Pennsylvania, perhaps best known for being a critical swing state in recent elections, is home to 50 Fortune 500 companies that includes PPG Industries, H.J. Heinz and U.S. Steel. The recent housing bubble impacted this state, as it did the rest of the United States, leaving a number of foreclosures in Pennsylvania.
Pennsylvania foreclosure listings are concentrated in and around its metropolitan areas. Philadelphia County has the highest number of listings, according to realtystore.com, followed by Allegheny County, which is home to Pittsburgh.
Repossessed homes are typically sold through auctions. To buy a foreclosure in Pennsylvania, you’ll need to be prepared to pay the loan balance, any associated fees, and any interest that’s accrued. Typically, you must have cash, a cashier’s check, or a money order on hand; auctions rarely accept personal checks or credit cards. If the foreclosure doesn’t sell at auction it reverts back to bank ownership. These properties, called REO properties, can be purchased from the bank or mortgage company.
Foreclosures in Pennsylvania are lower than in much of the country, but they are still available. Pennsylvania recently ranked 37th out of the 50 states and the District of Columbia in foreclosure listings.
Pennsylvania is a heavily rural state, but the Philadelphia area is also convenient to New York City. Pittsburgh, though a relatively small city, offers a rich cultural life through its many universities, including Carnegie Mellon, and it’s also home to the Andy Warhol Museum.
Foreclosures in Pennsylvania are an excellent way to acquire cheap homes. Whether its culture, work, or school that draws you to the area, affordable housing is within your reach.