In Pennsylvania, 37,000 homeowners got their foreclosure notices last year making a 127 percent increase from ‘07 and 50 percent more than the national average. Of these, 10,800 went into repossession, almost twice of 2007’s 5,500.
Though this sounds tough already, Pennsylvania is actually still doing better than the other states. Pennsylvania is slightly dodged the full blow of job losses and real estate downfall.
With a 0.68 percent foreclosure rate, Pennsylvania ranked 33 among the 50 states only a third of the national average.
The highest foreclosure rates at above 1 percent were seen in Philadelphia and the Allegheny counties. While York counties, Washington, Delaware and Berks’ foreclosure rates were playing just below 1 percent.
If that is not enough already, home sales are very slow that mortgages cost more than the value of the actual home. January-November records show that home sales fell by 24 percent and median prices are down by 1.5 percent from 2007.
Pennsylvania Housing Finance Agency is now doing extra efforts to aid the foreclosure troubled saving their homes. But impending job losses may just worsen repossession scenario. Last year, a $10 million federal aid wished to bring down payments of refinanced mortgages, provide some counseling and other services. Among the 150 foreclosure troubled whose mortgages were undertaken by the agency, only 2 are 30 days delayed.
We are all hoping for the best this 2009. But with the increasing cases of unemployment, continuing economic depression and 14,000 adjustable-rate loans for Pennsylvanian homes next year, chances of recovery is very slim.
Since October, 30,000 homeowners are recorded to be foreclosure-risked because adjustable-rate mortgages are about to increase their interest rates this year.
Looks like 2009 will have more homes repossessed, increasing house supply on the market, thereby repeating the downward spiral.
Author Resource:-
Leticia Carvalho has been educated in the finer points of the foreclosures market over 5 years. Read about the following article by Leticia Carvalho on Foreclosure-Repo-Auction.com - Your online source of repo homes for sale.
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