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Pittsburgh Foreclosures for Sale Curtailed Price Increases

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By : John Cutts    99 or more times read
Pittsburgh foreclosures for sale curtailed home price increases in the July-September quarter, based on data from the National Association of Realtors.

The median sales price for single-family homes during the quarter in the Pittsburgh metro area increased by only $400 to $124,600 from $124,200 in the April-June quarter and increased by $1,900 from $122,700 in the July-September quarter last year.

The median sales price for all types of homes sold in 2008 was $118,400 while it was $120,700 in 2007 and was $116,100 in 2006.

During the quarter, the median sales price for previously owned single-family homes in 123 metropolitan areas in the U.S. decreased compared to the median during the same quarter in 2008. In 30 of the metro areas, the median sales price increased.

The median sales price nationwide for single-family homes in the July-September quarter dropped by more than 11 percent to $177,900, compared to the same quarter in 2008. Foreclosure sales and short sales, which comprised 30 percent of all residential sales, pushed down sales prices for non-distressed properties.

Based on a foreclosure report released by a real estate research company, the number of Pittsburgh foreclosures for sale in the residential sector dropped in the July-September quarter. A total of 2,671 residential properties in the Pittsburgh metro area received foreclosure actions, representing 0.24 percent of all residential units in the area.

The pace of foreclosure activity decreased by more than 20 percent compared to the same quarter in 2008 and by nearly 18 percent from the April-June quarter. Housing analysts contended that the relatively strong economic conditions of Pittsburgh and its foreclosure prevention programs were able to curb the increase in foreclosures in the area.

Additionally, the intensified efforts of federal agencies to implement the Home Affordable Modification Program have apparently been effective in curtailing the flow of troubled mortgages into foreclosure.

According to NAR chief economist Lawrence Yun, foreclosure properties are expected to occur in many markets, but the expansion and extension of the federal tax credit for first time buyers will help increase home sales, stabilize home prices, reduce the number of borrowers with negative equity and help stem foreclosures.

Yun said that sales of previously owned homes continued to rise in most states largely because of the tax credit, with the nationwide home sales increasing by more than 11 percent to an annualized pace of 5.3 million residential units in the July-September quarter.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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