DLLR News

BALTIMORE (8/24/2007) - Department of Labor, Licensing and Regulation Secretary Thomas E. Perez today announced that the number of homeowners in Maryland facing some phase of foreclosure continues to rise.

"This month there were 2,214 foreclosure events, which is the highest number on record since January of 2005," said Secretary Perez. "Nationally, Maryland has been on a steady slide in the wrong direction. In less than one year, Maryland has jumped from 40th to 16th in the nation for the number of foreclosure events.

According to RealtyTrac, one of the major providers of property foreclosure data, from the first quarter of 2007 to the second quarter of the same year, Maryland saw a 146 % increase in foreclosure events. The statistics are staggering when comparing July of 2006 to July of 2007, which saw foreclosure events increase of 575%

RealtyTrac reports Prince George's County remains the highest in the state pertaining to the number of foreclosure events, with 676. Montgomery County has the second highest number of events, with 327 and Baltimore City is ranked 3rd with 248.

The Department of Labor, Licensing and Regulation continues to protect consumers facing foreclosure. DLLR's Financial Regulation Enforcement Unit has already initiated investigations into 95 mortgage related cases this year, and will hire 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, and they continue to explore a wide range of possible interventions. The task force will report to the governor in October with specific recommendations.