Foreclosures up, Ranking High for Maryland - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Foreclosures up, Ranking High for Maryland

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(Photo: MGN) (Photo: MGN)

DOVER, Del. (WBOC) - Foreclosures numbers are up but that may not be a bad thing.

New nationwide numbers from Realty Trac show more foreclosure filings. And Maryland is near the top of that list. But realtors say it is actually good news.

Kimberly Rivera is a real estate agent with Keller Williams in Dover. She said the number of short sales have dropped dramatically, and new national numbers out about foreclosures are promising.

"Our numbers, locally, are down about 45 percent from last year," she said.

Rivera say the housing market is looking better.

"If you look back just a few months, the inventory was higher then; it's lower now and just in a few months we've seen a dramatic change."

More than 130,000 us properties with foreclosure filings were reported in July 2013. That's a 2 percent monthly increase but still 32 percent below the July 2012 level.

In Delaware, the numbers speak volumes. In 2010 there were more than 6,000 foreclosure filings. In 2012 there were a little more than 1,200. According to the Delaware State Housing Authority, there were 261 homes in Kent County in 2012, 92 in January alone. There were 285 filings in Sussex County, 96 in January.

Rivera says short sales are down at Keller Williams 35 percent from last year.

"The home sales have gone up about four percent and I think that that has to do with the fact that we have less inventory. If you look at our numbers last year, we had about 11 to 12 months of supply of real estate. We're down to about a 9 or 8, so it doesn't get much better than that."

Maryland has the second highest foreclosure rate in July. That's the highest foreclosure rate ranking for the state since Realty Trac began issuing its report in January 2005.

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