Philadelphia Foreclosure Trends: What to Expect in the Coming Year
Philadelphia Foreclosure Trends: What to Expect in the Coming Year
Philadelphia is a city with a rich history and vibrant culture, but it also faces challenges in terms of housing and foreclosure rates. In this article, we will explore the current foreclosure trends in Philadelphia and what to expect in the coming year.
Current Foreclosure Trends in Philadelphia
According to recent data, Philadelphia has seen a decrease in foreclosure rates compared to previous years. In 2020, there were a total of 5,239 properties with foreclosure filings, which is a 9% decrease from the previous year. This trend is expected to continue in the coming year, as the city’s economy recovers from the impact of the COVID-19 pandemic.
Despite the decrease in foreclosure rates, there are still areas in Philadelphia that are experiencing high levels of foreclosure activity. The neighborhoods of Kensington, Point Breeze, and Germantown have been identified as hotspots for foreclosure activity, with a high number of distressed properties in these areas.
What to Expect in the Coming Year
As the economy continues to recover, it is expected that foreclosure rates in Philadelphia will continue to decrease. However, it is important to note that there may still be pockets of the city where foreclosure activity remains high. It is crucial for homeowners in these areas to stay informed about their options and seek assistance if needed.
One potential factor that could impact foreclosure rates in the coming year is the expiration of foreclosure moratoriums and mortgage forbearance programs. As these programs come to an end, there may be an increase in foreclosure activity as homeowners struggle to catch up on missed payments. It is important for homeowners to be proactive in seeking assistance and exploring their options to avoid foreclosure.
Conclusion
In conclusion, Philadelphia is experiencing a decrease in foreclosure rates compared to previous years, but there are still areas in the city that are facing high levels of foreclosure activity. It is important for homeowners to stay informed about their options and seek assistance if needed. As the economy continues to recover, it is expected that foreclosure rates will continue to decrease in the coming year.
FAQs
Q: What should I do if I am facing foreclosure in Philadelphia?
A: If you are facing foreclosure in Philadelphia, it is important to seek assistance as soon as possible. Contact a housing counselor or a foreclosure prevention agency for guidance on how to avoid foreclosure.
Q: Why should I contact Philly Property Buyers to purchase my property in Philadelphia?
A: Philly Property Buyers offers a quick and hassle-free process for selling your property in Philadelphia and surrounding counties. We provide competitive cash offers and can close on your property in as little as 7 days. Contact us today for a free consultation.
Reasons to Contact Philly Property Buyers
- Quick and hassle-free process
- Competitive cash offers
- Close on your property in as little as 7 days
- Experienced team of real estate professionals
Contact Us
Visit our website at sellourhousephilly.com
Phone: (267) 507-5453
Email: offers@sellourhousephilly.com
