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Current Trends in Pennsylvania Foreclosures and Real Estate



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By : Jacquelyn Marks    99 or more times read
Although many states saw rates of foreclosure completion decline in March, a handful of states saw rates rise, including Pennsylvania, where foreclosures were up. Pennsylvania has a comparable foreclosure inventory to the national rate as measured against total available distressed real estate inventory. This is just a small percent drop in inventory levels since the previous year.


Several Pennsylvania Markets Pull Ahead, Leave Foreclosures Behind

The real estate recovery in Pennsylvania has been largely uneven, with select markets selling down foreclosure inventory for dramatic increases in average selling price in a short period of time. Southwestern counties have seen some of the best gains, with selling prices increasing and average time on the market decreasing year over year. In mid-state Cumberland County, inventory has contracted to as fewer homes are listed. In Pittsburgh, demand for desirable housing is so high that even recently built apartment units are selling out in record time, amid data suggesting that Pittsburgh is accepting in-migrations at a more prodigious rate than perennial gainers such as Austin and San Francisco.


Philadelphia, Reading Foreclosures Most Promising

Philadelphia foreclosures makes it an ideal place for homebuyers and investors to begin a property search. Some of homes in the metropolitan area are REOs, while numerous real estate properties are distressed. Recent data from the National Association of Realtors suggests that the competition for these distressed properties is less than heated: Philadelphia is one of ten major markets vying for the longest time on the market for inventory, even as average selling prices declined year over year.

Although the area’s population growth overall is considered weak, foreclosed properties close to area colleges and universities have investment potential for rental conversion. The job market in the area is also undergoing a recovery, even as Moody’s Analytics is predicting that housing in the area has hit its bottom. These indicators signal that the following few months are an ideal time to close on a Philadelphia foreclosure.

Reading also makes the top ten list for stale inventory nationally, despite the fact that 11 percent of listed inventory is considered distressed, with a median listing price of $118,160. A joint effort by Pennsylvania Realtors and the City of Reading created an incentive program for foreclosure buyers in Reading last year offering tax incentives such as a reduced transfer tax, to a nominal rate of 1 percent. This strengthens an already attractive upside for many purchasers, though the inventory of distressed Reading properties has remained stable since the announcement.
Foreclosure.com is the leading online resource for distressed property listings.

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