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Prince George's County, Maryland Foreclosures Update Rev. 8/17/11

By
Industry Observer with Retired

Prince George's County, Maryland Foreclosures Update Rev. 8/17/11 

There are 4,300 active listings of homes for sale in Prince George's County MD.  500 (12%) of the homes for sale are lender owned foreclosures.  1,675 (39%) are short sale pre-foreclosures.  51% of the available properties are lender owned foreclosures or short sale pre-foreclosures.
 
Mortgage Financing:  Prospective purchasers need to be aware of the changes that have take place and understand the current requirements for obtaining mortgage financing.  All should anticipate fully documented mortgage applications that may be considered to be intrusive. Different mortgage products are offered by different lenders.  Do not expect to find one stop financing.  Tell us about your very specific needs and we will try to match you with an appropriate loan officer.
 
Loan Limit Reduction:  The "temporary" mortgage loan limits that are now in place will expire on September 30, 2011.  All loans using the temporary limits must settle on or before September 30th.  For our area, this means that the maximum Conforming and FHA limits will drop from $729,750 to $625,500 for Washington DC, Montgomery County, Prince George's County and Frederick County, Maryland.  The Howard County loan limit will drop to $494,500.
 
RE/MAX Realty Group Preferred Lender:  Joe Salisbury at Presidential Bank Mortgage, joe@presidential.com, 301-590-8911 x 209 is the  Preferred Lender for our office.

Lender Owned Homes:  

There are 159 lender owned foreclosures priced at $100,000 and BELOW.  These are REO homes for sale. Click on the listing number for full details on each property.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-147109554-601

There are 161 lender owned foreclosures priced from $100,000 to $150,000.  

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-147109100-31

There are 91 lender owned foreclosures priced from $150,000 to $200,000.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-147110926-704

There are 89 lender owned foreclosures priced at $200,000 and ABOVE.  

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-147109337-179

With the large number of available lender owned foreclosures, you may find it difficult to identify the properties that may best meet your needs. Please ask us for any assistance you may need. We will email information on the properties in your price range.

Prince George's County MD Real Estate Market Statistics:  During July, there were 739 closed sales, up 11.3% from last year.  The average sold price was $181,825, down 11.01% from last year, with an average of 104 days on the market.  The median sold price was $160,000, down 17.95% from last year.  Homes were selling for an average of 89.02% of the average original list price.   

The real estate market statistics for the previous month may be viewed by clicking on the following link.  http://www.rbintel.com/statistics/prince-georges-county-md  The figures are revised on the tenth of the following month.  

Free Credit Report:  You have the right to get a FREE COPY of your credit file disclosure, commonly called a credit report, once every 12 months, from each of the nationwide consumer credit reporting companies – EQUIFAX, EXPERIAN and TRANSUNION. For instant access to your FREE CREDIT REPORT, visit www.annualcreditreport.com or call 877-322-8228.

All home buyers that plan to use mortgage financing should obtain pre-approval for financing as the first step in the purchase process. Investors should also follow this advice since investor financing is still difficult for many because of the lender limits on the number of financed properties.  Please ask us for a referral to a loan officer if you do not have an existing relationship with a mortgage lender.

Please contact us with your real estate questions. Your referrals of friends and family members will always be appreciated.  

 Life is good!

Posted by

Roy Kelley, Retired, Former Associate Broker, RE/MAX Realty Group

Gaithersburg, Maryland  

Show All Comments
Patrick White
Home Driven Realty, Inc - Baldwin, NY
Driven to bring New Yorkers home

Good Morning Roy

Thanks for the extensive update. Have a great day

Aug 17, 2011 03:54 AM
Roy Kelley
Retired - Gaithersburg, MD

Thanks for stopping by, Patrick.  It is always good to hear from you!

 Life is good!

Aug 18, 2011 10:59 PM
Roy Kelley
Retired - Gaithersburg, MD

It is sometimes good to revisit old blogs and reblogs. We might even find some good ideas for new posts.

Mar 14, 2018 07:46 AM
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