Foreclosure Activity Surges Across Scranton/Wilkes-Barre Region

Locator map of the Scranton-Wilkes-Barre Metro...

Locator map of the Scranton-Wilkes-Barre Metropolitan Statistical Area in the northeastern part of the of . (Photo credit: Wikipedia)

Regional foreclosures advanced at the state’s highest percentage among metropolitan areas in 2013.

Property repossessions, home auction notices and mortgage default activity in the Scranton/Wilkes-Barre metro area soared by 60 percent, compared to 2012, according RealtyTrac, a Los Angeles-area company that tracks national foreclosure trends.

Foreclosures climbed in the area during all four quarters of the year and the annual increase was largest proportionately among state metro areas, RealtyTrac data show. York’s 32 percent increase was the second-largest jump.

The region experienced eight straight quarters of foreclosure declines before activity accelerated in the first quarter of 2013.

Read more: http://citizensvoice.com/news/business/foreclosure-activity-surges-across-region-1.1619761

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Town By Town: Abington Homes Offer Good Value

Map of Abington Township, Montgomery County, P...

Map of Abington Township, Montgomery County, Pennsylvania (Photo credit: Wikipedia)

One in a continuing series spotlighting real estate markets in the region’s communities.

If Abington can come up with more houses to sell next year, its reputation for affordability – combined with lower Federal Housing Administration mortgage limits – might result in a sales boom.

That’s the opinion of some real estate agents, including Cheryl Miller of Long & Foster’s Blue Bell office, who sells in this Montgomery County township known for its older houses, its hospitals, its 16 neighborhoods (or parts of neighborhoods), Willow Grove Park mall, and traffic that moves at a snail’s pace along Route 611.

Read more at http://www.philly.com/philly/classifieds/real_estate/town-by-town/20131229_Town_By_Town__Abington_homes_offer_good_value.html#lgiIt7UHFKYC4zXt.99

5 Cities Where The Housing Bust Won’t Let Go

Map of Pennsylvania highlighting Philadelphia ...

Map of Pennsylvania highlighting Philadelphia County (Photo credit: Wikipedia)

Editor’s note:  Allentown also made the list :(

No. 4 lagging market: Philadelphia
Score:
 82.7

Homebuyers aren’t showing the Philadelphia metro area much brotherly love, with the market trailing U.S. averages in almost every metric that RealtyTrac looked at.

Blomquist says Philadelphia housing is doing a particularly bad job of attracting institutional investors, defined in the study as any company or individual who buys 10 or more properties a year anywhere in America.

RealtyTrac found that such buyers account for just 3% of property deals in Philadelphia, compared with 9% nationwide. “Philadelphia is a market that institutional investors are just not very interested in.”

Philly has also seen a sub-par 32% decline in foreclosure filings, while median home prices have rebounded only a below-average 16% from their March 2012 bottom.

Read more: http://business-news.thestreet.com/philly/story/5-cities-where-the-housing-bust-wont-let-go-0/1

Linden Hill: An ‘Open’ House For Just $24.5 Million

Map of Pennsylvania highlighting Montgomery County

Map of Pennsylvania highlighting Montgomery County (Photo credit: Wikipedia)

Linden Hill, the Gladwyne estate once owned by Campbell Soup heir John T. Dorrance Jr., is on the market for $24.5 million.

The secluded, 50-plus-acre property at 1543 Monk Rd., with its 14,000-square-foot, 20-room Norman-style manor house, formal gardens, orchards, two heated pools, pool house, and tennis court, has been owned since 1999 by Robert L. Burch, a venture capitalist and, with his brother, J. Christopher Burch, cofounder of Eagle Eye, a retailer of outdoors sportswear they sold the same year.

Robert Burch is chief executive officer of UgMO Technologies of King of Prussia, which develops irrigation systems.  He declined to be interviewed.

