The pace of Philadelphia foreclosures is not as fast as in most other large metro areas because of the relatively high number of public and private groups working together to cut down foreclosures. Mandatory mediation, mortgage payment assistance and legal aid are among the foreclosure prevention efforts.
Pittsburgh home foreclosures have been declining substantially, making the city the best housing market in the U.S., according to NAHB housing index analysts. High scores in home affordability, price appreciation and foreclosure slowdown put the city on top of the rankings.
The residential property market problem, which includes foreclosed houses like Freddie Mac foreclosures for sale, has spilled over to the commercial property industry of Pennsylvania.
Philadelphia home foreclosures are being curbed by the federal Home Affordable Mortgage Program and activism by community advocates. Philadelphia is among 15 cities with the highest rate of distressed mortgages successfully modified under HAMP.
Pittsburgh foreclosures continued to slow down in 2009, but price discounts continued to be among the biggest in the country. Foreclosed homes were priced 59 percent lower than non-foreclosures with the same characteristics.
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