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.
Buying a house with lis pendens require caution as fraudulent activities related to foreclosure rise. In Philadelphia, city councils are addressing such issues.
HUD foreclosures and other foreclosed property-related filings declined in Pennsylvania last month. Both year-over-year and monthly figures recorded a decline.
Philadelphia foreclosures for sale dropped in number in October, but defaults on residential construction mortgage loans loomed as more banks report on their problem loans. Abington Bancorp has the highest percentage of bad mortgage loans in the region.
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