Foreclosure Listings in Pennsylvania

The hottest news from U.S. to the outside world is that the economy showing a dip gradually in the recent years, dollar is losing its value against other currencies and foreclosure of housing properties is enormously increasing in the country. Almost all the States of the U.S. nation are reeling under the clutches of sluggish real estate business, a direct consequence of sub-prime and predatory lending practices adopted by the financial circles in the booming years of 2000 to 2005. Shaky credit history was sidelined while tendering mortgage loans full up to the brim of the value of the property, including the closing costs of the house purchase. Unwary borrowers were lured by the agents and brokers into getting loans with adjustable mortgage rates, which eventually dried up their repaying capacity by swelling later in percentage and real money. The result is hundreds of thousands of U.S. home owners were rendered homeless once again or facing foreclosures in the immediate future. As reported in September 2007, the number of foreclosure filings in the entire U.S. was 223,538, a 99 per cent increase from that of the figure reported in September 2006 and representing in real terms one foreclosure for every 557 households.

Pennsylvania, the Industrial State contributing to the U.S. economy by about 16% totally and also turning out large number of unemployment problems together, is going the national way in the increased number of foreclosure of housing properties. Although it is not taking part in the top ten States of foreclosure listings like California, Florida and Ohio, it is still ranked as 15th overall in the number of foreclosures and the rate of foreclosure filings in Pennsylvania – one foreclosure for every 1,419 households is ranked 25th of the nation. The latest statistics available for the month of September 2007 go to show that there is an increase of 23 per cent from that of the previous month and 22 per cent over the figure of the same period – September 2006.

The bulk of the foreclosure listings constituting 71% of the total listings of Pennsylvania are from three Counties prominently. They are – Philadelphia County turned out 1,525 filings as the highest; Alleghany County offered 958 filings as the second one and the third with 240 filings came from York County – as per figures available in September 2007. In comparison with the State’s foreclosure filing rates, Philadelphia is the highest – 3.3 times higher than that of the State’s average in filing one foreclosure for every 433 households. The other two are – Alleghany county 2.3 times high of the State’s average by filing one foreclosure for every 616 households and York County posted one foreclosure for every 704 households that is two times of the State’s average. The State has contributed 2% to the total filings of foreclosures in the national level.

As for the availability statistics for home buyers interested in buying foreclosure properties from Pennsylvania State, there are excellent opportunities to get beautiful condominiums, rural retreats, suburban residences scattered all over the counties for peaceful living. There are 24,225 of them under various stages of foreclosures – pre-foreclosures issued with default notices by the Court “lis pendens” as Pennsylvania permits only judicial foreclosures through Court orders; actual foreclosures fixed up for public auction on specified dates and repossessed homes after not being sold out on foreclosure auctions. All these details can be collected by visiting Pennsylvanialispendens.com.

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