On the basis of a report published by a Los Angeles based company, RealtyTrac which keeps track on all housing transactions, the rate of foreclosure activity in the area of Scranton – Wilkes–Barre – Hazleton moved down by 41% in the period of January to March 2012 in comparison to the same months a year ago. This is also the 5th quarter in a row showing a decrease in the total number of foreclosure notices.
A Dunmore based real estate lawyer, Mark Conway who deals with foreclosure and bankruptcy cases, said, “The market is stabilizing. I think we have run out of road. I think most people in free fall have already gone over the edge.”
The rate of foreclosure filings in this metro area moved down by 52% last year in comparison to a year ago. The total number of bankruptcy cases in this area moved down by 15.6% between January to March 2012 in comparison to the same months in 2011. Moreover, compared to 2010 in the previous year, the total number of Sherrif’s sale for foreclosures also moved down by 28% in Luzerne County and by 33% in Lackawanna County.
Michael Kalteski dealing with foreclosure sales for a real estate firm, Coldwell Banker in Clarks Summit stated, “Maybe we are leveling out. At some point, they have got to ease up a bit.”
This report by RealtyTrac reveals a different foreclosure picture in these three months. Although the rate of foreclosure activities was down by 16% all across the nation, the rate was 22.5% higher in this state. Contrary to the decrease in the total number of filings in New York by 35%; the total number of foreclosure activities in Lancaster County increased by 65%.
Consumer Credit Counseling Service in Northeastern Pennsylvania is an agency which provides debt-management and budgeting services in many counties. The President and CEO of this company, Mike Elick stated, “We are seeing a mixed bag. We have seen just a slight drop in the number of people coming in.”
According to him, the foreclosure activity is high in Poconos and RealtyTrac reported that foreclosure postings increased by 17% in Stroudsburg in the first ninety days of this year.
After the 49-state settlement this March, banks are providing some relaxation in norms to struggling homeowners by allowing them loan modifications through reductions in principal, refinancing and more options. In this context, Conway stated, “It seems to me that the lenders are taking a fresh look at entering into mortgage modifications and other non-foreclosures remedies that they were not pursuing in years past.”
Photo by Ddpavumba.
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