Maryland Puts $2.5 Million Toward Foreclosure Prevention
Maryland's foreclosure problems appear to be getting better.
On Wednesday, the Maryland state government announced that it was putting more than $2.5 million toward preventing home foreclosures in the state, according to the Washington Business Journal.
Federal, state and local sources are providing the funds that will mainly be used by nonprofit housing counseling groups. The majority of the money ($1.8 million) will go to thirty non-profit housing counseling agencies in the state and two legal service providers.
Although the funds are needed, the WBJ points out that the foreclosure situation in Maryland is getting better:
“The funding announcement comes on the heels of the state’s Department of Housing and Community Development release of its first quarter 2009 foreclosure report, which shows 9,289 property foreclosures in Maryland during the first three months of the year. That’s a reduction of 7.5 percent from the previous quarter and a decline of 18.5 percent from the same time a year ago.Total foreclosure filings in Maryland posted the second lowest number since the first quarter of 2008.”
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