Investors Lead Housing Rebound In Prince George’s
UPPER MARLBORO, Md. (AP) — A flood of investors is fueling a housing rebound in Prince George’s County, where home prices are up nearly 9 percent from a year ago.
The Washington Post reports the county has become the region’s magnet for house flippers and aspiring landlords where hundreds of foreclosed houses sit vacant. Last year, investors accounted for a third of all home sales.
The foreclosure crisis lingered longer in Prince George’s than any other Washington suburb.
The influx of investors now mirrors the experience of Virginia’s Prince William County, another major epicenter for foreclosures, after home prices bottomed out in 2009. Prices have increased more than 30 percent since then.
Many house flippers now, though, are choosing not to resell. Instead, they’re opting to rent out properties due to the strong rental market.
(Copyright 2013 by The Associated Press. All Rights Reserved.)