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Monday, October 04, 2010

Foreclosures: 15% of Northampton County's September Deed Transfers

We're in a recovery? The recession's over? Seventy-nine families in Northampton County might dispute that claim. Title to their properties - their homes - was taken out of their hands last month, all as a result of Sheriff Sales. That's fifteen percent of the 531 deeds transferred last month, which is just 6 deeds more than the same period last year. How many more walked away from their homes as a result of short sales, is unknown.

Foreclosures are a growing LV problem. In September of 1992, when 525 deeds changed hands in Northampton County, only one was the result of a Sheriff's Sale. But in August of 2010, when another 525 titles were transferred, 42 were the result if the Sheriff's gavel. September's 79 Sheriff deeds is nearly double the number of foreclosure conveyances over just the previous month.

September's 531 deed transfers is 32% below the average number of deeds transferred during that month over the past 10 years.

Perhaps there's something wrong with the way economists define recession. With a jobless rate of 9.7% and people losing their homes, there is no way anyone can honestly claim our economy is improving.
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2 comments:

  1. ClemOctober 4, 2010 at 9:35 AM

    Not good for those losing their homes and for many other reasons, not the least of which is the low prices fetched by banks to recoup the debt will drive overall values down even more.

    ReplyDelete
  2. AnonymousOctober 5, 2010 at 3:22 AM

    The Angle Stoffa connection strikes again. Stoffa screws things up and more and more people are tossed from homes that go to sheriff sales. Angle scoops up the bargains.

    Check it out Bernie, their may be a connection.

    ReplyDelete

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