Holding 20 electoral votes in its grasp — tied for fifth highest in the country with Illinois — Pennsylvania was a major player in the outcome yesterday’s presidential election between President Barack Obama and Gov. Mitt Romney. Since the election in 2008, total foreclosure activity has waned significantly in the Keystone State, but in comparison to the country as a whole as of September 2012 the state ranks higher for total foreclosure activity than it did four years ago.
Since Philadelphia and Pittsburgh are the state’s two largest metro areas, accounting for about two-thirds of the state’s population and 63 percent of its housing units, Foreclosure News Report zeroed in on those metro areas. What we found was that both metros have seen significant improvement in foreclosures since the last presidential election, but both are also seeing renewed surges in activity on a year-over-year basis this year.
“In Philadelphia it’s geographical,” said Realtor Howard Casper with U.S. Spaces, Inc. Center city is strong, but the rest of the suburbs are pathetic. Not as bad as Florida, but bad.”
RealtyTrac data show that foreclosure activity increased during the third quarter of 2012 from both the previous quarter and the third quarter of 2011.
Pittsburgh is suffering from a similar situation, with foreclosure activity up 68 percent from last year, the fourth straight month of year-over-year increases in activity.
“There’s been a lot of out-of-state investor purchases; they have been on the increase,” said Daniel Murrer, vice president of the RealSTATS real estate information service based in Pittsburgh. It’s attractive because people from New York can’t believe what they can buy here in Pittsburgh. Pittsburgh offers a tremendous value for the money.”
To Mike Netzel, an agent with Keller Williams Realty in Wexford, Penn., and a real estate investor, the market in Pittsburgh is a tough one right now for flipping properties.
“Most people who go to flip don’t complete them. As a buy and hold, it’s hard to beat the value proposition that real estate holds,” Netzel said.
To get all the insight into the current market for investors in Philadelphia and Pittsburgh, read the entire article featured in the October issue of the Foreclosure News Report.
The following is excepted from an article titled “Rising Foreclosure Activity Threatens Housing Stability in Keystone State” which appeared in the October 2012 issue of the Foreclosure News Report. You can get the October issue free and read the entire article, along with other award-winning content, if you sign up for a free trial subscription to the Foreclosure News Report in the next 30 days.
Here are some other articles that may interest you from the RealtyTrac newsroom:
How Foreclosure Survivors Could Change the Presidential Election
RealtyTrac on The Willis Report: Why Most Housing Markets Are Worse Off Than 2008
Leno Gives Obama Platform to Discuss Housing