Skip to comments.Prince George's (Maryland) Foreclosures Surge
Posted on 08/20/2013 4:21:25 AM PDT by YourAdHere
A group of 16 housing advocacy organizations want the Prince Georges County Foreclosure Task Force to find ways to stem an alarming rise in housing foreclosures recently.
Maryland is third in the nation for homes in foreclosure actions, lead largely by a flurry of foreclosure activity in Baltimore City and Prince Georges and Charles counties, according to RealtyTrac, a website that tracks real estate listings and foreclosure filings.
According to industry experts, one in every 647 homes in Maryland is in a stage of foreclosure proceedings and in Prince Georges it is one in every 540 homes. The county had 49% more foreclosures in June 2013 compared to this time last year.
Housing units in the county are in varied stages of foreclosure with 53.4% up for auction, 29.9% in pre-foreclosure and 16.7Z% being bank owned, RealtyTrac reports.
HIP is seeing 70 to 80 new foreclosure clients a month and 50% or more are African-American. Foreclosures hot spots for Prince Georges are Aquasco, Glenn Dale, Clinton, Accokeek and Upper Marlboro, according to Realtytrac.
A lot of our clients have had a reduction in their income. Another segment of our clients worked in construction or lower-wage jobs and a lot of that industry has been hit, said Hunter.
The surge in foreclosures in 2013 can be traced to the Maryland Foreclosure Mediation Law which was passed in 2010 and required that banks assist homeowners in foreclosure proceedings with securing loan modifications. The banks finally became compliant with the law this year and the backlog of mortgages, are moving at a break neck speed, said Mary Hunter, director of the Housing Counseling Program at HIP Services, Inc. (HIP).
HIP recently signed onto a letter with 15 other housing advocacy organizations asking that develop and deliver more programs to stem the rise in foreclosures. Even lending giant Fannie Mae is jumping in to assist the foreclosure problem by holding a Help for Homeowners event at Fed Ex Field in September.
Housing industry experts say the spike in foreclosures will continue until years end as the job market remains unstable and banks look to clear their books of housing inventory.
Don't forget to take the poll too.
here’s the problem
the “home owners” actually think they shouldn’t have to pay for thier home
I have a Christian old lady friend who is owed more than 5K in rent, for Heaven’s sake, by some operator who keeps asserting she is expecting a car wreck settlement and will pay her rent then. I keep telling my friend to get rid of her tenant and that I will do it for her, but my friend thinks if she waits it out, she will get her money. To which I snort.
but yeah, the tenant thinks my friend is “rich” and should spot her for the rent, disgusting
Tell your friend to kick them to the curb. The free ride is over. They’ll trash the house (if they haven’t already).
You are describing my grandmother.
She had such a tenant and took payment in wrought iron stuff. I still have some of it.
Not sure we should trust a source that can't spell "led" correctly. I still keep an eye on the real estate market and Maryland is not high on the lists I see.
I have told her
She won’t listen to anybody
Endless building going on out here in Howard county Maryland. Every field and forest will be mowed over for housing or businesses here. Plenty of gov $$$ here and an endless supply of immigrants to fill them.
(my taxes keep going up)
Guess Balt or Prince Georges counties don’t appeal to them.
Guess who lives in the Counties mentioned.
Thaat’s right. Obama voters.
O’Malley Democrats, the people who keep putting Steny Hoyer back in office.
Guess where Maryland’s criminals live. Guess where all of the darker set that is being moved out of Washington DC have settled. The riot corridors of 1968 in DC have turned white. U street, 14th.st. even H st. Of Course that hasn’t effected across the river in Anacostia yet. That is still the quickest way to get killed in DC , Go to Anacostia.
The spike will continue until 2 years after Obama leaves office, there is a Republican President, and the recovery is actually underway based on factual data.
I wonder what that is? ;)
Obama will step in and solve their problems with some money from his stash..
Your post gives me bad flashbacks.
Tell your friend to start eviction proceedings with an off-the-record apology to the tenant that shifts the responsibility to elsewhere. Say the insurance company or the big bad bank requires her by contract to start the process at a specific stage of tenant arrears. The old goodcop-badcop routine.
There is probably no “car wreck settlement” at all (95% certain), and if there is, the tenant will spend it on anything but the back rent (99.99% certain).
Ironically DHS is relocating to the St. Elizabeth’s campus in Anacostia. Right near the corner of MLK jr. and Malcom X. Projected to have 14,000 employees and only 2500 parking spots. Getting to work from the Metro is going to be a daily version of the “Warriors.” (Obscure movie reference......check)
Come to Pennsylvania. Except for the cities it’s pretty clear of the things you’re sick of, yet not too far from civilization. My property tax is under 500/year, and this house in Maryland or Delaware or Jersey would be way over 5000.
Plus, there is no way they’ll ever get every field and forest in PA, even if China annexes it.
I am with you there
What a great place to put them, in the former institution for the insane. Hopefully Howard Hall the former residence of the criminally insane.
The employees will be right at home.
I have noticed a lot of buildings being built at St. E’s surely they will put on some new parking.
I remember when Malcolm X St. was the former Portland St. and MLK was Nichols Ave..
I grew up in Columbia, left in 1990. Still go back to visit friends and am amazed how fast it has grown. When I left 29 had stop lights. Now it’s mostly clover leafs.
It’s not obscure to people who grew up in the ‘70s & ‘80s.
It started around the late 90s really getting going under GWB low interest rates and increases in government spending, still going strong.
Besides that back in 1990 was the period of lots of enclosed malls. You could always find one nearby booming in the 1980s.
By the early 2000s most had died replaced by either discount chain stores (in strip malls) like BJs and just a few of the malls like Columbia, Arundel Mills and Towson growing massive for those with $$$ to spend.
A few that died I am familiar with: Owings Mills, Laural, Hunt Valley, Golden Ring, Chatham.
I think it was the movement out of the city that caused much of that.