Published on: Wednesday, September 01, 2010

By Fresia Rodriguez Cadavid

The summer is coming to a close with a jump in foreclosures in Prince George’s County, according to data released by RealtyTrac.

The California-based foreclosure tracking company found the county recorded more than 2,000 foreclosures in July, which is the most recent number to be released. The number represents a 15 percent increase from July 2009. Statewide, 7,000 homes were subject to foreclosure activity in July.

But the news isn’t terribly bleak, said Mike Cerrito, president of the Prince George’s County Association of Realtors. While Cerrito admits that if you just look at the numbers things might appear negative, there is more to consider. Real estate is local, Cerrito insists, and there are numerous factors that keep the county performing better than the national average.

“The county has less than six months of housing inventory available now,” said Cerrito. “With the federal government and military in the area, it has kept the activity going.”

Last quarter, RealtyTrac reported the state’s foreclosures numbered 15,637 over the past three months. That number made Maryland the 11th-highest for homeowner default in the nation, a 68 percent jump from the second quarter in 2009.

According to the data, a total of 895,521 foreclosures were filed in the country during the second quarter of 2010. The number represents a decrease of nearly four percent over the figures for 2010’s first quarter. One in every 144 U.S. households received a foreclosure filing during the second quarter.

The county and state are still trying to take measures to help stave off mortgage default.

This summer, U.S. Rep. Donna Edwards hosted foreclosure prevention workshops and forums for residents of the 4th Congressional District, which comprises portions of Prince George’s and Montgomery Counties.

Hundreds of homeowners were in attendance and engaged in workshops covering predatory lending, communicating with your bank and affordable lending. They were also able to attend free consultations with attorneys, housing counselors and bank representatives.

“In the first quarter of 2010, Prince George’s County totaled 881 foreclosure filings and Montgomery County saw 704 filings, underscoring the need that we must all continue working to address this critical issue,” Edwards said. “I urge homeowners who are on the brink of foreclosure not to wait to take action. Help is available.”

In Maryland, a new law took effect July 1 that helps homeowners avoid foreclosures by mandating lenders to more actively work with homeowners to modify mortgage terms and inform them of the options they have available.

The incentives to buy a home still remain strong, according to Cerrito.

“Properties are at fantastic prices. Interest rates are fantastic. It’s going to take a while to get out of this but we’re slowly heading in the right direction,” he concluded.

National Association of Realtors President Vicki Cox Golder echoed his sentiments. She said there are great opportunities now for buyers who were not able to take advantage of the tax credit, which expired in the spring and boosted home sales nationwide.

“There is good selection of property in most areas, so buyers with good jobs and favorable credit ratings find themselves in a fortunate position,” she added.