Some of the biggest drops in home foreclosures in the United States occurred in the Washington DC area in the first quarter. In the District, there were 63 foreclosure filings last quarter, which is down almost 88 percent from one year ago. Maryland saw a decrease as well with 4,777 foreclosure filings last quarter, which is down 68 percent from a year ago. Overall, the Washington area, which includes Northern Virginia and the Maryland suburbs, had 6,619 properties with foreclosure filings, down 52 percent from the first quarter of 2010. The numbers are according to RealtyTrac, Inc.
Real estate experts say the foreclosure numbers may make a rebound as lenders and servicers begin to work through the backlog of thousands of foreclosures delayed because of improperly processed paperwork. There is an inventory of distressed properties in the housing market, according to one expert.
California accounted for 25 percent of all foreclosures in the first quarter, with Florida and Arizona combining for 16 percent of all home foreclosures.
If you are experiencing difficulty in making your mortgage payments, contact a Washington DC bankruptcy lawyer for a free telephone consultation. You have options and it is possible to keep you home. An experienced Washington DC bankruptcy attorney can help you.