Pennsylvania Foreclosure Homes Inventory Falling

Time icon February 11th, 2008 by Autor Joseph Smith

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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