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New Laws May Have Slowed Increase of Foreclosures in Maryland
posted 8:28 am Mon June 23, 2008 - BALTIMORE, Md.
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There's numerical evidence that new state laws adopted in April have helped stem the increase in foreclosure filings.
Even as the number of filings rose 7 percent nationally from April to May, the number in Maryland fell during the same period. According to the online service RealtyTrac, about 2,350 Maryland homes entered some stage of foreclosure proceedings in May, a decrease of 60 percent from April.
Before the new laws took effect April 4, state housing officials say lenders could begin the foreclosure process just 15 days after a missed payment. The new law extends that period to about five months.
It remains to be seen whether the new laws will mean a long-term reduction in foreclosures in Maryland or simply delay them.
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