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Maryland ranks 2nd in foreclosure rate

Maryland had the second-highest foreclosure rate in the country in February moving up one spot despite foreclosure activity actually slowing down.

The state has experienced an increase in foreclosure activity for 20 consecutive months, and one in 557 housing units had a foreclosure filing last month, according to a report released on Thursday by real estate information firm RealtyTrac.

In January Maryland ranked third in the nation for foreclosure rate with one in every 543 homes with a foreclosure filing.

Maryland’s foreclosure rate has been on the uptick in part because of a backlog of houses now going through the process after a six-month moratorium was lifted in 2012.

On average it takes 575 days in Maryland to go from the first missed payment to a foreclosure sale.

Only Florida had a higher foreclosure rate.