Pennsylvania Foreclosure Homes Inventory Falling
February 11th, 2008 by 
admin
While the rest of the country is experiencing a surge in the foreclosure market, Pennsylvania foreclosures have fallen dramatically since the end of 2006, bucking the national trend. New data suggests that the foreclosure situation in the state is beginning to right itself, as the number of new Pennsylvania foreclosure homes has fallen steadily since August.
The amount of new foreclosure property filings in October of 2007 was down nearly 20% since October of the previous year, an amazing statistic considering many other states saw their foreclosure property inventory double during the same time period. Pennsylvania appears to have insulated itself from the home foreclosure epidemic, and many attribute this to more conservative lending practices. While many mortgage buyers and lenders seemed to develop a love affair with the sub-prime and adjustable rate mortgage, lenders in Pennsylvania doled these types of loans out less frequently than in other areas, thus cutting down dramatically on the high incidence of bank foreclosures associated with these kinds of loans.
Philadelphia foreclosures and Pittsburgh foreclosures still remain at higher levels than most other areas of the state, especially in the outlying neighborhoods. Since it seems that Pennsylvania may be coming out of the peak of their foreclosure surge, it would be a great time for investors interested in purchasing house foreclosures for a discounted price to start getting involved in the market. A surplus of repo homes means a better chance for a lower price at auction, so searching for foreclosure listings now and buying them may be your best chance to get a good value.
Some interesting options include Erie foreclosures, Harrisburg foreclosures and York foreclosures. Areas such as these, and popular suburban locations such as Allentown and Scranton offer great chances for increased home value in the future, and therefore better profits on resale.
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Posted in Foreclosure Homes, Pennsylvania | 
7 Comments »
February 15th, 2008 at 6:15 pm
does that mean people are paying their homes off in the pa area?
February 24th, 2008 at 8:57 pm
[...] Pennsylvania Foreclosure Homes Inventory Falling While the rest of the country is experiencing a surge in the foreclosure market, Pennsylvania foreclosures have fallen dramatically since the end of 2006, bucking the national trend. New data suggests that the foreclosure situation in the state is beginning to right itself, as the number of new Pennsylvania foreclosure homes has fallen steadily since August. [...]
February 25th, 2008 at 3:01 am
[...] Pennsylvania Foreclosure Homes Inventory Falling While the rest of the country is experiencing a surge in the foreclosure market, Pennsylvania foreclosures have fallen dramatically since the end of 2006, bucking the national trend. New data suggests that the foreclosure situation in the state is beginning to right itself, as the number of new Pennsylvania foreclosure homes has fallen steadily since August. [...]
February 27th, 2008 at 5:04 pm
March 2008
The housing market has not hit bottom, and a quick internet will reveal the recent report by Reuters warning of the problems to come for the Pennsylvania economy. Realtors are still dishing out the lectures about how great the housing market has held up on PA. Not so, and things are bad and projected to get much worse in PA through 2009.
Listing prices are inflated, and the sellers act as if they’re insulted by the low offers that are coming in. The buyers are the ones who should be insulted by the out-of-line listing prices. More homes are entering the market, and they’re staying on the market for a very long time — months to years — because they’re tens of thousands to hundreds of thousands of dollars overpriced. Market price is determined only by what someone will pay for a property in a particular market — not by a seller-acquired appraisel, a seller’s hopeful price, or a realtor’s listing price. More and more people are using a property’s tax assessement as a baseline tool for value, and those values often are too high for this market.
PA is not exempt from the woes of the economy. The longer these homes linger on the market, the more the sellers will lose because the market will worsen through 2009. Yes, PA realtors, realize that Pennsylvania has been hit and things will get much worse before they get better.
March 2nd, 2008 at 6:06 am
[...] Pennsylvania Foreclosure Homes Inventory Falling While the rest of the country is experiencing a surge in the foreclosure market, Pennsylvania foreclosures have fallen dramatically since the end of 2006, bucking the national trend. New data suggests that the foreclosure situation in the state is beginning to right itself, as the number of new Pennsylvania foreclosure homes has fallen steadily since August. [...]
March 10th, 2008 at 3:47 am
[...] Pennsylvania Foreclosure Homes Inventory Falling While the rest of the country is experiencing a surge in the foreclosure market, Pennsylvania foreclosures have fallen dramatically since the end of 2006, bucking the national trend. New data suggests that the foreclosure situation in the state is beginning to right itself, as the number of new Pennsylvania foreclosure homes has fallen steadily since August. [...]
March 25th, 2008 at 6:01 am
[...] Pennsylvania Foreclosure Homes Inventory Falling While the rest of the country is experiencing a surge in the foreclosure market, Pennsylvania foreclosures have fallen dramatically since the end of 2006, bucking the national trend. New data suggests that the foreclosure situation in the state is beginning to right itself, as the number of new Pennsylvania foreclosure homes has fallen steadily since August. [...]