Housing Foreclosures Hit Maryland

Due to the rise in the number of Maryland foreclosure homes, suddenly there is an alarm amongst the state senators who are now trying their very best to protect the homeowners in the state from the crisis related to the sub-prime mortgage. Now the political think tank has started to look for various avenues and is thinking about implementing new laws, which will be able to save homeowners from this mega-wave of foreclosures by state.

There have been many a meetings of the Senate Finance Committee as well as various industry experts in the last couple of months. The discussion and the main agenda was that of the rising delinquencies in the sub-prime mortgage market. The Commissioner of the Department of Labor, Licensing and Regulation, Tom Perez believes that there is quite an amount of work that is required to improve upon the current condition of the homeowners of Maryland.

According to Perez, there has been an increase in the number of foreclosure homes in Maryland off late and this is the reason why it is being considered as a hot spot for buying and selling of foreclosures. In the last couple of months the rate of foreclosures in Maryland has spiraled by almost 346%. As a result of this jump, there is huge number of foreclosure homes for sale or auction and this has made the ranking of Maryland on the foreclosure list to move up from the 40th position to 16th position.

According to Perez, the main culprit for high rate of foreclosures are the exotic-loans that were introduced some time back in the housing industry and most homeowners have been lured by these packages.