Foreclosed Home Sales Interest Investors in Pennsylvania
Photo by AMagill
The economy of Pennsylvania, a state that is dominated by coal and steel, has suffered in recent months. Pennsylvania continues to be the leading state in coal production in the United States, but the economic downturn has caused massive pricing fluctuations.
Pennsylvania’s unemployment rate has increased slightly since July and is listed at 7.8%. New reports have shown that job creation estimates by Marcellus Shale have been greatly exaggerated; the total job numbers have been lowered by almost 50 percent. Compared to much of the nation, Pennsylvania foreclosures have remained steady in both pricing and new foreclosure listings.
Elkins Park foreclosures have had a price increase of 0.04% since July. Prices throughout much of the state have remained steady. York, Pennsylvania has shown an increase in foreclosure home pricing of about 0.52%. New Kensington and Meadville have some of the greatest increases in foreclosure home prices.
New Kensington reports a price increase of 3.36% and Meadville comes in a little bit higher at 3.42%. This slight increase in foreclosure home pricing has not dampened buyer enthusiasm. There are an estimated 30,000 foreclosed homes listed in Pennsylvania at this time. Prices of foreclosures in Pennsylvania are all over the board, with some homes priced as low as $39,000.
The price of Allentown foreclosures has dropped in the last month. The price drop is slim at 0.99%. Allentown homes in foreclosure average about $62,000, with prices ranging as high as $170,000 depending on their location and size within the city.
Approximately 1 in every 800 housing units received a foreclosure notice in last month. The city is the third most populous in the state of Pennsylvania and is quite significant in American history. Allentown looks to be an excellent investment area for foreclosure home buyers.
Pennsylvania’s foreclosures have not impacted government scandal. Pennsylvania’s recent news reports ex-House Speaker, John Perzel, pleading guilty to charges of corruption. Perzel has actually pleaded guilty to 82 counts that include theft, conflict of interest, and conspiracy charges.
If he is convicted of these crimes, Perzel will likely face forfeiture of his approximately $85,000 a year pension and jail time. Perzel has apologized publicly to the taxpayers of Pennsylvania. Also in the news, is Senator Jane Orie’s assertion that retrying her on charges that she used her publicly-funded staff to perform campaign work.
The Senator’s first trial resulted in a mistrial when the courts concluded that some of her trial documents had been forged. Senator Orie is due back in court this October.
Find more Elkins Park Foreclosures
