Experts Say Maryland’s Decline in Foreclosures is Temporary

According to WBALTV.com, a recent decline in home foreclosures in Maryland and nationwide is likely temporary.

Baltimore and other metropolitan areas saw a drop in foreclosures during the first half of this year; experts, however, are certain that this drop is due, in large part, to lack of resources.

John Staiger, real estate professor at John Hopkins Carey Business School, told WBALTV that the slowdown in foreclosures is because there aren’t enough deputies and the banks can only consume so many foreclosures at one time. The drop in foreclosures, says Staiger, is not because of a better economy but because of backlogs at the mortgage lenders.

Realty Trac statistics show that one in every 1,358 homes in Maryland is in foreclosure, with many more homes waiting in the wings to begin the foreclosure process.

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