The property listing was activated Monday in time for the start of this week’s U.S. Open at Merion Golf Club. John C. Dubbs and Eleanor Morsbach Godin, of Prudential Fox & Roach in Malvern, believe the tournament will give the residence national exposure.

Read more at http://www.philly.com/philly/classifieds/real_estate/20130611_Linden_Hill__an__Open__house_for_just__24_5M.html#uifd7h0vT6i3DKma.99

Regional Housing Market Rebounds

Map of Pennsylvania highlighting Chester County

Map of Pennsylvania highlighting Chester County (Photo credit: Wikipedia)

Prudential Fox and Roach Realtors’ most recent HomExpert market report showed positive signs in the housing market for Chester County and the Greater Philadelphia region.

“We’re seeing an increase in sales and median and average sale prices, and we’re seeing a reduction in inventory and a significant reduction in days-on-market,” Prudential Fox and Roach Senior Vice President of Marketing Steve Storti said, “So, we’re seeing a market that is significantly improving, and we hope it continues.”

In April, 517 homes sold in Chester County, with a median price of $287,000.  The number sold was 15 percent higher than April 2012, and 64 percent more than April 2011.

In the first quarter of 2013, Greater Philadelphia saw a 7.8 percent home sales increase over the same quarter a year ago.  Chester County had 1,027 existing home sales during the quarter, up 6.8 percent over 2012.

Read more:  http://www.pottsmerc.com/article/20130611/FINANCE01/130619868/regional-housing-market-rebounds#full_story

Pending Home Sales Surge In Lancaster County

Map of Pennsylvania highlighting Lancaster County

Map of Pennsylvania highlighting Lancaster County (Photo credit: Wikipedia)

Pending sales of homes in Lancaster County soared 27.1 percent in October, a new report says.

Pending sales numbered 413 last month, up from 325 in October 2011, according to the Lancaster County Association of Realtors.

With the October figure, pending sales here have increased for 13 consecutive months.

The tally also marked the highest October pending sales since October 2006.

Read more: http://lancasteronline.com/article/local/787043_Pending-home-sales-surge-here.html#ixzz2DeXHILA8

Pittsburgh Region Sees 11th Consecutive Month Of Home Sales Increases

Locator map of the Greater Pittsburgh metro ar...

Locator map of the Greater Pittsburgh metro area in the western part of the of . Red denotes the Pittsburgh Metropolitan Statistical Area, and yellow denotes the New Castle Micropolitan Statistical Area, which is included in the Pittsburgh-New Castle CSA. (Photo credit: Wikipedia)

The number of homes sold last month in the Pittsburgh area and their total value rose compared with August 2011, marking the 11th consecutive month of increases, according to data released today by local real estate information service RealSTATs.

“This comes off of seven years of consecutive decline,” RealSTATs vice president Daniel Murrer said.  “It’s significant.  We’re in the first year of positive growth in eight years.”

RealSTATs compiles the data from Allegheny, Beaver, Butler, Washington and Westmoreland counties.

The total dollar volume of home sales in August in the region was $478 million, up 11 percent from nearly $431 million a year earlier.

Pending Home Sales Up 28.9% In Lancaster County

Map of Pennsylvania highlighting Lancaster County

Map of Pennsylvania highlighting Lancaster County (Photo credit: Wikipedia)

Pending home sales grew by 28.9 percent here in April, the Lancaster County Association of Realtors said Friday.

Last month saw 495 pending sales here, up from 384 in April 2011, according to the Realtors group.

With the April surge, pending home sales in Lancaster County have climbed in 11 of the past 12 months, including the last seven in a row.

“We’re going in the right direction, and that’s exciting stuff,” said Quentin Miller, LCAR president. “I’m cautiously optimistic about the trend. This is the best we’ve seen in years.”

Read more: http://lancasteronline.com/article/local/651268_Pending-home-sales-up-28-9–in-Lancaster-County.html#ixzz1vWZ0jWNT

Lehigh Valley Housing Market Continues To Rebound

The Lehigh Valley housing market continued to rebound in April, with sales and prices up from a year ago.

