Whether a resident of Pennsylvania is buying or selling a home, it is often a very exciting experience. There are numerous steps that must be taken for both buyers and sellers, but the completion of all these steps often ultimately leads to an exciting life change. In all of the excitement involving in buying a home, the last thing the buyer is thinking about is the possibility of eventual foreclosure. Unfortunately, foreclosure does lie in the future of some Pennsylvania homeowners.
According to a recent study of residential real estate conducted by RealtyTrac, foreclosures in Pittsburgh rose 16 percent in the month of May. In that month, there were 753 properties that were at some point in the foreclosure process. That number was 105 more than the previous month. However, the good news is that it was 145 less than the month of May in 2013. These numbers are somewhat concerning, because the remainder of the United States saw, on average, a five percent decline in foreclosures from the previous month, and a 26 percent decrease from the same month in 2013.
Experts believe that the increase is simply a seasonal bump and not a long-term trend. However, it will be important to keep an eye on these numbers and, if they continue to increase, it may be the sign of a long-term increasing foreclosure trend in this part of Pennsylvania.
All property transactions can be complicated and confusing. Whether an individual is buying a home, selling a home, going through a foreclosure or any other type of property transaction, there are legal professionals that are educated and experienced in these types of transactions, and can assist those that find themselves lost in, or overwhelmed with, the process.
Source: Trib Live, “Foreclosures rise in the Pittsburgh area,” Chris Fleisher, June 9 2014