Foreclosures Take A Break

November 9th, 2007 | Tags: Foreclosures

According to a tracking agency based in Pittsburgh there has been an overall rate of decline in foreclosures in five counties with Washington and Butler giving the lead. Foreclosures were down by 2.1% in the third quarter that ended on 30^th September in comparison to the same quarter in the previous year. The counties mentioned include Allegheny, Beaver and Westmoreland also. During the third quarter this year these five counties in the metropolitan Pittsburgh area recorded 1,265 foreclosures as compared to 1,292 last year’s third quarter.

In Allegheny County the foreclosure rate rose by 8.9% with the numbers rising from 848 to 779 from the same quarter in 2006. But a drop in both Butler and Washington counties counterbalanced this rise. The figures were inclusive of both residential and commercial units. This decline in foreclosures was enough to make up for increases of 69,13 and 10 in Allegheny, Beaver and Westmoreland counties respectively.

In Washington county foreclosures fell 58.4% for the last quarter in comparison to the same third quarter in the previous year. In Butler County the foreclosure rate fell 36.2% by same yardstick of comparison. As per the census of 2000, Butler and Washington counties have recorded the highest population rise in Western Pennsylvania.

Thus it seems that the Pittsburgh area is flowing against the national trend of rising foreclosures. According to reliable tracking sources across the country foreclosures were up by about 100% in the third quarter of this year in comparison to what it was in 2006. But the information must be taken with a pinch of salt because it is quite possible that there may be some errors in calculations – admits one of its spokespersons.

With the closing of the third quarter figures it appears that Washington County has reported 275 foreclosures – well below the 594 mark it had reached during the third quarter of 2006. In 2006 the number was the highest since 2000.

According to the figures provided by the municipalities the highest numbers have been reported from Washington with 33 foreclosures, Donora Borough with 20 foreclosures, Peters Township with 15 foreclosures, Monongahela with 12 foreclosures and North Strabane Township with 11 foreclosures.

Numbers are rolling in and various interpretations are being made from these statistics. But the overall picture continues to be gloomy with millions of sub-prime loans getting read to reset. This will spell out more foreclosures.

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