An article from the Philadelphia Business Journal (7/25/08) outlines the ways in which foreclosures are increasing throughout the city.
Foreclosure filings in the Philadelphia metro area in the second quarter were up 47 percent from the same period last year, compared to a 121 percent increase nationally, and up 62 percent from the first quarter of this year, compared to 14 percent for the nation…
The legislation Philadelphia’s City government has passed to try to combat a citywide foreclosure epidemic is helping some of the most deserving homeowners get a second chance, but simultaneously gumming up the works in city government.
Investors would do well to monitor the Philadelphia Foreclosure Listings and, specifically, to target areas just outside of currently ‘hot’ markets. For example, the number of foreclosures have increased in the area just south of Bella Vista in South Philadelphia. As the South Street corridor and Bella Vista continue their southerly expansion, this might be a good buy-develop-and-hold market to consider.
The areas just outside of Philadelphia also present investment opportunities.
For example, Camden’s waterfront revitalization seems to have just gained traction in the last two to three years, and we predict will continue to do so as opportunities for young professionals and entrepreneurs increase. This once-blighted, now-promising city also has one of the highest rates of foreclosures in the nation.
Camden, N.J, moved up to No. 42 from No. 57, with one in every 177 households in foreclosure, compared to one in every 248.
Among the U.S. States… New Jersey ranks No. 12 in Foreclosures, with one in every 201.
Investment opportunities narrow over time, though.
This same article mentions that the increase in foreclosures this quarter likely stems from bank repossessions, or REOs, being up – indicating “that there is a progression toward purging the problem loans out of the system– at which point the housing market can regain some sense of normalcy.”
If you are reading this, you are interested in investing in foreclosures- and you have a window of opportunity right now that you are not likely to see again in your lifetime.
What are you waiting for?
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