Pennsylvania is one of the few states in the country which has managed to defy the national trend of constantly rising foreclosures. Pennsylvania has seen a downfall in the number of homes being foreclosed ever since 2005. The main reason why Pennsylvania ranks low when it comes to states with the highest number of foreclosures is that lenders in the state have adhered to cautious but safe lending practices.
The state has one of the lowest numbers of sub prime loans, which have been the major cause of the foreclosure flood sweeping the country. Since most banks and lenders have doled out only prime loans to people who had the capacity to pay them back in full, homeowners in Pennsylvania are not in a situation where the danger of losing their properties to foreclosure is as high as that in other states.
It is because of this reason that the state of Pennsylvania ranks number 33 in the list of states with the highest rate of foreclosures. However, this does not mean that the state has been totally immune to foreclosures either, and foreclosed properties are available for sale in almost all counties across the state. Sub prime loans, adjustable loan mortgages and a high incidence of unemployment in the Pennsylvania have caused a large number of homeowners to lose their homes to foreclosure proceedings.
Buyers and investors interested in buying Pennsylvania foreclosures will be able to find the best deals in the counties of Philadelphia, Allegheny, York, Montgomery and Dauphin, since thousands of foreclosed properties are on the block in these areas. These five counties make up for the majority of filed Pennsylvania foreclosures and therefore, it will not be difficult to buy real estate property at a discount of 20% to 30%.
Apart from these counties, many investors are eyeing suburban properties in Erie, York, Pittsburg and Harrisburg because of their potentially high resale value whenever the market picks up. Foreclosure properties are available all over the state, but the discounts might not be very high because of the low inventory of foreclosed properties in some areas.
The state has one of the lowest numbers of sub prime loans, which have been the major cause of the foreclosure flood sweeping the country. Since most banks and lenders have doled out only prime loans to people who had the capacity to pay them back in full, homeowners in Pennsylvania are not in a situation where the danger of losing their properties to foreclosure is as high as that in other states.
It is because of this reason that the state of Pennsylvania ranks number 33 in the list of states with the highest rate of foreclosures. However, this does not mean that the state has been totally immune to foreclosures either, and foreclosed properties are available for sale in almost all counties across the state. Sub prime loans, adjustable loan mortgages and a high incidence of unemployment in the Pennsylvania have caused a large number of homeowners to lose their homes to foreclosure proceedings.
Buyers and investors interested in buying Pennsylvania foreclosures will be able to find the best deals in the counties of Philadelphia, Allegheny, York, Montgomery and Dauphin, since thousands of foreclosed properties are on the block in these areas. These five counties make up for the majority of filed Pennsylvania foreclosures and therefore, it will not be difficult to buy real estate property at a discount of 20% to 30%.
Apart from these counties, many investors are eyeing suburban properties in Erie, York, Pittsburg and Harrisburg because of their potentially high resale value whenever the market picks up. Foreclosure properties are available all over the state, but the discounts might not be very high because of the low inventory of foreclosed properties in some areas.