Pg county is the only county with the highest housing appreciation in Maryland. (bank owned, foreclosure)

[TuborgP]

Originally Posted by TuborgP

This is surreal. Most other states have people complaining about their assessments going up because it means their taxes will go up. In Maryland there are actually people happy about assessments skyrocketing? I know the state is increasing taxes but we actually have people cheering that their taxes will go up. I hope they realize that increased assessments mean increased taxes unless there is a cap or rate cut.

Bid to cut tax rate could still boost bill -- baltimoresun.com (http://www.baltimoresun.com/news/local/baltimore_city/bal-te.ci.tax03jan03,0,4859145.story?coll=bal_tab01_la yout - broken link)

[liliblu]

Originally Posted by TeamBenya

There HAS been a devaluation in PG County Real Estate, that's a fact. Here's a link to a full analysis on the current sales figures for Prince George's County.

Prince George's County Real Estate Market Report (http://www.teambenya.com/charles_county_real_estat/2008/01/prince-georges.html - broken link)

Is this an advertisement for your business?

[TeamBenya]

Originally Posted by liliblu

Is this an advertisement for your business?

No, not particularly. If you read earlier on, lscalder mentioned appreciation in housing value for PG county (hence the name of the thread). While I understand lscalder's discontentment about the poor state of the real estate market, and believe me, I feel it as well, the fact is that the very title of this thread is deliberately misleading for anyone who is trying to find more information on the area.

The reason I post through links rather than directly into the forum is because it's difficult to post anything on this board that includes images or charts. The fact is I would be hard pressed to believe that anyone has gained 15% in equity over the last 1-1.5 years.

Is my website advertisement for my business? Of course. I'm a realtor, and I update it almost daily with real-estate related news, but that doesn't mean that I'm posting a link to it for the purpose of advertising my business. I didn't send it to the main page, but rather a specific article that relates directly to the topic of conversation.


I felt that the information was useful and relevant to the fact that I disagree with the idea of there being housing appreciation in P.G. County, and I apologize if you felt it was simply advertising.

[liliblu]

There is help for home owners who are in trouble. These are counseling services approved by the state and HUD.

Avoiding Foreclosure: Maryland

Homeownership Preservation Foundation

Maryland Attorney General- Foreclosure Counseling Services

[TeamBenya]

Don't forget about this one. It's hard to get approved for the program, but it may be the best option out there if you qualify.

Hope Now

[truthhurts]

Originally Posted by fishfister

You hit it on the head. I asked in another thread to "Define Wealth". Wealth is not the paycheck one never sees because of the simple fact it is going to mortgage, car notes and utilities before it goes to build holdings in a financial institution. Never confuse salary with wealth.
How many people are "house poor?" Sure, they bought a $750K Mcmansion but they can't furnish it properly or live like those that are in their neighborhood because they are broke at the end of the month.

Hey Fish, I responded to your post in another forum, but first i'll say I totally agree with you in terms of what your saying about asset appreciation, but i'll use the same argument i used on a women in the Howard County forum that attempted to say the same thing you did.

House Poor? Okay, if you own a 750k house you most likely moved out of a 400k house and used that as a down payment. Where do you guys get the idea that people are just moving into 750k based on their salaries? That is just silly silly silly.

Now let's put some other things into perspective if you move into a 800k house from a 400k house you only financing 400k, so you already have 400k equity in the house.

Lets assume your income is 200k, which i would assume it is for most people moving into these houses. Now, if your income is 100k, and you decide to move into a house like this from a 200k house then you're for lack of a better word a "dam fool!" However, there are a lot of "dam fools", but they are by no means the norm of people living in these upscale neighborhoods.

Back to my point

200k a year in Salary
35% tax braket
400k mortgage over 30 years
Interest on the mortgage is tax deductible

Let's do the math

Mortgage at 6% is $2,570 a month
Interest Deduction $26,000 a year

Income Math

200*.35 = 70k taxes

70k-200k =130k

130k+26k(interest deduction) = 156k

Monthly income 156/12 = 13k

2,570/13,000 = 19% of monthly income (affordable)

[mom2boys37]

fish..i would be "THAT WOMAN" geesh...

[TuborgP]

http://www.baltimoresun.com/business/realestate/bal-te.md.foreclose (broken link)
04jan04,0,2304431.story?coll=bal_tab01_layout

We need to hope PG pulls through this crisis as other areas could follow. There are some things that are debatable but this is a real 2008 crisis.

[lscalder]

Foreclosures is a big concern for the entire country but the number one county in the region is Fairfax,Loudon and Prince William. They are all leading in th ehighest numbers of foreclosures in the Dc metro area. I really think Pg county will pull thru. Montgmoery county is behind Pg by less then 1% so its a problem for all counties. Well I believe once all these construction of new malls,new communities,upscales shopping and dining get finish I think more and more people will come to the county. Unlike Montgomery county there is nothing new coming to MC so they have nothing to draw in new folks. When you have new commercial such as upscale mall.shopping,dining,new scene like a Art district in Hyattsville people like new. I know i do so we will have new people coming into the area. PG county already have other surrounding counties,VA and DC trying to compete with the National Harbor. I think we will hold on and rise and get better.

[TuborgP]

Originally Posted by lscalder

Foreclosures is a big concern for the entire country but the number one county in the region is Fairfax,Loudon and Prince William. They are all leading in th ehighest numbers of foreclosures in the Dc metro area. I really think Pg county will pull thru. Montgmoery county is behind Pg by less then 1% so its a problem for all counties. Well I believe once all these construction of new malls,new communities,upscales shopping and dining get finish I think more and more people will come to the county. Unlike Montgomery county there is nothing new coming to MC so they have nothing to draw in new folks. When you have new commercial such as upscale mall.shopping,dining,new scene like a Art district in Hyattsville people like new. I know i do so we will have new people coming into the area. PG county already have other surrounding counties,VA and DC trying to compete with the National Harbor. I think we will hold on and rise and get better.

Fredericksburg.com - Stafford, Spotsylvania foreclosures rank high FORECLOSURES

Now we can begin to discuss real issues since we are reaching a consensus. PG is not the only screwed up county in the DC area. Excess is coming back to bite the area in the sensitive part and what will elected officials do? People have over extended and just because the federal government is here we believe we are recession proof. However there are multiple bubbles bursting and where are these new home buyers and shoppers going to come from? Perhaps the real forum question is for those of you who have lived within your means and are financially secure. ARE YOU WILLING TO BE TAXED AND HAVE YOUR INCOME REDISTRIBUTED TO ASSIST/BAILOUT THOSE WHO SPENT IN EXCESS? Will they learn their lesson this time? Did they learn it when they were with you in school? When do you stop paying more then your fair share? Perhaps you might elect to move? Seems like that is a trend.