Soaring Foreclosures In Allegheny County
May 27th, 2008
Soaring foreclosures in Allegheny County has increased to about 5,000 additions per year. Experts opine that this is only the tip of the iceberg. Current foreclosure figures have not taken into account 70,000 sub-prime mortgages with floating interest rates that are about to reset to higher notches within a year of two. These mortgages account for most of the foreclosures.
A foreclosure forum was hosted by Southwestern Pennsylvania Housing Alliance and was attended by one hundred persons representing non-profit help organizations, mortgage houses and the government. The event took place at Regional Enterprise Tower against the background of alarming increase in foreclosures and falling house prices. It gave various bodies to exchange notes and introspect. It is not a question of whether anybody has actually been drawn into the foreclosure net or not. The point is to find a solution for a problem that has started combing operations trying to gobble in everybody either directly or indirectly.
James Ott of Federal Reserve Bank of Cleveland, Pittsburgh Branch, said that his area of Pennsylvania and Kentucky have the highest percentage of loans – more than 90% that are current and not lagging behind. This is well below the national median.
There are six package-bills in the state Legislature that aims to restructure the mortgage industry fundamentally. Among the many clauses are that the mortgage counselors are to have licenses. It was caustically remarked that in the state a barber needed a license to cut hair but a mortgage advisor had no such constraints! The licensing clause will limit the entry of unwanted loose elements into the serious business of mortgage and loans.
Rising foreclosures have kicked off a chain reaction that has touched the core of the national economy. Despite various measures taken so far, the weather forecast for foreclosures and the economy continues to be grim and cloudy, said Greg Simmons of Neighbor Works in Western Pennsylvania. The alarming point to note is that every year Allegheny County is recording 5,000 new foreclosure houses while a decade ago it was 1,000. So the call of the hour is to regulate lending so that in future the crisis does not repeat itself.
Local organizations everywhere across the counties including government and non-government community bodies are aggressively trying to find a solution while the federal government hums and haws during this election year. It is the community and the locality that is paying the direct price – hence the urgent concern.
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