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The second wave of foreclosures? The first wave was because of toxic loans. The second, (I believe) this has something to do with job losses.
The Washington region ranked 48 out of 203 metro areas with 56,347 foreclosure notices in 2009, for a rate of 2.6 percent of housing units. That’s up 1.7 percent from 2008.
The Baltimore area ranked 108 out of 203 metro areas examined in RealtyTrac’s report. There were 15,064 properties that received foreclosure notices in 2009, or nearly 1.4 percent of the region’s housing market, up 27.9 percent from the year before and 88.7 percent from 2007.