Filings for Home Foreclosures Surge in Pennsylvania

For three consecutive years, Monroe County in Pennsylvania has seen growth in its filings for home foreclosures. And this time around, the county is on track to surpass the local record number of filings, with most of them taking place in high-end communities.

For the first seven months of this year, the Monroe County Prothonotary’s Office received about 1,095 initial filings for foreclosure. Industry experts said that if the current pace of foreclosure filings continues, the county will receive 1,885 filings before the year ends. In 2008, the county posted filings on 1,500 properties.

Industry experts said that foreclosure filings in the county will continue to increase but the type of loans being foreclosed will change. They noted that foreclosures involving subprime loans are dwindling in contrast with the rising repossessions involving prime loans.

They blamed the rising unemployment on the growing number of troubled prime loans. They said that many responsible homeowners who lost their jobs or experience wage cuts were forced to miss their mortgage payments. They believed that the recession will not be over until the foreclosure problem will be resolved.

Meanwhile, the 4,688 foreclosures filings posted since 2006 represented about 4.6 percent of the 102,000 parcels in Monroe County. Included in these numbers are properties that have been placed in foreclosure proceedings more than once.

Market data showed that so far, 94 actual foreclosures were listed for sale in the county. And out of these total, 85 foreclosed homes are located in high-end communities. According to the county’s foreclosure listings, Coolbaugh Township has the most number of foreclosure homes totaling 16. It is followed by Penn Estates with nine foreclosures located in the area of Stroud Township.

Additionally, Tobyhanna Township’s Emerald Lakes posted seven foreclosure houses and five in Indian Mountain Lakes located in Tunkhannock Township. Middle Smithfield Township’s Leisure Lands section and Coolbaught Township’s Pocono Farms each posted three foreclosures.

Statewide, foreclosure filings in Pennsylvania reached a four-year record high last month. Data showed that over 5,300 homeowners received a foreclosure filing, an increase of 7.6 percent or 375 from the previous month. The July filings were the highest in the state. And out of these total filings, 1,600 went into actual foreclosures.

Pennsylvania’s foreclosure rate accounted for one-third of the national average rate, with one out of 1,030 homeowners receiving a filing of foreclosure last month.

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