Third Quarter Numbers Move Baltimore City into 2nd Highest Statewide

BALTIMORE (10/23/2007) - Department of Labor, Licensing and Regulation Secretary Thomas E. Perez today announced the number of homeowners in Maryland facing foreclosure escalated to staggering levels in just one year.

"In the third quarter of 2007, Maryland saw 7,001 foreclosures, compared to 947 just a year ago," said Secretary Perez. "That is a 639 percent increase. The third quarter also saw an enormous jump in foreclosures in Baltimore City, moving that group of homeowners into second place statewide with 1,155 foreclosures."

The number of statewide foreclosure events from the second quarter of 2007 to the third quarter of 2007 showed an increase of 2,909. Of those events, 751 occurred in Baltimore City.

According to RealtyTrac, one of the major providers of property foreclosure data, Prince George's County remains the highest in the state pertaining to the number of foreclosure events, with 1,669. Baltimore City has the second highest number of events with 1,155 and Montgomery County is ranked third with 855.

The Department of Labor, Licensing and Regulation continues to protect consumers facing foreclosure. DLLR's Financial Regulation Enforcement Unit has already initiated investigations into more than 120 mortgage related cases this year, and is in the process of hiring four new investigators to step up their efforts to root out mortgage fraud.

Secretary Perez is the co-chair of the Governor's Homeownership Preservation Task Force along with Department of Housing and Community Development Secretary Raymond Skinner. The task force will report specific recommendations to the governor by the end of October.