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The rates at which Pennsylvania foreclosure homes are appearing and disappearing from the real estate market makes analysts wonder what the real trend is. However, studies conducted by the California based E-Foreclosuresearch, the real estate analyst of the state has some concrete answers now.
E-Foreclosuresearch has analyzed that one in every 1,696 homes in Pennsylvania ended up with a foreclosure in the May of this year, 2008. If you compare this with the national average, where one in every 483 homes is under some kind of a foreclosure proceeding currently, it shows that the rate of Pennsylvania foreclosures is less than one-third of the national average. Undoubtedly, this is a very healthy statistic for the state, and is definitely indicative of the general discretion of the Pennsylvanian homebuyer.
As each month prods on, the rate at which foreclosed homes are arriving in Pennsylvania’s real estate is going down. From April to May of 2008, the rate has gone down by a significant 1.5%. This is good for the current year, but if we take into account the statistics of the last year, we will find that the rate has actually increased by 11% since last year. Even so, we must note that the national average of foreclosure homes has increased over the last year. A big contribution in this is made by the subprime loan lenders who are almost thoughtlessly giving out loans to people who cannot pay back, making their homes end up with foreclosures. Pennsylvania has succumbed to this temptation too, but it is definitely making a recovery.
It is good enough to know that while national averages on foreclosed houses are spiraling over the months, the averages in Pennsylvania are actually plummeting. This is a good sign for the future months.
