Prince George's County Foreclosure Rate (Bowie, Camp Springs: apartment complexes, foreclosures, mortgages)

[adelphi_sky]

Where does your zip code fall?

NeighborhoodInfo DC


Data Spell Out Depth of Foreclosure Crisis in Prince George's

Hardest-hit is zip code 20747 (Forestville), where 4.95 percent of homes received a notice of intent to foreclose from a bank in Q2. Close behind it are zip code 20716 (Bowie) at 4.34 percent and zip code 20785 (Landover) at 4.11 percent.

[EdwardA]

Originally Posted by adelphi_sky

Where does your zip code fall?

NeighborhoodInfo DC


Data Spell Out Depth of Foreclosure Crisis in Prince George's

Interesting map. The green areas are about where I expect them to be. What's interesting is where the dark green areas are 2 in areas inside the Beltway (Forestville and Landover) and one out in Bowie.

I suspect the cause for the inside the beltway locales had to do with first time homeowners from DC and lower income apartment complexes in PG being steered into subprime and other nontraditional mortgages since their financial picture was too weak to get prime rates. Rates increased they defaulted.

Whereas the story in Bowie is much different. Folks simply getting the big brand new homes and once the market turned they simply walked away because their homes took a big hit.

[adelphi_sky]

It appears things will get worse before they get better. Consider the 450 jobs leaving the county to West Virginia. Also, consider that there is the shadow of future federal jobs cuts in the DC area. And the long slow slog of the economy is not helping either. I'm sure there are still a number pf people who lost their jobs during the recession that still haven't fully recovered.

[wisedisguise]

Temple Hills is at 3.08. My home has been mine for many years so I am not worried about anything but the pounding the value of my house takes when it goes higher. I hate that map because I don't know where most of the zip codes start and end. It used to be easier years ago but when the developers started building McMansions location became all important so names like Camp Springs was dropped and my neighborhood took a dive as far as realtors were concerned. Two of my newer neighbors informed me of that fact. They didn't mind selling 50 year old houses for near $500K but they would bad mouth the area. My neighbors don't understand why and neither do I.
Sure, we don't have the amenities NOVA has but I can get over that rather quickly. The beltway is a 10 min ride and NOVA is another 10 mins.

[bowian]

I expected higher rates in 20721 and 20720. Some areas, like 20715, didn't have much building going on compared to the other areas. I recall new houses (including sf detached homes) being built in the Forestville and, I believe, Temple Hills, areas years ago. Maybe the rates are the lowest where the least building occurred.

[wisedisguise]

Originally Posted by bowian

I expected higher rates in 20721 and 20720. Some areas, like 20715, didn't have much building going on compared to the other areas. I recall new houses (including sf detached homes) being built in the Forestville and, I believe, Temple Hills, areas years ago. Maybe the rates are the lowest where the least building occurred.

Temple Hills is a large postal zone spanning different neighborhoods and demographics. The zip code dictates the name of your area of PGC. Where in Temple Hills was this?

[justtitans]

I think these areas suffered mostly because they were building some over priced homes. I saw a brand new Single Family house in Forestville that was going for almost $400k at one point. It was on the market for about a year. I don't even remember if or when it sold, but the point is, how do you justify charging that amount of money in an area like that? If people buy these places, they are either in situations where they maybe have a hardship and can no longer afford it, or they have lost so much value that they just deemed it better to walk away.

[reiflame]

Slide that slider back one quarter and watch the color change - it looks like Q2 is much better than Q1.

[CommonsenseDMV]

What's worse is the vacants aren't maintained very well by the banks, the county refuses to go out and board up the properties which usually fall into a state of decay, and the vacant houses usually become community crackhouses often driving down everyones property values. The key to living in any zipcode is to find a way to board up those vacants and hold the counties feet to the fire when it comes to maintaining the properties, unless you enjoy living next door to a crackhouse.

[justtitans]

Originally Posted by CommonsenseDMV

What's worse is the vacants aren't maintained very well by the banks, the county refuses to go out and board up the properties which usually fall into a state of decay, and the vacant houses usually become community crackhouses often driving down everyones property values. The key to living in any zipcode is to find a way to board up those vacants and hold the counties feet to the fire when it comes to maintaining the properties, unless you enjoy living next door to a crackhouse.

I actually blame a lot of this on the state. The process of finalizing foreclosures is so long that many of these places end up sitting there far too long. I read somewhere that the average foreclosure is put back on the market in 2 years in MD and 4 months in Virginia (or at least certain parts of it).