A total of 466 homes sold in April in Lehigh and Northampton counties, up 24.9 percent from the same month a year ago, according to the Prudential Patt, White Real Estate HomExpert Market Report. The median sale price was $170,000, up 6.3 percent from a year ago and up 8.4 percent from the median sale price in March.

April was the tenth consecutive month of year-to-year sales increases and it was the second straight month of price increases. If the sales pace and price trends holds, it will mean the local housing market bottomed out last year.

Read more: http://www.mcall.com/business/mc-home-sales-april-20120521,0,518533.story

Great Harrisburg Homes Sales Rise In 3rd Quarter

Some good news from Central Pennsylvania regarding homes sales for the third quarter of 2011.  The Greater Harrisburg area (Dauphin, Cumberland and Perry Counties) saw a 17.1 percent increase in the number of homes sold during the third quarter.  The increase is measured against home sales for the third quarter of 2010.

The median sale price was 4.1 percent lower than the same period last year.  It also took an average of 5 days longer for those homes to sell over last year.

Nationally home sales rose 18.6 percent when compared to August of 2010.  The median sale price was down 5.1 percent nationally.

Census: Housing Bust Worst Since Great Depression

WASHINGTON—The American dream of homeownership has felt its biggest drop since the Great Depression, according to new 2010 census figures released Thursday.

The analysis by the Census Bureau found the homeownership rate fell to 65.1 percent last year. While that level remains the second highest decennial rate, analysts say the U.S. may never return to its mid-decade housing boom peak in which nearly 70 percent of occupied households were owned by their residents…

Read more: http://www.ydr.com/business/ci_19055810

Lancaster County Home Sales Rebound In September

Map of Pennsylvania highlighting Lancaster County

Image via Wikipedia

After the federal tax credit expired for homebuyers in June, home sales in Lancaster County took a nose-dive by more than 50%.  568 homes sold in June.  In July, that number dropped to 276!

Since hitting bottom, the number is steadily climbing.  August home sales numbered 302 and September sales increased by 12.3% to 339.

Settlements for the first nine months of 2010 are 4.5% below the same period for 2009.

Interest rates are below 5% for a 30-year mortgage which is helping to drive home sales. 

Additional positive news is houses are selling faster.  52% of homes sold within two months and 34% sold within 30 days.  The median sale price has also increased over 2009 by 7.9%.

Harrisburg Area Home Sales Down 30% From Last Year

Map of the Harrisburg-Carlisle-Lebanon CSA, co...

Image via Wikipedia

Not a good sign that the recession is going to be over any time soon!  Sales of homes in the Harrisburg area and mid-state Pennsylvania were down a whopping 30% for the third quarter of 2010, compaired to the third quarter of 2009.

It is now taking an average of 103 days to sell a home.  Some people have reduced their homes to less than they paid for them and they are STILL not selling!

Fears about the economy and job security are keeping people from making major purchases.  This is TOTALLY a buyers market!

York County Home Sales Increase First Half Of 2010 While Median Sale Price Drops

A bright spot in the Pennsylvania housing market is York County.  During the fist six months of 2010, York County home sales increased a whopping 18% while the median sale price decreased $8,900 dollars.

All but two York County school districts saw increases in home sales.  The largest increase was 63% in the Dover SD of York County.  Central York had a 35% increase, Hanover Public increased 25% while York City, South Western and Red Lion had 23% increases in home sales.

The federal tax credits for new home buyers has certainly helped sales and attributed to the decrease in the median sale price because of the number of first time buyers who typically purchase homes in a lower price range. 

The tax credit program ended in June and according to the Realtors Association of York & Adams Counties most buyers have already settled even though the deadline for settlement was extended to September.  Time will tell if this trend can be sustained without the tax incentive.