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Prince Georges County experiencing highest Foreclosure Rates in the Region

Prince Georges County has been experiencing a continued spike in foreclosures despite a new ruling that went into effect July 1. On July 1, the Maryland legislature’s “Mediation before Foreclosure” rule went into effect. Under this ruling, homeowners facing foreclosure can ask for a mediation hearing to explain their specific situation to the Judge and maybe get more time to improve their situation. Unfortunately, Judges have not been enforcing this ruling and many homeowners are still losing their homes at a rapid pace. Many of these homes now sit empty and are becoming a blight which is negatively impacting the Prince Georges housing market. Area real estate agents have no choice but to sell these homes through the short sale process which affects the housing prices in the surrounding area.