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Pittsburgh Foreclosure Listings, Unemployment Still Increasing

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By : John Cutts    99 or more times read
The number of properties on Pittsburgh foreclosure listings is expected to jump up in the coming months as the 79-week unemployment extensions and benefits will come to a close. It is expected that 20,000 unemployment benefits will expire in Pennsylvania while 45,000 will come to an end in New Jersey. An additional 14,000 people in Pennsylvania will lose their benefits before the end of this week.

Industry analysts said that if an area has a high unemployment rate, it follows that the foreclosure activity in the same area is also at its highest. They said that the previous wave of foreclosure was brought about by homeowners who took out bad loans. This time, the Pittsburgh foreclosure listings will consist of properties owned by borrowers who failed to pay their mortgages because they lost their jobs and their source of income.

Industry analysts said that severely affected are people with low-paying jobs, such as house cleaners, clerks, security guards and food-service workers. Additionally, a great number of single mothers are expected to become homeless because of foreclosure and high unemployment.

A survey of homeless agencies and shelters showed a rising number of individuals being forced to seek shelter because of the economic downturn. Officials said that they have been receiving many calls from individuals who lost their jobs and facing foreclosures.

Inter-Faith Housing Alliance executive director Laura Wall Starke said that many people who are not yet homeless are starting to find alternative accommodations. Catholic Charities Emergency and Community Services program director Bonnie Jordan said that a new breed of homeless are out there, adding that they are people who have lost their jobs and used up their unemployment benefits.

In the past, individuals who have lost their jobs or facing foreclosures turn on their relatives or friends for help. But the worsening economy has taken its toll on almost everyone that finding help is becoming difficult.

Industry analyst are hoping that the flock of buyers taking advantage of the low priced foreclosure properties in Pittsburgh could help lift the city's economy and housing market.

Pittsburgh has always been attractive to real estate investors and buyers because of the wide range of economic opportunities, expanding medical, educational and cultural infrastructures and low cost of living.

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