Is there hope to turn around the falling prices and foreclosure rates in Prince George’s County? While some areas of the Washington region have seen signs of rebounding from the housing crash, Prince George’s home values have lagged. Total volume of sales was down 11 percent in 2011 compared to 2010 and the average home was on the market more than 100 days last year, according to Alease Bowles, president of the Prince George’s County Association of Realtors .
What’s worse, it’s possible that prices will fall further this year as foreclosures nationwide are expected to rise, according to some economists, and Prince George’s already leads Maryland in foreclosures. But help might be on the way. Two new programs aim to try to revive the local real estate market in the county by providing homebuyers with some pretty attractive incentives.One program, Buy Suitland, offers 0 percent interest grants for people who have not owned a home in the last three years and who are buying a home in Suitland, Md, within certain census track boundaries.
The program offers the opportunity for buyers in Suitland to receive 5 percent of the purchase price, depending on their income. More details are at the Prince George’s Realtors association Web site The other program, My HOME program, offered in partnership with HUD, is open for sales in the county for homes with purchase prise up to $362,790.
Details, from the association's Web site:
The My HOME program offers $$$ incentives to buy a home in Prince George's County. Up to 5% of home sale price to qualified homebuyers who have not owned a home within last 3 years.Through HUD's HOME Investment Partnerships Program (HOME) the County has acquired over $1 million to use toward Down Payment and Closing Cost Assistance loans. The County's Department of Housing and Community Development (DHCD) recently finalized program guidelines and officially launched the program March 7, 2011
I’d love to know more from people who have experience with either of these programs or if you tried to use either of these. E-mail me to share with Where We Live.