repo homes ahead

Philadelphia Repo homes are marching ahead and causing grave concerns as most of these are lying neglected and unsold. Repossessed homes are part of the national housing crisis that has gripped the country.

Philadelphia is the biggest city in Pennsylvania State. In 2005 its population touched 1.4 million – the population indicating the prosperity of the region. By population count, Philadelphia is the fourth largest in USA. The city is located in Philadelphia County. There are many nicknames to Philadelphia – Philly and The City of Brotherly Love. The economy is based on manufacturing, refining of oil, processing of food, health-care, biotechnology, financial services as well as tourism. Nearly 49% of the population are Blacks and 40% non-Hispanic Whites.

Philadelphia Repo homes are those residential houses that have been repossessed or taken over by the banks after foreclosing on these. These Philadelphia Repo homes have failed to be sold at the court auctions because of lack of bidders. The banks are saddled with innumerable Philadelphia Repo homes that are weighing them down. They do not have the infrastructure to handle all these Philadelphia Repo homes as these require to be maintained before being sold. Meanwhile the communities suffer from these Philadelphia Repo homes as the vacant units become vice dens and happy hunting grounds for mosquitoes.

In February 2008 the Philadelphia metropolitan region noted 1,147 foreclosure postings – it being 4% spike from January 2008 but 47% jump from February 2007 as per the findings of RealtyTrac. This calculated to a foreclosure rate of 1:1,399. This was much below the national average rate. It placed Philadelphia in the lowest rank with the least foreclosure rate among the five large metro zones. The rate in Philadelphia was lower than New York, Los Angeles, Dallas and also Chicago. James Saccacio the CEO of RealtyTrac analyzed, “Foreclosure activity is down in the Philadelphia metropolitan housing market most likely because many local homeowners opted for more conservative mortgage products.” Most of the foreclosure activity came from Philadelphia County – the highest from any county of metro areas.

The city and courts of Philadelphia initiated certain steps to curb foreclosures that have been much lauded everywhere and is being taken as a role model to be mimed. It has managed to fend off at least 80% of the foreclosures as reported in September 2008. As per the plan the courts have to scrutinize all residential foreclosures sitting with both the parties before the units can be put up for foreclosure. This measure – Residential Mortgage Foreclosure Diversion Pilot Program is the first that any city in USA has sponsored hitherto.

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