Did you know there's a foreclosure crisis in Northampton County? Last month, fifteen percent of the deeds transferred were the result of a Sheriff's Sale, the final step in a foreclosure. A review of Sheriff Sales reveal they have been rising over the last four years. They have risen despite President Barack Obama's ambitious $75 billion "Home Affordable Modification Program." That plan was designed to keep as many as three to four million people in their homes, but experts now agree it has only delayed the foreclosure process.They have also risen despite a mortgage foreclosure diversion program initiated by President Judge F.P. Kimberly McFadden in April of 2009,Executive John Stoffa told Council on October 7 that agreements have been reached for 208 families facing foreclosure. He intends to extend this program next year, and if Council agrees, it will cost $25,000. Despite this limited success, the number of homes being sold continues to rise. What's worse, homes are usually sold to the bank holding the mortgage instead of third parties, which tends to depress market value.
Real estate records reveal that in 2006, 164 properties were sold at Sheriff's Sale. That number has continued to rise in 2007 (204), 2008 (326) and 2009 (407). This year, despite the County program, 424 homes have been sold through September, which is more than the total for all of 2009.
Of the 424 properties sold at Sheriff's Sale through September, only 18 went to third parties. The rest went to the foreclosing bank.
It was a plan put together by the CACLV. It is a great plan and Stoffa had nothing to do with it.
ReplyDeleteWhy wouldn't their be foreclosures...
ReplyDelete1. Homes were so overpriced and the New homes for sale still are in this area.
2. People are expected to pay higher prices for everything and yet Employers/Politicians expect us to work for lower wages and pay for health insurance.
3. Where are the salaries to keep up with the prices of Homes and everything else in this County.
4. Everytime you turn around jobs are being lost or employees are expected to contribute more in benefits and higher taxes.
5. People come from other states to live here and yet work in other states which has driven the prices of our local economy up.
6. Ten years ago I would have been considered Middle Class, worked in this County my whole life along with my husband in the blue collar sector, and today we are between the poor and Middle Class which I blame partly on the Housing Rush which lured wealthier citizens to the area who worked in other states earning higher salaries which drove our cost of living up in Northampton County. I don't blame these people..I would probably do the same if I din't love my hometown and family which also reside here. I bougt my home 12 yrs ago thinking it was a starter home....I bought what we could afford at the time planning to upgrade however the way it stands I still can't afford to upgrade because all the raises my spouse and I received over the past twelve years don't actually exist due to increased cost of everything.
6. Spend what you have..not what you don't should apply to everyone including local, county and state Govermnent.
7. Years ago you had to have 20% down to purchase a home or the bank didn't lend you the finances bowever that practice ceased because no one would have qualified to purchase a home with the inflated prices.
4.
Anon 838am, your point #7 - this hasn't been widely publicized, but Fannie and Freddie got back into the 'no money down' mortgage business a few weeks ago. And their primary regulator, when questioned on this at a Congressional hearing, had no idea.
ReplyDeleteOnly in Washington.
This is indicative of a general emerging trend of consumer burn out.
ReplyDeletePeople are dropping out of the race. The golden ring failed to materialize. It never will and they know it. This is not temporary. It is a major paradigm shift.
Consumers have awoken to the fact they have been conned and manipulated by business & industry, the banks and all levels of government.
It will be interesting to see where this goes.
Not everybody should go to college and not everybody should own a home. This is contrary to the Democratic Party's national platform for the past 40 years.
ReplyDeleteThat, and money doesn't grow on trees. The untold story is the overwhelming 95% of county mortgage payers who've held it together and paid their obligations on time. How have they done it? Nobody cares. Deadbeats represent a needy class that can be exploited for votes. Let's debate their relief for bad investments.
nation-wide, there are estimates that foreclosures could account for 40% of real estate transactions in 2010 and 2011. Historically, that number is 7%. So yes, Norco's is high historically speaking, but compared to the rest of the country, it is really in good shape. Until foreclosures are resolved, the housing market will continue to struggle. As banks are putting the breaks on foreclosure for what appears to be fraud, any delay in getting foreclosures off the market means a delay in the recovery of our housing market.
ReplyDeleteI wonder how many displaced Gracedale workers will lose their homes when the place is sold?
ReplyDeleteI wonder if someone who bought a home that was within their budget, you know a responsible person. Will lose their home when a new owner of Gracedale tells them their healthcare will be north of 300 a month. Now the home they purchased within their budget is no longer within their budget. Maybe Bernie can comment on the irresponble person who loses their home under that circumstance.
I did not say anywhere that any of the peope who have lost their hmes are irresposnsible. And we do not have an obligation to keep Gracedale subsidized so some union lackey does not have to pay for his or her pension.
ReplyDelete"Consumers have awoken to the fact they have been conned and manipulated by business & industry, the banks and all levels of government."
ReplyDeleteUnfortunately, they haven't. They still sit with their hands folded as nothing is done to reform government pensions, out-of-control school districts, and banks that continue to loan money to executives after they have run good businesses into the ground for their own profits. Bankers make all the fees, high flying borrowers skip on their debts, and the retirement funds and jobs of the average American take the hit.
Problem is, the average American is an ignorant fool who abdicates responsibility to a "representative" government that is only too happy to exploit that ignorance.
The Gracedale fiasco is awful. This was a three year conspiracy by Angle/Stoffa. Sadly the company the County hired originally said "don't sell Gracedale, it can work". they were told that is not what we want to hear tell us about a sale or lease.
ReplyDeleteSadly, the decision has been made. In the near future many sick and elderly poor will he out in the cold as private homes have no obligation to take anyone they don't want to take. Already they are passing on the more sick and poor elderly.
The County message to all you folks as conveyed through the Angle/Stoffa mouthpiece propagandist O'Hare, "tough shit". Ignore the experts and believe snake oil salesman like Angle and Stoffa.
Angle cares just ask the Snyder family.
Lies, lies and more lies.
What about Lehigh County's numbers?
ReplyDeleteI'd like to do that but don't search there. Maybe I can get one of searching colleagues to check now and then.
ReplyDeleteHey Bernie
ReplyDeleteIf Angle loses his will trial
will he be charged criminally
you know like Karoly
for submitting a forged will
and his wife too as a gun moll
by the newspaper account
it doesn't look to good for him
maybe he'll get sentenced to
life!!!
in the electric chair
Don't get your hopes up. I sat in on parts of it and he will prevail against a goldigger represented by a political operative.
ReplyDeleteSo you think he will get off
ReplyDeleteHowever as a ex-lawyer
IF he looses wouldn't that be grounds for a criminal investigation? Like the Karoly case. And if you were there and feel he will prevail, did the papers do a hatchet job of reporting? Because in reading the article it sounds to me like hes' toast. Please answer those questions.
This is OT and this will be my last comment on this matter. Additional OT comments lke this wll be deleted.
ReplyDeleteI sat in on portions of the trial on both Wednesday and Tuesday. Joanie was a poor witness whose credibility was successfully attacked.
The judge will not be deciding this case based on newspaper accounts or this blog. He will weigh the evidence and make a decision.
In the meantime, I will entertain no comments about this topic unless I choose to write about Angle. It is not appropraie here.