Pennsylvania Foreclosures

Foreclosures are nothing terribly new in our country. People fail and have had property foreclosed for as long as we have recorded. What may be new are the rapid amount of foreclosures that are happening in this country today due to the bank failures and other economic issues.

The State of Pennsylvania is not immune to this epidemic by any stretch of the imagination. It has, however, been spared the higher numbers of foreclosures that are plaguing the rest of the nation.

In the month of December, which is traditionally a higher than normal foreclosure month, the state of Pennsylvania only sat at 0.076 percent new foreclosures which is roughly just over 4,100 new properties entering into foreclosure. The national average during that month was 0.240 percent so Pennsylvania was quite considerably less than those figures.

These numbers in Pennsylvania have stayed fairly close to these amounts in percentages throughout the scope of the foreclosure issue and by all predictions, they will continue to stay at or very close to these same percentage numbers for the future.

Partially this is due to the fact that the majority of the land here is family owned agriculture and has been paid off, some of it for generations and so it is not subject to foreclosure and as a result, the number stay fairly consistent.

The economists and other foreclosure experts say that it is unlikely that the foreclosure issues will have anything more than a minimal impact on the people of Pennsylvania and that the state should actually weather the crisis well and come out in decent shape when the country rebounds.

This does mean that the majorities of people in the state are doing well and have managed to stay within their needs and have not over extended. This can be partially attributed to the large Amish population who are a people that exist on a cash basis.

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