Foreclosures on a rise in Pennsylvania
The total number of Pennsylvania foreclosures sale for the month of March was 251. The average sale price for foreclosed properties in Pennsylvania was $67,814. The total savings on foreclosure buys was estimated at 46%.
The foreclosure figures in Pennsylvania recorded a 48% rise from the figures that were recorded in February. The March ’07 figures are up 21% from the figures that were recorded during the same period in ’06. According to reports the price of homes recorded an increase of 16% than the overall trends in the United States. The unemployment rates in Pennsylvania are on a downward trend leading to a stable economy and a better housing scenario. Among all the states Pennsylvania recorded a 17th rank for foreclosure figures in March. The rate of foreclosure in Pennsylvania was 1 foreclosure for every 1797 homes. This number is among the top five in the United States.
Philadelphia, Allegheny and Westmoreland County recorded the highest number of houses foreclosure in Pennsylvania. The three counties recorded 71% of the total foreclosures in Pennsylvania. In Philadelphia the number of foreclosures recorded was 1416, Allegheny followed with 422 foreclosures and it was followed by Westmoreland with 154 foreclosure filings. The rate of foreclosure in Philadelphia was high with one foreclosure being reported for every 467 households. This rate was 1.7 times the national average of the United States and 3.7 times the average in Pennsylvania. The second highest rate was recorded by Luzerne County which had one foreclosure for every 646 households. This number was 2.8 times the state average and 1.2 times the national average of the United States. The rate of foreclosure in Luzerne County was one for every 1046 households. This rate was 1.7 times the average rate of the state.
Pennsylvania contributed to 2% of the total foreclosures in the United States. The total number of foreclosures in the United States for the month of March was 149, 150 foreclosures. The national average of the United States was up by 7% in March than the previous month. The rate was up by almost 47% than the same period last year.
If you are planning to buy a foreclosed property in Pennsylvania, this may be the time when you would like to invest. In Pennsylvania State the foreclosures are carried out by the courts. The timeframe for a foreclosure takes approximately 10 months in the state. This is excluding the pre-foreclosure period. Borrowers do no have the right to redemption after the sale has been made. It is suggested that before you buy a foreclosed property you should take the help of a seasoned real estate consultant.
