{"id":392191,"date":"2010-03-05T07:19:46","date_gmt":"2010-03-05T12:19:46","guid":{"rendered":"http:\/\/www.foreclosuredeals.com\/wp\/?p=5169"},"modified":"2010-03-05T07:19:46","modified_gmt":"2010-03-05T12:19:46","slug":"home-foreclosures-in-pittsburgh-not-due-to-strategic-default","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/392191","title":{"rendered":"Home Foreclosures in Pittsburgh not due to Strategic Default"},"content":{"rendered":"

Home foreclosures in Pittsburgh<\/a> arising from strategic defaults are not as high in number as in other metro areas, according to real estate and distressed property analysts in Pennsylvania.<\/p>\n

\"Home<\/div>\n

While the nationwide rate of homeowners who walk away from their underwater mortgages is rising, the rate for homeowners turning to strategic default in Pittsburgh is negligible.<\/p>\n

According to Moody’s Economy.com, the bigger the negative equity, the more likely that the homeowner will default. Nationwide, almost 10 percent of homeowners underwater by more than 20 percent default and more than five percent of borrowers whose loans equal the value of their homes default.<\/p>\n

Foreclosure analyst Hess said that while record numbers of strategic defaults have occurred in other markets, borrowers walking away from their mortgage obligations in the Pittsburgh area just started in the last quarter of 2009.<\/p>\n

Hess also said that he doubts if homeowners have heard the phrase strategic default before the summer months last year.<\/p>\n

Randi Lowe, client manager and counselor for the Pittsburgh Community Reinvestment Group, said that she is now seeing a rising number of homeowners threatening to walk away because they can no longer afford to make the monthly payments.<\/p>\n

The pace of Pennsylvania home foreclosures<\/a> surged in 2009, posting more than 20 percent of increase to reach a total of 44,732 foreclosure filings.<\/p>\n

In contrast, home foreclosures in Pittsburgh slowed in 2009 by nearly 8 percent from the pace in 2008. One housing unit out of every 120 units was notified of default or foreclosure, putting the total of foreclosure postings to 9,220.<\/p>\n

In many places throughout the country, various factors have co-occurred to force a lot of homeowners to abandon their loan obligations and their homes to listings of real estate properties for sale<\/a>.<\/p>\n

Job losses, sharp drops in home values, difficulty of selling houses in short sales<\/a> and ineffectiveness of loan modification programs have conspired to push households into situations they have not experienced before, including walking away from mortgage responsibilities.<\/p>\n

Mary Loftus, a top executive at Consumer Credit Counseling Service of Western Pennsylvania, explained that walking away have consequences. Foreclosures remain on credit reports for seven years, blocking consumers from making important loans during the seven-year period.<\/p>\n

Nevertheless, home foreclosures in Pittsburgh are being addressed by a lot of nonprofit and government programs. The city was even named by Forbes as the best city in the country to buy a home because of the improving economic situation in the area.<\/p>\n","protected":false},"excerpt":{"rendered":"

Home foreclosures in Pittsburgh arising from strategic defaults are not as high in number as in other metro areas, according to real estate and distressed property analysts in Pennsylvania. While the nationwide rate of homeowners who walk away from their underwater mortgages is rising, the rate for homeowners turning to strategic default in Pittsburgh is […]<\/p>\n","protected":false},"author":4094,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-392191","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/392191","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4094"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=392191"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/392191\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=392191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=392191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=392191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}