Laurel, Md. real estate has about 66 week of inventory in Prince Georges County zip code 20707. In zip code 20708 there is 77 weeks of inventory. These numbers translate to well over a year of inventory currently on the market. Most of these homes are distressed sales.
Part of the reason the inventory is so high is that banks are overwhelmed and they are unable to process deals in the normal thirty day time frame. Foreclosure sales are having problems getting their paper work done in time for settlement.
And everyone knows by now, short-sales take months to get to settlement. As a buyer, be aware there are great deals out there, but you need to know the deal will be full of bumps.