Philadelphia Real Estate And Beyond August 28th, 2011

Philadelphia Real Estate And Beyond August 28th, 2011

Center City – Despite being hit by an earthquake and a hurricane in the same week the Philadelphia real estate community is still hanging in there. Here’s what is going on locally and nationally.

Foreclosures And Short Sales Selling At Larger Discount- The percentage REO homes and homes pre-foreclosure dropped 5 percent from the first quarter to the second quarter, falling from 36 percent to 31 percent, but was up from 24 percent in second-quarter 2010. Distressed properties are selling at a larger discount as well. The average sales price of a bank-owned home was $145,211 in the second quarter, which was about 40 percent below the average sales price of a non-foreclosure home. The average sales price of a pre-foreclosure home was $192,129 in the second quarter, which is 21 percent below the average sales price of a non-foreclosure home. (www.Inman.com)

Freddie Mac Warns of Short Sale Fraud – Short sales are being used more frequently by homeowners, lenders, and investors to avert a foreclosure and these pre-foreclosure transactions are being pushed through at a faster pace by lenders. The government is on high alert for real estate professionals who rig sales and hide higher offers from Freddie Mac and the seller in order to turn around and flip the property for a profit. (www.DSnews.com)

Commercial Real Estate Markets Slow, Modest Improvement Expected – Commercial real estate vacancy rates are flat and projections for growth have been moderated because economic growth and job creation have been weaker than expected, but modest improvements are expected over the coming year, according to the National Association of Realtors. (www.realtor.org)

Government Proposal To Sell Bulk REO Properties Could Hurt Home Prices – Quinn Eddins, director of research at data firm Radar Logic, concluded in the latest RPX Monthly Housing Market Report that housing remains a drag on the economy and home price stability could be negatively impacted by the Fed’s proposed REO-disposition plan to sell Fannie Mae, Freddie Mac and other government-held inventory in bulk. (www.HousingWire.com)

To search Philadelphia Real Estate listings for condos, homes and apartments click here.

Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog

Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623  Direct
610.636.4364  Cellular
888.308.1148  Fax
[email protected]
www.CenterCityTeam.com