Maryland leads nation in foreclosures

Unintended consequences: “It was the second consecutive month that Maryland led the nation in [the rate of] foreclosure filings, RealtyTrac said.” While filings nationwide were down 7 percent from a year earlier, those in Maryland were up 13 percent. [Baltimore Business Journal] We’ve noted before that although liberal legislators in Annapolis imagined they were doing poorer homeowners a favor by making the state’s foreclosure process so slow, the results have included unusual delays in bounce-back from housing recessions and persistent neighborhood blight. That’s to say nothing of the entrenchment of non-paying occupants in luxury homes for years at a stretch. To quote another commentator’s words in our March item:

“Living rent-free in a $600,000 house is a ‘plight’ only in the sense that at some point you may have to stop.” [Arnold Kling on the Washington Post’s naive Prince George’s County foreclosure series; coverage of Maryland’s unusually lender-hostile foreclosure law at Overlawyered here, here, here, here, here, and here]

1 Comment

Filed under Policy

One response to “Maryland leads nation in foreclosures

  1. Pingback: My letter in the Washington Post on Baltimore evictions | Free State Notes

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s