, which also showed quarterly and year-over-year decreases. The average national sales price of a foreclosed home was $169,523.

State agencies back Allegheny merger offer

Allegheny Power’s residential customers in Maryland would share $6.5 million in credits over four years and the western part of the state would get a regional headquarters as part of a proposal to approve the electric utility’s merger with FirstEnergy Corp. of Akron, Ohio.

Although Maryland agencies, several unions, four local governments and an industrial customers group have signed off on the deal, the state’s Office of the People’s Counsel has not approved, Deputy People’s Counsel Theresa V. Czarski said Thursday. Its objections are expected to be filed with the Public Service Commission today.

The proposal was filed with the PSC on Wednesday. The commission has until Jan. 7 to act on the proposal, under which Allegheny Power would become a subsidiary of First Energy, which already owns seven utilities in Ohio, Pennsylvania and New Jersey.

Allegheny of Greensburg, Pa., has about 250,000 customers from northwestern Montgomery County, north into Frederick and Carroll counties and west through Garrett County. Of those, only the 220,000 residential customers would share the credits.

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By Brady Dennis and Ariana Eunjung Cha
Washington Post Staff Writers
Tuesday, November 16, 2010; 12:09 AM

A congressional oversight panel is set to warn on Tuesday that a widespread problem of flawed and fraudulent foreclosure paperwork could upend the housing market and undermine the nation’s financial stability, just as the issue is coming under greater scrutiny this week in Washington.

The report, issued by the Congressional Oversight Panel, which monitors the government’s bailout program, marks the first time a federal watchdog has weighed in on the nationwide foreclosure mess.

The panel echoed concerns raised by consumer advocates and financial analysts, who have said that although the consequences of the foreclosure debacle remain unclear, the problems could throw into doubt the ownership not only of foreclosed properties but also the millions of ordinary mortgages that were pooled and traded by investors around the world.

The report is scheduled to be released in the morning, just before the Senate Banking Committee holds a hearing on the matter and as lawmakers are considering several legislative responses.

Read the full article here.

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350

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From the Washington Post:
Zachary A. Goldfarb and Ariana Eunjung Cha
Wednesday, October 13, 2010; 4:35 PM

Federal regulators on Wednesday urged the nation’s lenders to verify that paperwork filed as part of the foreclosure process was properly reviewed and to file new documents if problems are found.

But regulators also said that lenders should continue as quickly as possible with foreclosures when no problems are found. Their comments, fashioned in close consultation with the Obama administration, demonstrate how federal officials and the White House are at odds with Democratic leaders in Congress, who favor a national freeze on foreclosures.

The framework outlined by the Federal Housing Finance Agency, is the most elaborate federal response so far to the foreclosure debacle buffetting the housing and financial markets.

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If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350

Deep Creek Do It All specializes in cleaning services in Garrett County & @ Deep Creek Lake. Give them a call (301-501-0217) or visit the website – competitive rates and quality results from a locally owned & operated company!