Real Estate market in Pennsylvania
Pennsylvania not only offers some of the best job opportunities but also some great communities and a variety of recreational activities. All this comes with some of the best foreclosure homes in Pennsylvania and a low cost of living. Pennsylvania not only offers a low cost of living but even the property taxes and insurance premiums are less, which can help you save a lot of money. Let’s look at a comparison chart for cost of living and real estate prices.
From the above, you can make out how much difference there is between some of Pennsylvania, New York and Chicago. Last year, Pennsylvania’s mortgage foreclosure rates were ranked as the 19th highest in the Country. This was on the basis of a report taken out by the congressional Joint Economic Committee in Washington, D.C. Pennsylvania has recorded a filing rate of one in 137 households as compared to the national rate of one in 92 households. This resulted in people losing their home to Pennsylvania home foreclosures.
Pittsburgh, PA came out with the 50th highest foreclosure rate in the country recording one foreclosure per 92 households, which is same as the national average in 2006. Philadelphia saw a decrease in foreclosure filings in 2006 with 22%, and this was the third straight month in a row. In the April of last year, Philadelphia County reported 896 properties entering foreclosure, which is a 19% decrease from the previous month. The foreclosure rate in Philadelphia was one foreclosure filing for every 739 households, which is still 1.7 times the national average. This has opened up the market for buying Pennsylvania foreclosed homes and more and more investors and individuals have actually bid at the auctions.
Finding home in Pennsylvania
Finding a nice home in Pennsylvania is not a problem but finding the right one may be. After all, a home is for keeps! Hence it is important that you search through Pennsylvania foreclosures listings thoroughly to find the home that will suit your needs. These lists are normal available with most lenders, banks and financial institutions and are also available with different real estate auction websites. Bank foreclosures in Pennsylvania are sold at a public auction and the best bidder always wins.
Due to a sudden decrease in foreclosed home rates this year in places like Bucks County (58% decrease), you might not find the best Pennsylvania bank foreclosures but you can always check out some of the old ones from last years inventory. Normally the listings mention all important details of each Pennsylvania foreclosure homes but it is always better to check these homes physically because they are all sold as seen. It is always better to purchase those Pennsylvania bank foreclosures, which don’t need much or any repair.
No comments:
Post a Comment